An agreement between the Sugar Investment Property Development Limited (SPDL) and the O&C Mauritius was signed on Wednesday 20th February at Eureka, Moka concerning an IRS Resort at Le Bouchon. Among the personalities present were the deputy Prime Minister and minister of Finance & Economic Development, Rama Sithanen, and the minister of Agro Industry & Fisheries, Dr Arvin Boolell.

The new project concerns 163 acres allocated for the IRS Resort at Le Bouchon. This ?luxury? resort will incorporate 200 residential villas, a 125-room up-market branded hotel, beach club, luxury spa and fine dining facilities. 20 minutes from the airport, Le Bouchon has a great topography. Being an exclusive bare-foot luxury resort, the environment being created will be low impact and low density. It will also provide a high service and utmost quality of design.

SPDL is a subsidiary of the Sugar Investment Trust (SIT). Established in 1994, the SIT is today the largest shareholder based public company in Mauritius. O&C Mauritius, on the other side, is a joint venture between Oriental & African, an international private investment group and the Crombie Partnership, a UK-based developer. The directors have significant experience of major international projects. The agreed equity structure is 51% for the SIT and 49% for O&C. Four years is the set timescale for the realization of this project. SIT will leverage the land while O&C will provide the funds in equity and be responsible for project development, marketing and implementation.

<B>Good growth prospects</B>

Mauritius is now seen as the perfect place of investment. The economic aspects, the government policies as well as the expertise and local people, have all been cause of attraction and investment. ?The key driver is to only invest in those markets where we can be assured of having strong partners and good growth prospects. Mauritius is an important financial and commercial hub in the context of high-growth markets in the Indian Ocean region. One of the greatest attributes in Mauritius is the people. The level of professionalism and expertise, combined with high service levels has enabled an ease of doing business and attracting foreign investment. Government policy over the past year has also added to this attraction?, says Martin Brage, Director of O&C Mauritius Limited.

With such IRS projects, Mauritius is indeed going to benefit a lot. Much emphasis has been put on the social aspects and sustainable development for the local community has also been included in this project. The government has set up a contribution of USD 6,000 per villa constructed to benefit the community. This will also help in the fight against poverty and marginalisation. Direct investment in the community such as training facilities, social amenities, community development and funds for social projects and special efforts on outsourcing to local SMEs is being expected. ?We are very encouraged by the impact of the IRS on the economy and society (?). The biggest drawing card of Mauritius is this general up-heat sentiment on its economic future. This, combined with social and political stability, good climate, peaceful and clean environment makes Mauritius one of the ideal places in the world for high net worth individuals to reside. Mauritius is on the way to becoming an island of excellence. We are generating a capacity for endogenous growth in the economy like Mauritius has never seen before. (?) I am confident that all IRS promoters will see their social responsibility not as something imposed from outside but as an integral objective of their projects?, says Rama Sithanen.

The Government is acting as facilitator in such IRS projects. Comprehensive and user-friendly guidelines as well as other facilities have been set up for the investors. However, they are also under the supervision of the Government. ?We are not tolerating the savage or unplanned implementation of such projects. This is why all IRS projects are being scrutinized carefully. We want to ensure that the projects are economically, socially and environmentally viable and that local residents will benefit from the project. (?) We have always insisted on a human approach towards development?, says Dr Arvin Boolell.

Le Bouchon IRS resort is not only going to contribute to the economic growth of the country but it is also going to uplift the standards of the local community by providing jobs, facilities and development while taking into consideration the environmental aspects.

<B>Bilkiss JAFFARALLI</B>