While the financial intermediation sector grows on average by 5 per cent annually, we seem to have stagnated in terms of new products. The Global Competitiveness Report 2012–13 ranks Mauritius 47th in terms of “availability of financial services”. We lag well behind in terms of “capacity to innovate”, be it in our global rank or regional rank.
Such metrics confirm that we need to broaden the spectrum of our financial services. I hope that this seminar will address many of the queries that we have on the FATCA and its compliance.