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Mauritius offers airfreight rebates to beat off any Brexit downturn
THE tiny island nation of Mauritius is to launch an airfreight rebate programme, called the "Speed-to-Market Scheme" (STMS), to incentivise apparel exports in the wake of the vote by Britain to break away from the European Union, which many believe would have far-reaching effects on the world economy.
The former British colony in the Indian Ocean is unusually reliant on airfreight for its exports, so government officials are taking steps to ensure that business remains brisk, despite clouds on the horizon, the New York's Air Cargo World reported.
The textile and apparel manufacturing programme will only apply to companies in the apparel sector, according to a government website. Under the terms, Mauritius will provide a 40 per cent refund on airfreight cost to exporters to Europe, including the UK.
The programme, scheduled to start April 1 and run for two years, will be managed by Enterprise Mauritius, the agency responsible for export promotion and export development.
The agency noted that the textile industry has spearheaded the "structural transformation of the Mauritian economy for four decades," acting as the engine of economic growth, attracting foreign direct investments from various countries and bolstering the manufacturing base of the country. With trade winds shifting, the agency said it is hoping to stay ahead of protectionist policies that are welling up around the world.
In 2015, about 40 per cent of the country's US$933 million in domestic exports of textiles went to Europe. The United States made up the second-largest market at 24 per cent, and South Africa was next at 21 per cent.
Factories on the island manufacture products for global brands, such as Zara, Guess, Adidas, Levi's, and dozens more recognisable brands.
The former British colony in the Indian Ocean is unusually reliant on airfreight for its exports, so government officials are taking steps to ensure that business remains brisk, despite clouds on the horizon, the New York's Air Cargo World reported.
The textile and apparel manufacturing programme will only apply to companies in the apparel sector, according to a government website. Under the terms, Mauritius will provide a 40 per cent refund on airfreight cost to exporters to Europe, including the UK.
The programme, scheduled to start April 1 and run for two years, will be managed by Enterprise Mauritius, the agency responsible for export promotion and export development.
The agency noted that the textile industry has spearheaded the "structural transformation of the Mauritian economy for four decades," acting as the engine of economic growth, attracting foreign direct investments from various countries and bolstering the manufacturing base of the country. With trade winds shifting, the agency said it is hoping to stay ahead of protectionist policies that are welling up around the world.
In 2015, about 40 per cent of the country's US$933 million in domestic exports of textiles went to Europe. The United States made up the second-largest market at 24 per cent, and South Africa was next at 21 per cent.
Factories on the island manufacture products for global brands, such as Zara, Guess, Adidas, Levi's, and dozens more recognisable brands.
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