GMEX Group is pleased to confirm that, through the GMEX Market Advancement Programme (GMEX MAP), the company has taken a leading role in the initial consortium to launch the Mauritius International Derivatives and Commodities Exchange (MINDEX), envisaged to become a multi-commodity and derivatives exchange platform with full regulatory oversight by the Mauritius Financial Services Commission.
Following the opening of its regional headquarters in the Mauritius International Financial Centre (IFC) last year, GMEX has been working closely with the British High Commission Mauritius and Department for International Trade (DIT) Mauritius. The DIT engaged with the GMEX at the start of the investment journey and has actively supported the company by introducing and facilitating meetings with key stakeholders, including the Financial Services Promotion Agency and the Mauritius Board of Investment (now both part of the Economic Development Board) as well as key Ministers.
The GMEX consortium led investment in the MINDEX project amounts to $35million to build a gold refinery, a secure vault, launch of an advanced technologically enabled spot exchange, derivatives exchange and clearing house. This is expected to create 104 direct jobs over 2 years and an additional 408 new secondary jobs over the next 2 years in Mauritius.
The Department for International Trade’s Minister for Investment Graham Stuart MP said: “As an international economic department, we are pleased to be working with GMEX in Mauritius on an investment which will sustain and create jobs in Mauritius and the UK. The MINDEX project will support an ecosystem which creates opportunities in gold mining, refining, storage, recycling, and in commodities trading and financial technology.
“We will continue support companies’ overseas investments where there is benefit to the UK by offering practical support to investors, facilitating introductions to ease market entry and using our expertise to explain political sensitivities and cultural differences to British businesses. ”
Hirander Misra, CEO of GMEX Group said: “Without DIT involvement and support there would have been much less likelihood that the investment would have gone ahead as quickly and smoothly as it has.” He added, “DIT, the British High Commission in Mauritius and wider UK Government played a fundamental role in facilitating increased confidence and positioning through its activities leading to economic benefits for Mauritius and the UK.”
Based on GMEX analysis, the successful implementation of the MINDEX project will result in the real GDP growth of Mauritius increasing to 4.1% instead of the estimated 3.9%, while GDP per capita will increase to MUR 0.388M as compared to MUR 0.387M estimated by MCB Focus. The total effect on the GDP over a 3-year period will amount to USD 53M (MUR 1,850M).
This is expected to result in an increase in exports and repatriated profits back to the UK estimated at £100mn with an estimated 1,000 domestic jobs expected to be created over a 5-year period, which will facilitate additional UK GDP growth.