The GIRM encourages direct foreign investment. The 1989 Investment Code, still in force, was aimed to stimulate competition and attract foreign capital and investment, but its legal and regulatory frameworks are considered inadequate to support its objectives. Foreign investment is still very limited and official statistics are not available. The GIRM believes that private enterprise will be the engine for future economic development and growth. The GIRM is now preparing a new Investment Code, in substitution to the existing, in order to attract foreign capitals and technologies.
Foreign investment is permitted in all sectors of the economy.
The creation of this inter-Ministerial Agencies Committee eliminated previous administrative procedures, and consequently facilitated investment agreement since 1997. Although the GIRM has significantly reduced barriers to investment since 1989, regulations remain vague and somewhat confusing. As noted earlier, the GIRM, with WB assistance, is preparing a revised Investment Code, which is expected to be published in the near future. The Mauritanian ouguiya is convertible within Mauritania. Hard currencies can be found either in commercial banks or private exchange offices.