stage is that we will have to comply with the fatca. in some way or another. yes, there are costs. yes, it is cumbersome. and yes, the challenges are numerous. yet, we have no choice but to comply. fatca is here to stay. it would be a bad idea to ignore it. and an even worse idea not to comply with it. instead of looking at the fatca as the insurmountable monster, we should be considering how to use it to our advantage – just as the fatca partners have done. with these intergovernmental agreements, these jurisdictions can hope to gather information on bis central bankers ’ speeches their own citizens and claim taxes back. they have been far sighted and have turned the fatca threat into an opportunity. we should do the same. let us seize this opportunity before it is too late. the first step would be to see how best to comply with the fatca. the sooner this is achieved, the better it would be for us. we could then start selling our jurisdiction as a fatca - compliant one. our fatca - compliant status should be used to attract investors to our jurisdiction. the so - called murder weapon ( i. e. the fatca ) should be used to entice those who have clean money and are not running away from paying their fair share of taxes, to invest in mauritius. financial intermediation which has over the years consolidated its position as an emerging sector of the economy now contributes nearly 10 per cent to the gdp. we should capitalise on the fact that mauritius offers the best doing business environment in africa. while the world bank ’ s 2012 doing business report ranks mauritius 23rd globally out of 183 economies, we rank 13th in terms of “ protecting investors ” and 11th in terms of “ paying taxes ”. according to the global competitiveness report 2012 – 13, mauritius ranks 13th in terms of “ strength of investor protection ”. opportunities to boost the financial intermediation sector ’ s potential, therefore, cannot be ignored. as i have said repeatedly, mauritius is not a tax haven and the fatca provides us with yet another opportunity to show this to the world. fatca forces us to think differently – just as the threat of the indian general anti - avoidance rules ( gaar ) does. the current economic climate has demonstrated more than ever that we need to be ready to meet the challenges that are thrown our way. we cannot keep doing things the way we

role they will be called upon to play. african monetary policymakers will in effect be required to come up with strong frameworks that will build sufficient macroeconomic and institutional capacity to absorb investment flows, tap benefits and manage associated risks. another key area of focus for african countries is the payment infrastructure. indeed, while most countries are upgrading their payment infrastructures, the african payment landscape remains fragmented into regional blocks such as the comesa, sadc and western and central african states ’ monetary unions. though some initiatives are underway at the level of the association of african central bank for the setup of a fully integrated african payment system, i believe that this initiative needs to be encouraged. african countries equally need to consider whether the 1 / 2 bis central bankers'speeches adoption of a federal approach to an integrated payment system can be a boost. financial technology is another key area if africa ambitions for an innovative financial industry as well as an inclusive development. infrastructure expansion is a priority for effectively linking countries across the continent so that they are poised to tap the opportunities offered by the belt and road initiative. in that regard, our sister countries must urgently focus on the development of appropriate land, sea and air transport logistics and framework. this will contribute to bringing down the obstacles that stand on the path of the economic evolution of the continent. before concluding, let me quote a chinese proverb that i deem fitting. i quote : “ one bee cannot produce honey ; one grain of rice cannot produce a meal ”. unquote. ladies and gentlemen, if the common goal is the overall development of our respective nations, then the only way forward is for us all to join hands in furtherance of friendship, unity and progress for our people. i thank you for your attention. 2 / 2 bis central bankers'speeches