The UK government’s Department for International Trade (DIT) is backing GMEX Group in the establishment of a new exchange trading ecosystem in Mauritius.
GMEX has played a significant role in the initial consortium to launch the Mauritius International Derivatives and Commodities Exchange (MINDEX), which will serve as a multi-commodity and derivatives exchange platform with full regulatory supervision by the Mauritius Financial Services Commission.
The company has been working intimately with the British High Commission Mauritius and Department for International Trade (DIT) Mauritius, following the opening of its regional headquarters in the Mauritius International Financial Centre (IFC) in 2017.
The DIT has supported GMEX by introducing and facilitating meetings with crucial stakeholders, including the Financial Services Promotion Agency and the Mauritius Board of Investment and key ministers.
The GMEX consortium led investment in the MINDEX project totals to $35m to develop a gold refinery, secure vault, launch of an advanced technologically enabled spot exchange, derivatives exchange and clearing house.
The investment is expected to help create 104 direct jobs over two years and an additional 408 new secondary jobs over the next two years in Mauritius.
GMEX Group CEO Hirander Misra 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.
“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.”
GMEX Group is a set of companies, which provides sustainable and innovative solutions for global financial markets.
The group is specialized in creating an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.
The Department for International Trade supports and promotes UK businesses to drive sustainable international growth.