UK government department for international trade supports GMEX
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UK government department for international trade supports GMEX 02 July 2018London Reporter: Maddie Saghir
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The UK government department for international trade has supported GMEX in their creation of a new exchange-trading ecosystem in Mauritius.
GMEX, provider of multi-asset exchange trading, post-trade business solutions and technology, has taken a leading role in the initial consortium to launch the Mauritius international derivatives and commodities exchange (MINDEX).
Following the opening of its regional headquarters in Mauritius International Financial Centre (IFC) last year, GMEX has worked 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 supported the company by introducing and facilitating meetings with key stakeholders.
Meanwhile, the GMEX consortium led investment in the MINDEX project to amounts of $35 million in order to build: a gold refinery, a secure vault, launch of the advanced technologically enabled spot exchange, derivatives exchange, and clearing house.
This is expected to create 104 direct jobs over two years and an additional 408 new secondary jobs over the next two years in Mauritius.
Graham Stuart, MP, department for international trade’s minister for investment, 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.”
He continued: “The MINDEX project will support an ecosystem which creates opportunities in gold mining, refining, storage, recycling, and in commodities trading and financial technology.”
Stuart added: “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 GMoup, commented: “WithEX Grout 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.”
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