Mauritania: Investing

FDI in Figures

According to UNCTAD's World Investment Report 2023, FDI inflows to the country reached USD 1.14 billion in 2022, 31.7% above the 2018-20 average. At the end of the same period, the total stock of FDI was estimated at USD 12.16 billion, or 117.8% of its GDP. Between 2018 and 2022, Mauritania's FDI inflows were more than double the average of African Least Developed Countries. Most of the investments are directed to oil exploration and exploitation, mineral mining of iron ore and gold, fisheries, and agriculture. The mining sector, in particular, has seen significant investment in recent years, with companies such as Kinross Gold and First Quantum Minerals investing in gold and copper mining projects. Recent significant gas discoveries off the coast of Mauritania have driven foreign investment. In 2022, the oil and gas sector alone represented an impressive 94% of FDI inflows into the country. Although the energy sector has been the primary focus of investment, other sectors are also gaining momentum, including banking, construction and infrastructure, information and communication technologies, and emerging prospects in green hydrogen (UNCTAD). The majority of FDI in Mauritania comes from France, which has historically had strong economic and political ties with the country (in total, there are around fifty French companies operating in Mauritania, generating over 2000 direct and indirect jobs). Other major investors in Mauritania include China (which has been showing a steadily increasing interest in recent years), the United Arab Emirates, and Canada.

The country is trying to promote its strategic geographical location to attract new investors. It is rich in minerals and fisheries resources and presents great energy potential (gas, renewable). Mauritania constructed its first deep-water port in an effort to promote Nouadhibou as a multi-purpose service platform in the sub-region. There is no law prohibiting or limiting foreign investment in any sector of the economy, and both domestic and foreign entities can engage in all forms of remunerative activities (with the exception of activities involving selling pork meat or alcohol). However, the government performs mandatory screening of foreign investments, which is non-discriminatory. Among the factors hindering FDI, there are political and security instability, corruption, an inefficient and politically vulnerable judicial system, and a poorly diversified and highly informal economy. The Mauritanian Investment Promotion Agency (APIM) was founded in 2021 to streamline access to the Mauritanian market for both domestic and foreign investors. Furthermore, attention should be drawn to the ongoing reform of the investment code and the establishment in 2022 of a High Investment Council, led by the President of the Republic. Its objective is to enhance the business climate and the competitiveness of the Mauritanian economy. Overall, Mauritania ranks 127th among the 132 economies on the Global Innovation Index 2023, 130th out of 180 on the 2023 Corruption Perception Index, and 110th out of 184 countries on the latest Index of Economic Freedom.

What to consider if you invest in Mauritania

Strong Points

The main strong points of the country to attract FDI are:

- Support from donors and international organizations;
- Mineral and fishery resources;
- Favourable energy outlook (gas, renewable energies).

Weak Points

The main weak points of the country impeding FDI are:

- Its political instability, as shown during the last coup that took place in August 2009;
- Security problems (such as development of armed groups claiming being part of Al-Qaïda);
- Inadequate infrastructures which hamper the economic development of the country;
- A very young population (more than 64% of the population is under 25 years old) without an adequate level of qualifications for management positions;
- An increase of desertification phenomena;
- A high level of poverty (40% of its population);
- Corruption, which affects all the sectors of the economy;
- Low level of diversification of the economy, vulnerable to fluctuations in commodity prices;
- Restricted size of the formal economy.

Government Measures to Motivate or Restrict FDI

Business environment in Mauritania is rather poor, the World Bank ranked the country on the 150th spot out of 190 economies in its 2018 Doing Business Report.

Historically, Mauritania has been relatively open to foreign direct investment, especially in the mining, hydrocarbon, agriculture and fishing sectors. In June 2012, to encourage further investment, the government updated provisions in the Investment Code to enhance the security of investments and facilitate administrative procedures. The Code provides for free repatriation of foreign capital and wages for foreign employees. The code also created free points of importation and export incentives.  Small and medium enterprises (SMEs), which register through OPPS, do not pay any tax or customs duties. The Code also created the formation of Special Economic Zones to encourage regional development. Separately, the Nouadhibou Free Zone was created with its ownregulatory scheme.  

The Civil and Commercial Codes protect contracts, although court enforcement and dispute settlement can be difficult.

The government has set up a system of a single office in order to facilitate the administrative work of foreign investors. It deals with the submission of files in order to obtain permits, administrative procedures, establishment of businesses and issuing work permits for foreign workforce.

Bilateral Investment Conventions Signed By Mauritania

Mauritania has signed bilateral investment agreements with the Arab Maghreb Union (Algeria, Libya, Morocco, and Tunisia) as well as with Saudi Arabia, France, Belgium, and Romania. Also, agreements exist with Burkina Faso, Cameroon, The Gambia, Ghana, Mauritius, Italy, Lebanon, Qatar, Yemen, Korea, and Egypt.

To find out more about Bilateral Investment Treaties signed by Mauritania, please visit the UNCTAD's Investment policy hub website.

Procedures Relative to Foreign Investment

Freedom of Establishment

Freedom of establishment is guaranteed by the Mauritanian law.

To learn more about the different legal form of enterprises that may be settled by foreigners in Mauritania, please visit the dedicated page on the "Guichet Unique" website (in French).

Acquisition of Holdings

Foreign investors can obtain majority stake in a local company. The investment code does not allow for restrictions based on the origin of the investment concerning the access to Mauritanian company capital. There are some exceptions according to the type of activity, and in the fishing sector, a foreign investor cannot hold more than 49% of the society's shares.

Obligation to Declare

To register a company, a notary help is required. There is a one-stop procedure through the "Guichet Unique". More information can be found in the World Bank's Report on Mauritania.

Competent Organisation For the Declaration

The Mauritanian Court of Accounts

Requests For Specific Authorisations

In the domains of  mining, oil exploitation, telecoms, insurance companies, banking and telecommunication, specific authorizations delivered by the ministry to which the sector is attached are required. 

Investment Opportunities

Investment Aid Agency

Invest in Mauritania (in French)
List of accounting agencies

Tenders, Projects and Public Procurement

Tenders Info, Tenders in Mauritania
DgMarket, Tenders Worldwide

Other Useful Resources

Mauritanian Development Webportal
General Directorate of Private Sector Promotion

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