Business News Report February 2023
Mauritania: The country is set to double its iron production by 2026
Mauritania's economy is currently being driven by the mining sector. This is the industry that allowed the country to keep up with the economic backlash of the pandemic over the last couple of years.
Dominated by gold, iron (of which Mauritania is the second largest African producer), and copper, the mining sector represented 24% of the country’s GDP and 60% of exports in 2020, according to figures from the Extractive Industries Transparency Initiative (EITI).
Based on the French Treasury's data, iron ore was Mauritania's predominant export item in 2021 (accounting for roughly $1.6 billion) ahead of fishery ($645 million) and gold ($300 million) - with China being its biggest buyer.
As a way to bring the country into the world’s top 10, the SNIM launched an ambitious strategic plan, running until 2026, aimed at doubling iron ore production to 24m tons.
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Employees want more education with their retirement benefits shows Vestwell study
According to a recent survey by Vestwell, 9 out of 10 employees said their employer should be involved in their retirement education. Employers who work with financial advisors stated that employee financial literacy and employee investment recommendations should be addressed in top priority.
Without any surprise, workers reported a high degree of economic strain where 3/4 reported stress about their financial situation, 66% said their stress had increased due to inflation and market volatility, and nearly half felt they should be saving more due to inflation.
Among the surveyed who had not contributed to their retirement plans in the past six months admit that a higher salary (40%) and a higher employer match (28%) would most likely motivate them to contribute.
