About us

THE ECONOMIC DEVELOPMENT BOARD (EDB)

The Economic Development Board (EDB) marks a new beginning in the economic landscape of Mauritius. It heralds a new chapter in economic planning, investment, trade promotion and facilitation. The EDB commenced its operations as a statutory body on 15th January 2018 following the merger between the Board of Investment, Enterprise Mauritius and the Financial Services Promotion Agency. The overarching objective of the EDB is to ensure greater coherence and effectiveness in implementing policies and draw the vision for the economic development path to be adopted to reach a high-income economy status, through sustainable and inclusive growth, whilst ensuring economic independence.

The mandate of EDB is to, inter alia, provide strong institutional support for strategic economic planning and ensure greater coherence and effectiveness in economic policy formulation; promote Mauritius as an attractive investment and business centre, a competitive export platform as well as an International Financial Centre (IFC); act as the main institution responsible for country branding for investment promotion; and facilitate both inward and outward investment and ensure a conducive business environment. 

As an apex body operating under the aegis of the Ministry of Finance, Economic Planning and Development, the EDB synergizes efforts across all ministries and with private stakeholders to meet the set goals. The EDB is responsible to drive research projects and lead initiatives with other stakeholders and address issues such as mismatch in the education and labour system; the impact of an ageing population; the adoption of technology and innovation; infrastructural development; and the opening of the economy, amongst others. 

 


The business facilitation agenda of the EDB will, on the other hand, ensure that projects are swiftly implemented by ensuring that time-frames are respected by licensing authorities. EDB will ensure that no undue delay is caused due to unnecessary and overly burdensome administrative procedures. The national e-licensing platform is being implemented to curtail inefficiencies and provide more certainty to the business community.

Vision

Creating a sustainable high-income economy with opportunities for each and every citizen through economic planning and promotion

Mission

Achieving the ambition of the Mauritian Economy through strategic economic planning and promotion

Goals

Up

Fostering development of the economy through sustainable and inclusive growth promoting activities

Tie

Ensuring economic independence of the economy

Tech

Efficient economic and strategic planning, investment and trade promotion policies and plans

brain

Attracting foreign and local investments in advanced technology industries and skill-intensive services

goal 5

Promoting, facilitating and assisting in the development of industries and services

brain

Upgrading skills and technological levels through new technology, automation, training, research and product development activities

Final Goal

Creating Special Purpose Vehicles as necessary to perform economic activities relevant to its mandate

Our Team

Hemraj

Mr. Hemraj Ramnial, CSK, has over 33 years of professional experience in the Mauritian Manufacturing Industry.  He was previously the Director of Esquel Group of Companies, a World leader for Textile and Garments based in Hong Kong.  Prior to joining the manufacturing sector, Mr. Ramnial worked in the education and the banking sector.  He also served as the President of the Mauritius Export Association (MEXA) in 2013 and was Board Member of Enterprise Mauritius from 2013 to 2014.  He also served as Senior Advisor, Ministry of Industry & Commerce in 2016-17. Mr. Ramnial was the key representative of private sector in negotiations for the renewal of the AGOA until 2025. He was elevated to the rank of the Commander of the Star and Key of the Indian Ocean (CSK) in 2014 for outstanding services rendered in the industry sector.

Mr. Hemraj Ramnial, CSK

Chairman of the Board

Issa

Mr. Soormally is currently the Managing Director of Toukan Corporate Services Limited. He is also fellow Director of the Mauritius Institute of Directors (MIoD).  Mr. Soormally has also occupied the post of Deputy Governor of Central Bank of Mauritius.  As a seasoned commercial banker and regulator, he has held various positions within local and international organizations.  He has a strong proven track record in International banking in various jurisdictions, such as France, Luxembourg, Reunion Island, Kenya, Dubai and South Africa.  He was instrumental in assisting the Central Bank of Seychelles for the remediation of BMI Seychelles.  Moreover, he set up a fullfledged branch of Al Salam Bank of Bahrain (ASBB), as CEO, in the Republic of Seychelles. He is a regular participant and speaker, representing Mauritius at various International Finance Conferences and events.

Mr. Issa Mohamad Soormally

Vice-Chairman

Dipak

Mr. Chummun is currently the Group Chief Finance Officer at IBL Ltd. He has had a 25-year international career span in consulting, investment banking and finance and has held regional and group head roles with Standard Chartered, Barclays, Emirates NBD and Deutsche Bank in London, Hongkong, Dubai, Singapore, and Frankfurt. Before joining IBL in 2015, he was finance director for strategic financial planning at Deutsche Bank global headquarters. Mr Chummun holds directorships with several PIE’s and listed companies in Mauritius, is a director of the Stock Exchange of Mauritius, the Mauritius Renewable Energy Agency and a former International Advisory Board Member of the ICAEW in UK.Mr. Chummun is currently the Group Chief Finance Officer at IBL Ltd. He has had a 25-year international career span in consulting, investment banking and finance and has held regional and group head roles with Standard Chartered, Barclays, Emirates NBD and Deutsche Bank in London, Hongkong, Dubai, Singapore, and Frankfurt. Before joining IBL in 2015, he was finance director for strategic financial planning at Deutsche Bank global headquarters. Mr Chummun holds directorships with several PIE’s and listed companies in Mauritius, is a director of the Stock Exchange of Mauritius, the Mauritius Renewable Energy Agency and a former International Advisory Board Member of the ICAEW in UK.

Mr. Dipak Chummun

Board Member

Terence

Mr. Terence Charles Smith is the Chief Executive Officer of Fundsmith, a fund management company based in Mauritius, which manages £25 billion on behalf of some of the world’s largest and most sophisticated wealth managers and private banks as well as for prominent families, charities and other endowments. Mr. Smith became a stockbroker with W Greenwell & Co in 1984 and was a top-rated bank analyst in London. He was also a best-selling author for his book titled ‘Accounting for Growth’. He has acquired vast experience in his roles as Head of Research at UBS Philips & Drew and Chief Executive Officer at Tullett Prebon. In 2012, he was appointed as Member of the New Zealand Order of Merit for services to New Zealand-UK relations following the success of his campaign to commemorate the New Zealander, Air Marshal Sir Keith Park.

Mr. Terence Charles Smith

Board Member

Catherine

Mrs. Gris currently acts as Independent Non-Executive Director in the Boards of UBP, EML, Trimetys and Cap Tamarin.  

She serves as Special Adviser to the Association of Mauritian Manufacturers (AMM), where she was also former CEO from 2009 to 2018. She was involved in the creation in 2013 of the Mauritian Umbrella Brand of local products “Made in Moris”. Between 1998 and 2006, she served as Secretary General of Association pour le Développement Industriel de la Réunion (ADIR).  In 2013, Mrs. Gris was recognised by France to the rank of "Chevalière de l’Ordre du Mérite". 

Mrs. Catherine Gris

Board Member

Rajiv

Mr. Rajiv Servansingh is the chairman of MindAfrica Group which deals in Investment and Advisory services. He has a lengthy experience in the public and private sector. Mr Servansingh was elected member of the parliament from 1976-1982. He gave up active politics and engaged in business and consultancy/advisory services. He is currently involved in the Casino industry, Real Estate, Investment Promotion between India and Mauritius and Eastern and Southern African countries. He is also a Director in the Mauritius Africa Fund.

Mr. Servansingh was a Director of the Board of Investment (BOI) before being appointed as the Regional Director of the BOI office based in Mumbai for three years.  He is presently the Director of Indian Oil (Mauritius) Ltd and also serves as Board Member of several offshore companies.

Mr. Rajiv Servansingh

Board Member

Marday

Mr. Venketasamy is currently the Managing Partner of Filao Group of Companies, engaged for over 45 years in the manufacture of luxury leather products for exports. He also serves as the President of the Mauritius Chamber of Commerce and Industry (MCCI) since April 2018 to date.  At the international level, he presently serves as the President the COMESA Business Council and is the Honorary Consul for United Republic of Tanzania in Mauritius since 2010.  He is also the First Vice President of Union of Indian Ocean Chambers of Commerce and Industries (UCCIOI). He was elevated in Mauritius to the rank of Commander of Star and Key of the Indian Ocean (CSK) in 1996 for outstanding services to industry and recognized in 2011 by France to the rank of Chevalier de la Légion d’Honneur.  Mr. Venketasamy was elevated to the rank of Grand Officer of the Order of the Star and Key of the Indian Ocean (GOSK) in 2019 for significant contribution in the field of business. 

Mr. Venketasamy is currently the Managing Partner of Filao Group of Companies, engaged for over 45 years in the manufacture of luxury leather products for exports. He also serves as the President of the Mauritius Chamber of Commerce and Industry (MCCI) since April 2018 to date.  At the international level, he presently serves as the President the COMESA Business Council and is the Honorary Consul for United Republic of Tanzania in Mauritius since 2010.  He is also the First Vice President of Union of Indian Ocean Chambers of Commerce and Industries (UCCIOI). He was elevated in Mauritius to the rank of Commander of Star and Key of the Indian Ocean (CSK) in 1996 for outstanding services to industry and recognized in 2011 by France to the rank of Chevalier de la Légion d’Honneur.  Mr. Venketasamy was elevated to the rank of Grand Officer of the Order of the Star and Key of the Indian Ocean (GOSK) in 2019 for significant contribution in the field of business. 

Mr. Marday Venketasamy, GOSK

Board Member

Mathieu

Mr. Mandeng is the CEO of Standard Chartered Bank Mauritius and chairs the board of four Standard Chartered Bank Private Equity Funds investing in Botswana, China, Hong Kong, India, Mauritius, Nigeria, South Africa and Singapore. He is currently serving as Vice Chairman of the Mauritius Bankers Association.  He has over 20 years of experience in the banking and financial services sector with an experience in driving record business performance.  He also currently serves as Non-Executive Director of Standard Chartered Cameroon and Cote D’Ivoire.   Mr. Mandeng was actively engaged in developing the trade and investment between Singapore and West Africa while he was CEO of Standard Chartered Cameroon, his previous position before being appointed in Mauritius.Prior to the EDB, he was already appointed as the Chairman of the Global Business Committee of the association, a director of Global Finance Mauritius (GFM) and a member of the Economic Committee of Business Mauritius. He was also the chairman of the Corporate Finance Task force and the vice chairman of the Sustainable Finance Committee in the context of the Financial Services Blueprint design and implementation. Prior to his banking experience, he reckoned 10 years’ experience in the mining and metal industry in France.

Mr. Mathieu Mandeng

Board Member

Kevin

Mr. Obeegadoo boasts more than 25 years of consulting experience on business strategy and value creation, helping prominent institutions and individuals, from across the region and around the world, to successfully navigate challenges. He has worked in the City of London and Paris prior to relocating to Mauritius, assisting businesses across diverse sectors including Financial Services, IT, Media, and Real Estate. He continues to motivate vision, innovation, development and growth, for his clients’ businesses and as Member of Boards of unregulated and regulated entities.

Mr. Kevin Louis Neil Obeegadoo

Board Member

Premode

Mr. Neerunjun holds the post of Permanent Secretary at the Prime Minister’s Office and has over forty years of experience in the Public Sector. In addition, he has also been called upon to serve as Board Director in a number of statutory bodies/Government owned companies on a part-time basis. He holds a Graduate Diploma in Business from Curtin University (Western Australia) and a BSc (Hons) in Economics & Management from University of London. He also holds a Master’s Degree in Public Policy and Administration from the University of Mauritius.

Mr. Premode Neerunjun

Board Member

Ken

Mr. Ken Poonoosamy is Chief Executive Officer of the Economic Development Board. 

Mr. Poonoosamy has a solid academic and professional background with more than 20 years of experience in the fields of investment promotion and has implemented targeted promotional campaigns to access emerging markets with a view to spurring FDI inflows in the ICT/BPO, real estate, financial services, biotechnology, logistics, seafood, manufacturing and the Freeport sectors.

He is also a much-solicited adviser and speaker at international conferences on Africarelated investments, good governance for IPAs, easeofdoingbusiness practices, shipping, seafood and logistics, amongst others. Moreover, he currently serves on the boards of several important government bodies. Mr. Poonoosamy also served in the Mauritius Freeport after having been in employment at Deloitte and Touche. 

Mr. Ken Poonoosamy

Chief Executive Officer

Mr. Hemraj Ramnial, CSK

Chairman of the Board

Mr. Hemraj Ramnial, CSK, has over 33 years of professional experience in the Mauritian Manufacturing Industry.  He was previously the Director of Esquel Group of Companies, a World leader for Textile and Garments based in Hong Kong.  Prior to joining the manufacturing sector, Mr. Ramnial worked in the education and the banking sector.  He also served as the President of the Mauritius Export Association (MEXA) in 2013 and was Board Member of Enterprise Mauritius from 2013 to 2014.  He also served as Senior Advisor, Ministry of Industry & Commerce in 2016-17. Mr. Ramnial was the key representative of private sector in negotiations for the renewal of the AGOA until 2025. He was elevated to the rank of the Commander of the Star and Key of the Indian Ocean (CSK) in 2014 for outstanding services rendered in the industry sector.

Mr. Issa Mohamad Soormally

Vice-Chairman

Mr. Soormally is currently the Managing Director of Toukan Corporate Services Limited. He is also fellow Director of the Mauritius Institute of Directors (MIoD).  Mr. Soormally has also occupied the post of Deputy Governor of Central Bank of Mauritius.  As a seasoned commercial banker and regulator, he has held various positions within local and international organizations.  He has a strong proven track record in International banking in various jurisdictions, such as France, Luxembourg, Reunion Island, Kenya, Dubai and South Africa.  He was instrumental in assisting the Central Bank of Seychelles for the remediation of BMI Seychelles.  Moreover, he set up a fullfledged branch of Al Salam Bank of Bahrain (ASBB), as CEO, in the Republic of Seychelles. He is a regular participant and speaker, representing Mauritius at various International Finance Conferences and events.

Mr. Dipak Chummun

Board Member

Mr. Chummun is currently the Group Chief Finance Officer at IBL Ltd. He has had a 25-year international career span in consulting, investment banking and finance and has held regional and group head roles with Standard Chartered, Barclays, Emirates NBD and Deutsche Bank in London, Hongkong, Dubai, Singapore, and Frankfurt. Before joining IBL in 2015, he was finance director for strategic financial planning at Deutsche Bank global headquarters. Mr Chummun holds directorships with several PIE’s and listed companies in Mauritius, is a director of the Stock Exchange of Mauritius, the Mauritius Renewable Energy Agency and a former International Advisory Board Member of the ICAEW in UK.Mr. Chummun is currently the Group Chief Finance Officer at IBL Ltd. He has had a 25-year international career span in consulting, investment banking and finance and has held regional and group head roles with Standard Chartered, Barclays, Emirates NBD and Deutsche Bank in London, Hongkong, Dubai, Singapore, and Frankfurt. Before joining IBL in 2015, he was finance director for strategic financial planning at Deutsche Bank global headquarters. Mr Chummun holds directorships with several PIE’s and listed companies in Mauritius, is a director of the Stock Exchange of Mauritius, the Mauritius Renewable Energy Agency and a former International Advisory Board Member of the ICAEW in UK.

Mr. Terence Charles Smith

Board Member

Mr. Terence Charles Smith is the Chief Executive Officer of Fundsmith, a fund management company based in Mauritius, which manages £25 billion on behalf of some of the world’s largest and most sophisticated wealth managers and private banks as well as for prominent families, charities and other endowments. Mr. Smith became a stockbroker with W Greenwell & Co in 1984 and was a top-rated bank analyst in London. He was also a best-selling author for his book titled ‘Accounting for Growth’. He has acquired vast experience in his roles as Head of Research at UBS Philips & Drew and Chief Executive Officer at Tullett Prebon. In 2012, he was appointed as Member of the New Zealand Order of Merit for services to New Zealand-UK relations following the success of his campaign to commemorate the New Zealander, Air Marshal Sir Keith Park.

Mrs. Catherine Gris

Board Member

Mrs. Gris currently acts as Independent Non-Executive Director in the Boards of UBP, EML, Trimetys and Cap Tamarin.  

She serves as Special Adviser to the Association of Mauritian Manufacturers (AMM), where she was also former CEO from 2009 to 2018. She was involved in the creation in 2013 of the Mauritian Umbrella Brand of local products “Made in Moris”. Between 1998 and 2006, she served as Secretary General of Association pour le Développement Industriel de la Réunion (ADIR).  In 2013, Mrs. Gris was recognised by France to the rank of "Chevalière de l’Ordre du Mérite". 

Mr. Rajiv Servansingh

Board Member

Mr. Rajiv Servansingh is the chairman of MindAfrica Group which deals in Investment and Advisory services. He has a lengthy experience in the public and private sector. Mr Servansingh was elected member of the parliament from 1976-1982. He gave up active politics and engaged in business and consultancy/advisory services. He is currently involved in the Casino industry, Real Estate, Investment Promotion between India and Mauritius and Eastern and Southern African countries. He is also a Director in the Mauritius Africa Fund.

Mr. Servansingh was a Director of the Board of Investment (BOI) before being appointed as the Regional Director of the BOI office based in Mumbai for three years.  He is presently the Director of Indian Oil (Mauritius) Ltd and also serves as Board Member of several offshore companies.

Mr. Marday Venketasamy, GOSK

Board Member

Mr. Venketasamy is currently the Managing Partner of Filao Group of Companies, engaged for over 45 years in the manufacture of luxury leather products for exports. He also serves as the President of the Mauritius Chamber of Commerce and Industry (MCCI) since April 2018 to date.  At the international level, he presently serves as the President the COMESA Business Council and is the Honorary Consul for United Republic of Tanzania in Mauritius since 2010.  He is also the First Vice President of Union of Indian Ocean Chambers of Commerce and Industries (UCCIOI). He was elevated in Mauritius to the rank of Commander of Star and Key of the Indian Ocean (CSK) in 1996 for outstanding services to industry and recognized in 2011 by France to the rank of Chevalier de la Légion d’Honneur.  Mr. Venketasamy was elevated to the rank of Grand Officer of the Order of the Star and Key of the Indian Ocean (GOSK) in 2019 for significant contribution in the field of business. 

Mr. Venketasamy is currently the Managing Partner of Filao Group of Companies, engaged for over 45 years in the manufacture of luxury leather products for exports. He also serves as the President of the Mauritius Chamber of Commerce and Industry (MCCI) since April 2018 to date.  At the international level, he presently serves as the President the COMESA Business Council and is the Honorary Consul for United Republic of Tanzania in Mauritius since 2010.  He is also the First Vice President of Union of Indian Ocean Chambers of Commerce and Industries (UCCIOI). He was elevated in Mauritius to the rank of Commander of Star and Key of the Indian Ocean (CSK) in 1996 for outstanding services to industry and recognized in 2011 by France to the rank of Chevalier de la Légion d’Honneur.  Mr. Venketasamy was elevated to the rank of Grand Officer of the Order of the Star and Key of the Indian Ocean (GOSK) in 2019 for significant contribution in the field of business. 

Mr. Mathieu Mandeng

Board Member

Mr. Mandeng is the CEO of Standard Chartered Bank Mauritius and chairs the board of four Standard Chartered Bank Private Equity Funds investing in Botswana, China, Hong Kong, India, Mauritius, Nigeria, South Africa and Singapore. He is currently serving as Vice Chairman of the Mauritius Bankers Association.  He has over 20 years of experience in the banking and financial services sector with an experience in driving record business performance.  He also currently serves as Non-Executive Director of Standard Chartered Cameroon and Cote D’Ivoire.   Mr. Mandeng was actively engaged in developing the trade and investment between Singapore and West Africa while he was CEO of Standard Chartered Cameroon, his previous position before being appointed in Mauritius.Prior to the EDB, he was already appointed as the Chairman of the Global Business Committee of the association, a director of Global Finance Mauritius (GFM) and a member of the Economic Committee of Business Mauritius. He was also the chairman of the Corporate Finance Task force and the vice chairman of the Sustainable Finance Committee in the context of the Financial Services Blueprint design and implementation. Prior to his banking experience, he reckoned 10 years’ experience in the mining and metal industry in France.

Mr. Kevin Louis Neil Obeegadoo

Board Member

Mr. Obeegadoo boasts more than 25 years of consulting experience on business strategy and value creation, helping prominent institutions and individuals, from across the region and around the world, to successfully navigate challenges. He has worked in the City of London and Paris prior to relocating to Mauritius, assisting businesses across diverse sectors including Financial Services, IT, Media, and Real Estate. He continues to motivate vision, innovation, development and growth, for his clients’ businesses and as Member of Boards of unregulated and regulated entities.

Mr. Premode Neerunjun

Board Member

Mr. Neerunjun holds the post of Permanent Secretary at the Prime Minister’s Office and has over forty years of experience in the Public Sector. In addition, he has also been called upon to serve as Board Director in a number of statutory bodies/Government owned companies on a part-time basis. He holds a Graduate Diploma in Business from Curtin University (Western Australia) and a BSc (Hons) in Economics & Management from University of London. He also holds a Master’s Degree in Public Policy and Administration from the University of Mauritius.

Mr. Ken Poonoosamy

Chief Executive Officer

Mr. Ken Poonoosamy is Chief Executive Officer of the Economic Development Board. 

Mr. Poonoosamy has a solid academic and professional background with more than 20 years of experience in the fields of investment promotion and has implemented targeted promotional campaigns to access emerging markets with a view to spurring FDI inflows in the ICT/BPO, real estate, financial services, biotechnology, logistics, seafood, manufacturing and the Freeport sectors.

He is also a much-solicited adviser and speaker at international conferences on Africarelated investments, good governance for IPAs, easeofdoingbusiness practices, shipping, seafood and logistics, amongst others. Moreover, he currently serves on the boards of several important government bodies. Mr. Poonoosamy also served in the Mauritius Freeport after having been in employment at Deloitte and Touche. 

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