Mauritius Enhances Captive Insurance Framework to Strengthen the Mauritius International Financial Centre
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Public & Private Sector called to join hands to promote a renewed dynamism in economic activity
The 4th meeting of the Public-Private Joint Committee was held on Monday 11th July 2022 at the Caudan Arts Centre, Port-Louis under the Chairmanship of Dr. the Hon. Renganaden Padayachy, Minister of Finance, Economic Planning and Development.
The high-level meeting saw the participation of around 50 representatives in the presence of the Financial Secretary, Mr Dharam Dev Manraj, the Governor of the Bank of Mauritius, Mr Harvesh Seegolam, the Chief Executive Officer of the EDB, Mr Ken Poonoosamy and the Vice-Chairman of EDB, Mr. Issa Soormally. Business leaders and operators of the private sector organisations as well as officials of the Ministry of Finance, Economic Planning and Development and the Economic Development Board also participated in the event.
The objective of the Public-Private Joint Committee is to serve as a collaborative and interactive platform with a view to maintain a constant and dynamic dialogue with the private sector. Subsequently, four Economic Commissions namely export development for goods, export development for service, sectorial development and on competitiveness and productivity were set up following the previous budget 2021/22 to update on progress made on issues and challenges in a timely manner and to tap into opportunities to foster economic development.
In his opening speech, Mr. Ken Poonoosamy, CEO of EDB provided an overview of the economic context and emphasised that the commissions placed under the Public-Private Joint Committee will continue to play an ever-greater role in shaping the economic future of Mauritius while ensuring that challenges are addressed promptly so as not to impede upon the good conduct of business.
During the session, the representatives from the private sector provided their feedback on the recent budget announcements and discussed on current challenges that businesses are facing. They also elaborated on the need for an enhanced and sustained collaboration between the public and private sector with a view to address challenges facing their respective industries and sectors.
In his address, the Honourable Minister of Finance recalled that both the private and public sector joined hands together in the face of adversity during the previous lockdowns which has allowed the country to emerge stronger. He urged for a heightened need for dialogue and called for an enhance partnership between the private and public sector so as to achieve a solid economic recovery. He reassured the business community of the Government’s commitment to address challenges and mentioned that efforts will be geared towards restructuring the economy to achieve consistently higher GDP growth rates through diversification.
It should be highlighted that the Public Private Joint Committee meets on a quarterly basis with the chairpersons of Economic commissions and other business leaders to discuss on matters of economic importance.
