7th Session of the Public-Private Joint Committee

The 7th session of the Public-Private Joint Committee was held today 1st September 2023 under the chairmanship of Dr. the Hon. Renganaden Padayachy, Minister of Finance, Economic Planning and Development. The Public Private Joint Committee was organised by Maurice Stratégie and the Economic Development Board in collaboration with the Ministry of Finance, Economic Planning and Development.

Some 70 representatives from the private sector, including large enterprises and SMEs attended the committee in the presence of Mr. Hemraj Ramnial, Chairman of the EDB and Mr. Ken Poonoosamy, Chief Executive Officer of the EDB, Mr. Harvesh Seegolam, Governor of the Bank of Mauritius and other officials from the Ministry of Finance, Economic Planning & Development, Maurice Stratégie and the Economic Development Board.

In his speech, Dr. the Hon. Renganaden Padayachy, Minister of Finance, Economic Planning and Development, highlighted that despite the lingering challenges facing the global economy, our economy has showcased promising signs of recovery. He reminded the business community of the recent reforms undertaken by the government are pro-development.

He also reported that the cabinet has today taken note of a study conducted by Maurice Stratégie on the impact of policy measures targeted towards improving welfare, in particular for the most vulnerable. The study indicated that the Gini coefficient is projected to have reached 0.304 in 2022. This marks a notable decrease from the estimated Gini index of 0.392 recorded in 2017. This trend reaffirms the ongoing efforts of Government towards addressing inequality.

He also acknowledged that by aligning national strategies with Environmental, Social, and Governance principles, governments and businesses can jointly address pressing global challenges while creating long-term value. This collaboration leverages the expertise and resources of both sectors to promote environmental stewardship, social well-being, and responsible governance practices. He added that the synergistic relationship between the government and enterprises in embracing ESG will ultimately not only propels economic development but also ensures its durability, benefitting both societies and economies in the present and for generations to come.

During the event, the Hon. minister launched the Sustainable Finance Framework, a monumental step in our journey towards a more sustainable and resilient future. He highlighted that the framework is in line with principles established by international institutions such as the International Capital Market Association and Loan Market Association. This framework will allow the government to channel funds into ventures such as renewable energy initiatives, social infrastructure development, and clean transportation projects.

In his opening remarks, Mr. Ken Poonoosamy, the CEO of the Economic Development Board, hailed the unwavering engagement of private stakeholders in the Public-Private Joint Committee, which showcases the forum’s pivotal role in shaping our economy. He also reported that foreign direct investment has increased by 38% to reach Rs 7.2 billion in the first quarter of 2023 as compared to Rs 5.2 billion in the corresponding quarter of 2022.

During the event, Mr. Sanroy Seechurn of Maurice Stratégie also made a presentation on the Mauritian economy. He underscored the positive trajectory of key indicators such as consumption, exports of goods and services, investment and tourism. He also shared insights derived from Maurice Stratégie’s forecasts, pointing towards a projected GDP growth rate of 7.3 percent for the year 2023.

It should be emphasised that the Public Private Joint Committee meets on a quarterly basis with Mauritian business leaders discussing on matters of economic importance.