Positive Economic Sentiment and Renewed Confidence in the economy
Consolidating economic recovery and addressing challenges in a post-pandemic era was at the core of the interactive session held on Monday 3rd October 2022 during the Public-Private Sector Joint Committee, at the Hennessy Park Hotel, in Ebene.
The 5th meeting of the Public-Private Joint Committee under the Chairmanship of Dr. the Hon. Renganaden Padayachy, Minister of Finance, Economic Planning and Development saw the participation of around 50 representatives of the private sector in the presence of the Chairman of EDB, Mr. Hemraj Ramnial, CSK, the Vice-Chairman of EDB, Mr. Issa Soormally and the Chief Executive Officer of the EDB, Mr. Ken Poonoosamy.
Business leaders, industry captains, representatives of industry associations, operators of the private sector as well as officials of the Ministry of Finance, Economic Planning and Development and the Economic Development Board participated in the event.
The interactive session which is an initiative of the Economic Development Board in collaboration with the Ministry of Finance, Economic Planning and Development is in line with the Government’s objective to foster continued and open dialogue between the public and private sectors with a view to mitigate the impact of COVID-19 pandemic and pave the way for a more prosperous economy.
In his welcome address, the CEO of EDB, Mr. Ken Poonoosamy highlighted that despite exogenous factors such as spiraling inflation, food and energy crises exerting pressure on the Mauritian economy, the country has managed to grapple with the pandemic and maintained an upward trajectory. He expressed his conviction in the implementation of timely and effective measures by the Government to safeguard jobs and support businesses with a view to steer the economy on the path of recovery. Furthermore, he underlined that exports of goods and services, FDI and tourist arrivals are on the rise.
During the session, a full-fledged video showcasing the wide array of measures and unparalleled efforts deployed by the Government to ensure the pandemic does not hinder our long-term growth prospects was projected.
The Deputy Financial Secretary, Mr. Visvanaden Soondram, Deputy Financial Secretary made a comprehensive presentation entitled ‘The Mauritius Response: 1-Year Later’ highlighting the positive impact of the Government’s response on the economy.
Mr. Soondram provided an overview of the positive economic indicators namely public investment which is expected to reach MUR 80,143 million in 2022, above the pre pandemic years, Foreign Direct Investment which will be in excess of MUR 20 billion this year and exports is expected to reach Rs 1 Bn in 2022.
He underscored that tourist receipts amounted to Rs 25 billion for Jan-June 2022 registering a 66% increase as compared to 2021 and 43% more than 2020.
In his address to the press, Dr. the Hon. Renganaden Padayachy, Minister of Finance, Economic Planning and Development highlighted the importance of the continued dialogue with captains of the private sector to identify key challenges and introduce necessary measures to support them. He further expressed Government’s determination to restore business and investor confidence through the implementation of the recovery plan and in achieving a strong recovery in economic activities for year 2022.
He indicated that economic growth rate will be above 7%, the Gross Domestic Product will reach MUR 544 billion, and that exports are also on the rise as compared to last year and 2019.
The Minister is determined to address key economic challenges including the heightened inflation rate, as well as tackle hurdles both at the macro and micro level. Moreover, he enumerated the series of bold and unconventional economic decisions and measures taken by the Government to keep the economy afloat during the 2020 which was severely marked by the COVID-19 pandemic.
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.