CEO Enterprise Mauritius: Suppliers must adapt to global market changes
Mauritius has successfully diversified its export offerings, increasing its non-traditional export markets’ share to as much as 56% of total exports. (Image: Source Mauritius)
Faced by its traditional market of Europe first facing recession and then a slower-than-expected recovery, Mauritius has successfully diversified its export offerings, increasing its non-traditional export markets’ share to as much as 56% of total exports.
In the latest monthly newsletter of Enterprise Mauritius, CEO Dev Chamroo noted that exports from the island economy have increased to as much as 56% for non-traditional markets for the period January to September 2013.
In the corresponding period in 2012, the share of non-traditional markets stood at 54%.
On the export front, for the first nine months of this year, domestic exports reached Rs 43,871 billion compared to Rs 41,113 billion for the year-ago period, driven by the sea food sector, the pearls and precious stones sector, and the medical sector.
To demonstrate the success rate achieved by the island economy in diversifying its markets, while total domestic exports from Mauritius have only increased 6.7%, non-traditional markets have shown a growth of as much as 19%.
Chamroo also stated that nimble, innovative, creative, customer centric and collaborative efforts with different supply chain partners are important to beat global competition.
As the global market is changing at a rapid pace and is becoming increasingly competitive, suppliers must use new management practices and new technologies, in response to ever-changing consumer needs and demands, he added.
To strengthen the achievement on traditional markets and expand the reach out on the non-traditional markets, Enterprise Mauritius seeks to use a multidimensional, marketing approach.
A 2014 Action Plan comprising several promotional actions on emerging and new markets and showcasing Mauritius as a viable and reliable sourcing destination will be the focus of the marketing strategy.
Meanwhile, a 2013 survey by international market research firm Gartner disclosed that 54% of industry respondents are not ready to face the challenges of new supply chain prerequisites which go above traditional operational issues.
These issues encompass rising input costs, downward pressures on prices, labour issues, complex regulatory and standard requirements, increasing sources of competition, volatile exchange rates, rising logistics and distribution costs, corporate social responsibility, and other internal, day-to-day issues.