Enterprise Mauritius says manufacturers must diversify to newer markets
The island’s premier trade promotion agency has pointed out that manufacturers have no choice but to explore newer market opportunities, other than those traditional and emerging markets which have already been tapped. (Image: Mauritius Tourist Guide)
The island’s premier trade promotion agency, Enterprise Mauritius (EM), has made a call for action to local manufacturers to explore newer markets for their products, as the promise of traditional markets such as United Kingdom, France and USA, fast diminishes.
Besides, data released by Statistics Mauritius has shown that growth potential in emerging markets also remains insignificant, according to Enterprise Mauritius’ recent e-newsletter for the month September.
Hence, manufacturers have no choice but to explore newer market opportunities, other than those traditional and emerging markets which have already been tapped.
Accordingly, Enterprise Mauritius is willing to help Mauritian manufacturers to develop an international market for their products by adopting three components: focusing on traditional markets, emerging markets, as well as going into countries with which Mauritius competes for shelf-space in the regional and global markets.
To effectively place their products into newer markets, manufacturers must face various challenges, such as the state of readiness of their enterprises; lack of in-depth knowledge of the identified markets with regard to economic operators, business cultures, language, distribution channels, buying seasons, payment terms, legal and regulatory frameworks, product adaptability, and NTBs; sources of competition; market entry and product positioning; and country brand positioning, among others.
According to Dev Chamroo, Chief Executive Officer at Enterprise Mauritius, ‘Made in Mauritius’ products are proving to be successful due to their ready availability on the retail shelves of 126 countries, which count certain ‘unexpected’ countries that are economic power houses in their own standing.
Even as exports to India dipped slightly in 2013 from a high of Rs 440 million in 2012, exports to China recorded tremendous growth of over 50% to reach Rs 193 million last year, and the island economy is targeting over 70% growth in Chinese exports this year.
Mauritius’ exports to Japan, which amounted to Rs 75 million last year, have already reached Rs 362 million in the first six months of 2014, while exports to Pakistan were up by a whopping 125% in the first semester of 2014, compared to the corresponding period last year.
Meanwhile, exports to Brazil and Turkey posted an increase of 59% and 24% respectively last year.
With a view to exploring new markets, Mauritius Commerce and Industry Minister Cader Sayed-Hossen led the largest trade delegation ever mounted by Mauritius, to participate in the 83rd Izmir International Fair in Turkey where Mauritius was the Official Partner Country.
Enterprise Mauritius noted that, with collaboration from the Board of Investment, the Mauritius Tourism Promotion Authority, the Mauritius Chamber of Commerce and Industry, and the Association of Mauritian Manufacturers, they have promoted Mauritius as a ‘Destination of Choice’ for trade, investment and tourism.
The Mauritius Pavilion was housed in a specially built exhibition area, inspired by the designs of locally renowned architect and urban designer, Vinesh Chintaram.
Dev Chamroo outlined that the team of Enterprise Mauritius is looking forward to collaborate again with these organisations, as it has been a wining partnership to effectively promote Mauritius for business.
With Market Development, EM can successfully promote exports from Mauritius, which leads to more job creation, foreign exchange earnings, builds industrial linkages, encourages technology transfer and innovation, empowers entrepreneurs, including women entrepreneurs, and alleviates poverty.
Hence, exports help in the economic development of Mauritius and the pursuit, at all levels, to consolidate, diversify, develop and nurture markets for Mauritian products, starting from economic diplomacy and going on to institutional framework, export readiness, export facilitation as well as export promotion.
Dev Chamroo also noted that Enterprise Mauritius has realigned its service delivery in order to propose value-added, hand-holding and personalised assistance to the local exporter community.
The latter ended by announcing an ambitious Action Plan for 2015, which is presently under preparation, and he concluded on the note that valued partners will soon be informed about Enterprise Mauritius’ future actions.