Fast track committee mulls pipeline of big-ticket projects in Mauritius
Till date, 76 projects worth around Rs 50 billion are in the pipeline and are expected to be implemented in the next five years. (Image: Minority Voice)
The Fast Track Committee (FTC), envisaged under Budget 2014 to expedite the processing of permits and clearances relating to large investment projects, held its first meeting on Tuesday.
Mauritius Finance Minister, Xavier-Luc Duval, had mentioned in the Budget announcement that this proactive measure should result in Rs 20 billion worth of additional projects being unlocked over the next few years.
The first meeting of the committee was held under the chairmanship of Financial Secretary Dev Manraj and it will meet on a monthly basis from now on.
The meeting examined a first set of ten projects pertaining to sectors such as real estate and mixed use developments; port; airport; education; manufacturing; and research and development related projects.
The main function of the FTC is to ensure the coordination with the relevant ministries or agencies for timely processing of applications and approval for permits.
Consequently, the speeding up of project implementation would ensure the mopping up of excess liquidity in the economy.
In fact, new projects are sources for investment and their timely completion will bring benefits in terms of job creation, export earnings and growth.
The FTC is now a statutory committee established following amendments brought in the Investment Promotion Act under the Economic and Financial Measures (Miscellaneous Provisions) Act 2013, and is comprised of representatives of the Prime Minister’s Office and concerned Ministries.
Moreover, ministries and agencies will continue to exercise their respective statutory regulatory powers as regards the processing and issue of permits and clearances.
Commenting on the initiative, Mrs Shamima Mallam Hassam, Senior Director, Board of Investments, said, “This measure is expected to assist greatly with projects that are stuck for want of permits and authority approvals, among others.”
Till date, 76 projects worth around Rs 50 billion, covering both local investment and foreign direct investment, are in the pipeline and are expected to be implemented in the next five years.