Mauritius’ economic mission statement sets annual average growth at 5.5% from 2017
For achieving the Second Economic Miracle And Vision 2030, Mauritius’ Economic Mission Statement targets an annual average growth rate of 5.5% from 2017 and highlights four key focus areas: addressing unemployment; alleviating poverty; opening up the country and new air access policies; and sustainable development and innovation.
Creating 100,000 new jobs in the next five years in 10 sectors of the economy through major investment projects to the tune of Rs 183 billion and achieving an average growth rate of 5.5% annually as from 2017.
This is the main thrust of Mauritius’ Economic Mission Statement presented by its Prime Minister Anerood Jugnauth at the launch of the High Powered Committee for achieving the second economic miracle and vision 2030.
Four key focus areas have been identified, namely addressing unemployment; alleviating poverty; opening up the country and new air access policies; and sustainable development and innovation. The Prime Minister will personally drive and monitor these initiatives to ensure the nation’s economic well-being.
The economic model chosen for the development of the country, the Prime Minister said, will be centered on a number of core areas to fundamentally transform the economy.
These include a revamped and dynamic manufacturing base for the country, leveraging on the Exclusive Maritime Economic Zone to develop the Ocean industry, revisiting the services sector and renovating the Innovation, Technology and Communication sector.
Another major feature is the Africa Strategy being adopted to transform Mauritius into a regional platform for trade, investment and services. This would be achieved through enhanced economic exchanges and improved air and sea connectivity, with the eventual creation of both a regional air and shipping company.
Tourism, higher education and developing the potential of Mauritius as a regional hub for healthcare and medical services as well as a medical education centre of excellence for Africa are among the identified areas of growth.
The Prime Minister urged the public sector to actively drive and support the new economic agenda.
He also noted that he is relying on the full collaboration of the private sector to take the economy to the next level. In that respect he will be chairing a Joint Public-Private Sector Steering Committee which will meet every quarter to discuss issues of national interest.
Sir Anerood Jugnauth emphasised that the success in delivering on Mauritius’ economic agenda will largely dependent on the proper mindset and the determination to make things happen.
“As a Nation, we need to be ambitious; we need to believe in ourselves. Together we delivered the First Economic Miracle, against all odds. And, I have no doubt that we will do it, yet again, TOGETHER,” he concluded.
Achieving The Second Economic Miracle And Vision 2030: An outline
The Government aims to increase manufacturing’s share from 18% of the economy to 25% within the next three years by revamping the manufacturing base of the country.
The Port Louis harbour will be developed as a major port for the region in order to handle much higher traffic and other port-related activities. As regards the fishing sector, the Government is negotiating with major international fishing companies for the setting up of fishing and seafood processing facilities locally.
Innovation, Technology and Communication sector
The focus will move towards the provision of high end activities like software and animation development, big data analytics, disaster recovery and cloud computing, amongst others.
Initiatives include establishing a techno entrepreneurship culture in Mauritius, especially among the youth, by supporting the creation of high-end and state-of-the-art incubators; and
transforming Mauritius into a SMART island to embed the use of technology in the day-to-day life of every Mauritian.
Some 40 major private sector investment projects to the tune of Rs 183 billion are in the pipeline, of which foreign direct investments represent Rs 140 billion. These projects will have the potential of creating 100,000 new direct and indirect jobs within the coming five years. The ten major sectors of job creation are: Financial services (15,000), ICT (15,000), Ocean Economy (25,000), Tourism (8,000), Manufacturing (5,000), Construction and Property Development (15,000), Health, Wellness and Biotechnology Sectors (2,000), Education and Knowledge Sector (3,000), Logistics (3,000) and SME (9,000).
The Public Sector Investment Programme for the next five years amounts to Rs 75 billion. These heavy investments in the water sector, electricity, waste management, wastewater management, roads, port, airport and communication, amongst others, have already been announced and are being accelerated.
Works under the Road Decongestion Programme will kick off next year, in July at the latest, and the Government will invest Rs 15 billion over the next five years to address the road congestion problem.