Mauritius industrial sector going strong with growth of 3.6% till May
Cader Sayed-Hossen, industry and commerce minister, also underlined the need to increase the percentage of GDP invested in the industrial sector as it generates employment and wealth, adding that new fiscal incentives are required to increase investments. (Image: NPCC)
Mauritius industry and commerce minister Cader Sayed-Hossen declared that the industrial sector recorded a growth rate of 3.6 % at the end of May this year compared to a year-ago, despite numerous challenges on the global front.
However, Sayed-Hossen pointed out that investment growth in the manufacturing sector is relatively weak due to the fact that many local enterprises do not export to new markets and do not invest enough since they are risk-averse.
He underlined the need to increase the percentage of GDP invested in growing the industrial sector as it generates employment and wealth, adding that new fiscal incentives are required to increase investments.
Mauritius authorities focused attention on the manufacturing and industrial sectors at the consultative meeting held Wednesday afternoon in Port Louis with a view to identifying constraints and proposing corrective measures so as to give a new boost to the economy.
The meeting was chaired by Cader Sayed-Hossen and attended by several stake-holders such as Finance Ministry; Mauritius Export Association; Joint Economic Council; Association of Mauritian manufacturers and Enterprise Mauritius.
Another meeting is scheduled in two weeks whereby the recommendations proposed will be synthesized and a new industrial investment model proposed.
Sayed-Hossen also announced that Mauritius has been granted the status of ‘Partner Country’ at the 83rd Izmir International Fair to be held from 29 August to 2 September 2014 in Izmir, Turkey.
In this context, it may be noted that Turkey and Mauritius have a Free Trade Agreement in place which was signed on 9 September 2011 in Istanbul and entered into force on 1 June 2013.
The fair, which is the oldest tradeshow in Turkey and the region, will serve as a platform to foster trade relations between Mauritius and Turkey, boost cross border investment and promote tourism and cultural activities.
The minister noted that the fair would serve as an ideal platform for the island economy to establish contacts with buyers from Russian speaking countries, Eastern Europe, North African countries, Gulf and the UAE.
It will bring together 1200 exhibitors in light engineering, tourism, health, and the jewelry sectors.
This consultative meeting follows the Prime Minister’s speech at the annual dinner of the Mauritius Chamber of Commerce and Industry on 27 June 2014 where he underscored the need to bring reforms and consolidate various sectors of the economy, including the financial services sector, and to move to a new threshold of development.
Accordingly, the Finance Ministry is holding a series of consultative meetings with stakeholders from different sectors of the economy to reach a consensus on major policy orientation for incorporation in the forthcoming budget.