The Head of Government inaugurated the SME Park in Quartier Militaire on Wednesday. He seized the occasion to dwell at length on the economic situation in the country and around the world. Pravind Jugnauth said he was aware of the difficulties Mauritians face every day in terms of the high cost of living. “As a government, we know what the situation is. Poêlon la chaud,” he said. He added that the Repo Rate in Mauritius it is not that high compared to the rate in other countries. He also spoke of the role of the central bank in maintaining financial stability in the country. The situation is not easy, he said.
On this occasion, the Prime Minister also proceeded with the unveiling of the inauguration plate and remitted Letters of Offer to five tenants of the SME Park.
In his keynote address, Prime Minister Jugnauth indicated that the SME Park, constructed to the tune of Rs 150 million, is a state-of-the-art infrastructure comprising 40 units of a total space of 4000m² for entrepreneurs to carry out their business activities. The project, he stated, is spearheaded by the DBM which is engaged in helping SMEs and promoting the culture of entrepreneurship in the country. The construction of two new industrial parks for SMEs at Plaine Magnien and Solferino Vacoas, is also in the pipeline, announced the Prime Minister.
Moreover, the Prime Minister indicated that the SME sector contributes to 35% of the Gross Domestic Product of the country, provides more than 50% of employment and constitutes 12% of total exports annually. He observed that while many countries are increasing their repo rates due to inflation caused by the effects of the Russia-Ukraine War, Government is doing its best to maintain financial stability in the country.
He likewise enumerated the various schemes available such as the Business Transformation Scheme to revise business models and increase competitiveness, the Technology and Innovation Scheme to promote modernisation, and the Green Support Scheme for SMEs to adopt renewable energies and help tackle climate change. Government, he added, is also trying to improve market access to the African continent through the African Free Trade Agreement.
Minister Padayachy, who was also present, indicated that SMEs have been remarkable in dealing with the impacts of the COVID-19 pandemic and in supporting the country in its recovery process. Government, he emphasised, is working relentlessly to support the growth of SMEs and will continue to put at their disposal, necessary schemes and incentives to encourage a greater number of entrepreneurs in their ventures.
According to Minister Bholah, around 44% of the working population are currently employed in SMEs and hence, the need to sustain the sector. My Ministry, he underlined, came up with a 10 Year Master Plan to provide a conducive ecosystem for SMEs, identify challenges of entrepreneurs and provide solutions.
The Chief Executive Officer of the Development Bank of Mauritius (DBM), Mr Jaywant Pandoo underlined that the DBM is mandated to create industrial parks for SMEs. He dwelt on the numerous schemes and financial incentives that have been put in place to encourage entrepreneurs to launch their new ventures and sustain their existing businesses.
