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Friday, April 19, 2024

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Pre-Budget Consultative Meeting 2024-2025 With Business Mauritius, Insurers’ Association And Mauritius Bankers Association

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Representatives of Business Mauritius mooted and deliberated on their proposals in the context of the forthcoming Budget 2024-2025, during a meeting with the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, yesterday afternoon, in Port-Louis.

In a statement, the President of Business Mauritius, Mr Anil Currimjee, indicated that the consultations with the Finance Minister and his team were cordial and focused on a shared common vision. He, moreover, highlighted that the creation of a better, more productive and competitive labour force was the linchpin of the discussions. The devising and implementation of supplementary employability programmes aiming at boosting the productivity of employees, he suggested, can assist in facilitating such an endeavour.

Pre-Budget Consultative Meeting 2024-2025

Besides, Mr Currimjee outlined the port, air and digital connectivity as three principal ways through which Mauritius can be directly linked with other countries. On this score, he pointed out to the need to increase connectivity especially through technologies and Artificial Intelligence (AI). According to him, AI will foster more customer-friendly services and an environment conducive for employees.

In addition, the President of Business Mauritius dwelt on other priority areas of discussion including climate change, sustainability and resilience.

Representatives of the Insurers’ Association of Mauritius, also met the Minister of Finance, Economic Planning, and Development, Dr Renganaden Padayachy, to exchange views and make proposals regarding the insurance industry, during a pre-budget consultative meeting, Prior to this meeting, the Minister also met with representatives of the Mauritius Bankers Association.

Pre-Budget Consultative Meeting 2024-2025

In a statement after the meeting, the Secretary General of the Insurer’s Association, Mr Vasish Ramkhalawon, highlighted that the meeting was very fruitful and positive, adding that three main areas considered to be of great importance both for the insurance sector and in terms of the latest situations prevailing in the country, were broached, namely: the pension system, medical insurance and car insurance.

Highlighting the need to ensure a good return on investment so that the population reaps the benefits they are entitled to, he indicated that the pension system must be reviewed to not only provide people with the pension they need but everything that goes with it to ensure good forecasting.

Secondly, Mr Ramkhalawon stressed the urgency to ensure the viability of the insurance sector itself so that it can support the population at the medical level given the latest developments that the healthcare system is undergoing. The Association is committed to providing its full support to its policyholders and society at large but needs to become an enabling and uplifting force in itself first, he added.

Reflecting on the car losses related to the recent floods caused by climate change in Mauritius, the Secretary-General recalled that along with the Government’s generous assistance in providing financial support to the victims, the insurance industry has been equally rapid and efficient in its response, hence, the need to ensure that this system is sustainable enough to cater to everyone’s expectations when such situation arises.

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