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Tuesday, January 31, 2023

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Prime Minister Chairs Committee To Review Private Investment Projects Of MUR 31 Billion

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Prime Minister Pravind Kumar Jugnauth, chaired yesterday, at the New Treasury Building in Port Louis, the High-Level Committee on Private Investment Project.  The Committee, which aims at facilitating and streamlining the various investment processes and removing the bottlenecks impeding the projects’ realisation, examined some 33 private investment projects to the tune of some Rs 31 billion, with an implementation timeline spanning over the next three years.

These private sector-led projects will be implemented over the next three years and will add to the existing pipeline of projects that are already under construction or implementation. The projects are related to several economic activities such as manufacturing, tourism, real estate, ocean economy and healthcare amongst others.

The development of private clinics as well as that of senior living retirement project were among the projects facilitated. This falls in line with EDB’s strategy to promote Mauritius as a wellness and medical tourism hub as well as a destination for foreign retirees.

The High Level Committee comprised the Deputy Prime Minister, Minister of Housing and Land Use Planning, Minister of Tourism, Mr Louis Steven Obeegadoo; the Vice-Prime Minister, Minister of Local Government and Disaster Risk Management, Dr Mohammad Anwar Husnoo; the Minister of Land Transport and Light Rail, Minister of Foreign Affairs, Regional Integration and International Trade, Mr Alan Ganoo; the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy; the Minister of Energy and Public Utilities, Mr Georges Pierre Lesjongard; the Minister of Environment, Solid Waste Management and Climate Change, Mr Kavydass Ramano; the Attorney General, Minister of Agro-Industry and Food Security, Mr Maneesh Gobin; and the Minister of National Infrastructure and Community Development, Mr Mahendranuth Sharma Hurreeram. Various senior officials of governmental and private bodies were also present.

Ken Poonoosamy
Ken Poonoosamy

In a statement following the meeting, the Chief Executive Officer of the Economic Development Board (EDB), Mr Ken Poonoosamy, highlighted that the projects examined pertained to manufacturing, tourism, real estate, ocean economy and health sectors. He pointed out that these projects were being implemented with the aim of pursuing the economic recovery of the country.

He recalled that out of some Rs 110 billion invested in Mauritius last year, private sector investment accounted for around Rs 88 billion, with an economic growth of 7.9%. He also stressed the need to maintain this momentum and underscored the importance for investors to obtain the relevant licence, permit, authorisation or clearance on time so as not to lose money.

As such, Mr Poonoosamy reminded that the High-Level Committee provided support to advise on policy clearance, while ensuring institutional coordination for the implementation of projects.

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