The 7th session of the Public-Private Joint Committee was held on, 01 September 2023, under the chairmanship of the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy. The Public-Private Joint Committee was organised by Maurice Stratégie and the Economic Development Board (EDB) in collaboration with the Ministry of Finance, Economic Planning and Development.
Some 70 representatives from the private sector, including large enterprises and Small and Medium Enterprises attended the committee. The Chairman of the EDB, Mr Hemraj Ramnial; the Chief Executive Officer of the EDB, Mr Ken Poonoosamy; the Governor of the Bank of Mauritius, Mr Harvesh Seegolam; and other officials from the Ministry of Finance, Economic Planning and Development, Maurice Stratégie, and the EDB were also present.
In his address, Dr Padayachy highlighted that despite the lingering challenges facing the global economy, the Mauritian economy has showcased promising signs of recovery. He reminded the business community that the recent reforms undertaken by the Government are pro-development.
He also reported that the Cabinet has, on 01 September 2023, taken note of a study He also acknowledged that by aligning national strategies with Environmental, Social, and Governance (ESG) principles, the Government and businesses can jointly address pressing global challenges while creating long-term value. This collaboration, he observed, leverages the expertise and resources of both sectors to promote environmental stewardship, social well-being, and responsible governance practices. He added that the synergistic relationship between the Government and enterprises in embracing ESG will ultimately not only propel economic development but will also ensure its durability, benefitting both societies and economies in the present and for generations to come.
During the event, Minister Padayachy launched the Sustainable Finance Framework, a significant step in the country’s journey towards a more sustainable and resilient future. He highlighted that the framework is in line with principles established by international institutions such as the International Capital Market Association and the Loan Market Association. This framework will allow the Government to channel funds into ventures such as renewable energy initiatives, social infrastructure development, and clean transportation projects, he said.
For his part, the CEO of the EDB, Mr Ken Poonoosamy, hailed the unwavering engagement of private stakeholders in the Public-Private Joint Committee, which showcases the forum’s pivotal role in shaping our economy. He also reported that foreign direct investment has increased by 38% to reach Rs 7.2 billion in the first quarter of 2023 as compared to Rs 5.2 billion in the corresponding quarter of 2022.
During the event, the Director of Maurice Stratégie, Mr Sanroy Seechurn, also made a presentation on the Mauritian economy. He underscored the positive trajectory of key indicators such as consumption, exports of goods and services, investment and tourism. He also shared insights derived from Maurice Stratégie’s forecasts, pointing towards a projected GDP growth rate of 7.3 % for the year 2023.
The Public Private Joint Committee meets on a quarterly basis with Mauritian business leaders discussing on matters of economic importance.