The Prime Minister, Mr Pravind Kumar Jugnauth, proceeded, on Monday morning, with the opening of a two-day international conference on digital economy and digital banking held at Le Méridien Hotel in Pointe Aux Piments. The aim is to provide a platform for Mauritius and other African States to discuss the opportunities and challenges arising from the digitalisation of the economy and the banking sector.
The Minister of Finance, Economic Planning and Development, Mr Renganaden Padayachy; the Minister of Information Technology, Communication and Innovation, Mr Darsanand Balgobin; the Secretary-General of the Organisation for Economic Cooperation and Development (OECD), Mr Mathias Cormann; the Chief Executive Officer of the Economic Development Board, Mr Ken Poonoosamy; diplomatic corps; and other personalities were present.
The Conference is being organised jointly by the Bank of Mauritius and the Economic Development Board under the patronage of the Ministry of Finance, Economic Planning and Development. Ministers of Finance and Governors of Central Banks of African States as well as high-level representatives of regional and international institutions are attending the Conference.
In his address, Prime Minister Jugnauth stated that Mauritius is proud to be associated with the OECD while highlighting that the latter has played a significant role in matters pertaining to taxation, Anti-Money Laundering, and Countering Financial Terrorism of the country. Nurturing cooperation with such international institutions is high on Government agenda and Mauritius participates actively in OECD’s working group and forums and has brought new engagement with the OECD this year, he said.
The Prime Minister underlined that Government is committed to adopting best standards to support its claim of a jurisdiction of substance. He pointed out that Mauritius has evolved and adapted its institutional and regulatory frameworks to meet stringent exigencies of global standards adding that the country will continue to demonstrate its commitment to meet international standards and fight illegal activities.
The success of Mauritius, he stressed, is a reminder of what the country has achieved from a monocrop economy to a diversified one while highlighting that today, Mauritius is a model of development for the African continent.
Prime Minister Jugnauth further said that Mauritius is a proud member of the African continent and is continuously renewing its commitment to partner with African economies. The country, he underlined, is well positioned to act as a platform to link international investors and facilitate business development in Africa. Mauritius is signatory to 23 Double Taxation Avoidance Agreements and 24 Investment Promotion and Protection Agreements which are crucial to provide conducive environment for cross border trade and risks motivations, he underpinned.
Furthermore, the Prime Minister expressed the wish that the conference paves the way for a deeper collaboration between Mauritius and the OECD and that Mauritius becomes a key member of OECD so as to promote its standards in Africa.
As for Minister Padayachy, he said that despite the impacts of the COVID-19, Government has not compromised on promoting development in the country. The pandemic, he underlined, has acted as an accelerator for social and economic development. He enumerated the measures implemented to help reduce inequality and support growth potential such as an increase in Basic Retirement Pension and the Wage Assistance Scheme.
Mauritius, he said, has come a long way since its independence in 1968 and today defines itself as a vibrant democracy and a well-functioning market economy open to the world.
While indicating that the Mauritian economy is now well on track, he gave an outlook for the year 2022 which is characterised by a growth of 7.2% in GDP and above 5% in 2023, a decline in unemployment at the rate of 7.8%, and an increase in investment exceeding Rs 105 billion and exports of goods and services estimated at Rs 292 billion.
He also spoke of Government’s commitment in the fight against climate change. “Our strategy is to accelerate the greening process through the Green Transformation Package as announced in Budget 2022-2023, he said.
As for the Secretary-General of the OECD, he stated that the conference is proof of the good relations between the OECD and Mauritius adding that it will reinforce cooperation in the digital market across the continent. It is high time for African countries to harness the potential of digitalisation to keep pace with the global economy, he emphasised.
For his part, Mr Poonoosamy said that digitalisation is offering many opportunities in the banking sector in Africa and he therefore highlighted the need to leverage on this new tool. He called on regulators to adapt to new norms while ensuring security in the sector.
