Mauritius Fostering a New Work Culture

Mauritius is trying hard to foster a new work culture which will take the country off the beaten track and if we really want to be a nation of dynamic entrepreneurs we should leave behind the past - a past that has entrenched the “business as usual” mode of operation and a mindset of rent seekers and speculators.

This is the gist of the message of the Prime Minister, Dr Navinchandra Ramgoolam, yesterday at the opening of the two-day Mauritius International Investment Forum (MIIF) 2011, at the Intercontinental Resort, Mauritius, in Balaclava.

Addressing some 600 local and international entrepreneurs, the Prime Minister said that whilst we are living in uncertain and volatile times, there can be potentially greater rewards and these rewards will go to those who can adapt to new rules and new ways of doing business.

Since 2005, said the Prime Minister, Mauritius has undertaken fundamental reforms of its policy in both domestic and private investments. We had to adapt because we could no longer rely on preferential access to markets. We shifted our paradigm and we have to set our economy on the path of global competitiveness, based on the principle that our country cannot always be tributary to the altruism of others, he added.

According to him, the expansion of the economic space through regional integration is an integral part of the country's development strategy and Mauritius is well positioned to act as a gateway between Africa and Asia. Commenting on the negotiations for a proposed Tripartite Free Trade Area (FTA) that would comprise member states of SADC, COMESA and EAC, Dr Ramgoolam underscored that the business community will have access to a huge market of more than half a billion people. He also appealed to the local and international entrepreneurs to use the MIIF platform to access the innumerable opportunities for investment in Africa. He also called upon the industries to focus on the BRICS countries while the global economy is rebalancing itself.

Dr Ramgoolam also announced that his office is already engaged in a vast audit exercise of parastatals and State owned enterprises. Lame Duck institutions that are frustrating the Government's efforts to meet the expectations of the nation will have to be phased out, he warned.

For his part, the Vice-Prime Minister, Minister of Finance and Economic Development, Mr Pravind Jugnauth, underlined that Government is promoting a major rebalancing of economic growth in Mauritius for two compelling reasons, firstly, to maximize the opportunities from the new multi-polarity of growth and secondly, to address the issue of vulnerability following the recent euro-crisis, so as to further improve the economic resilience.

According to Mr Jugnauth, an unprecedented era of opportunities is unfolding in Africa and several Mauritian enterprises in various industries are already taking advantage of these new opportunities. “We are looking forward for ways and means on how to improve trade, cross-border investments and other economic ties between Mauritius and India, China and other BRIC and newly emerging countries”, he added . Mr Jugnauth also lauded the positive ranking of Mauritius by the Overseas Development Institute (ODI) report “Mapping Progress” released recently and which places Mauritius as the Real Star Economy, in the league of high growth countries like Brazil, Thailand, Ghana, and Vietnam.