He was elevated by the Government of Mauritius to the rank of the “Commander of the Star and Key of the Indian Ocean (CSK)” in 2014 for outstanding services rendered in the industry sector. In March 2020, he was appointed as Chairman of the Economic Development Board and subsequently reappointed to serve in this role until October 2026.
Let's begin with a broad question about the economy of Mauritius. How do you see the current state of the economy, and what are the key challenges and opportunities that you believe the country is facing now?
Thank you for having me and it’s a pleasure to discuss on the economic development of Mauritius. Mauritius’ economy is on a positive trajectory, with an 8.9% GDP growth in 2022 and 7.1% in 2023, showcasing resilience and recovery, in all economic sectors. The transition to a knowledge-based economy and climate change adaptation are key challenges for our business community, today. The role of technology and innovation is critical, with the EDB fostering digital transformation to enhance and maintain the competitiveness of our industries.
Leveraging the new trade agreements like CECPA with India, FTA with China, and AfCFTA, Mauritius is poised to expand into the Asian and African markets, offering significant growth opportunities. These agreements provide preferential access, reduced duties and tariff rate quotas, enabling Mauritian companies to diversify and grow globally.
Mauritian companies should take full advantage of these agreements. This will enable them to expand their reach, diversify their markets and enhance their growth prospects on a global scale and drive economic momentum.
As the Chairman of EDB, what is the vision and strategic direction that the Board is pursuing to address these challenges and capitalize on the opportunities in the current economic landscape?
Aligned with the vision of Government, we aim to position Mauritius as a hub for innovation, entrepreneurship, and sustainable development. To achieve this vision, our strategic direction focuses on attracting investment in new economic sectors such as ocean science, fintech, renewable energy, biotechnology, and digital services. We are also working to further enhance the ease of doing business in Mauritius and create a conducive environment for companies to thrive and grow.
To capitalise on opportunities in the global market, the Board is focusing on forging strategic partnerships with other Trade and Investment Promotion Agencies and Chambers of Commerce, expanding trade relations and exploring new markets for Mauritian products and services.
The EDB is also fully committed to sustainable development by encouraging businesses to adopt eco-friendly practices, supporting green initiatives like renewable energy and waste management and promoting sustainable tourism.
Additionally, we would like that all projects submitted for EDB approval to include Environmental, Social and Governance (ESG) components to ensure they align with our sustainability goals. These actions are aimed at ensuring economic growth while preserving the environment.
Speaking of new economic sectors, how do you see the role of technology and digitalization in shaping the future of businesses in Mauritius? Why should companies embrace technology and digital transformation, and what are the benefits that they can expect to reap from this transition?
Technology and digitalisation are no longer optional for businesses in today's fast-paced and interconnected world. Companies that embrace technology and digital transformation are better positioned to drive innovation, enhance efficiency and remain competitive in the global market. By leveraging technology, businesses in Mauritius can improve their operational processes, reach new markets and deliver enhanced customer experiences. Embracing digitalization also opens up new revenue streams and business models that can drive growth and sustainability in the long term.
Shifting the focus to the internal workings of EDB, could you speak of EDB’s culture and the importance of EDB’s staff in driving the strategic initiatives and vision of the Board forward? How does EDB nurture a culture of innovation, collaboration and excellence among its employees to effectively support the economic development goals of the country?
The pervasive challenge of brain and talent drain is a global issue facing many nations, including Mauritius. As a government agency, the Economic Development Board (EDB) is actively working towards supporting the country's economic development by attracting top-tier professionals and experts who possess qualities such as intelligence, integrity, customer focus, diverse skill sets, and a willingness to tackle challenges on an international scale.
At the EDB, we have implemented a framework that prioritizes the well-being and professional growth of our employees. Our organizational culture revolves around fostering innovation, collaboration, and a dedication to excellence. We believe that an optimal work environment should foster innovation, collaboration, and excellence while providing opportunities for personal and career development. This is supported by providing our staff with training and resources to stay updated on global economic and technological trends, empowering them to contribute meaningfully to our mission.
We also encourage collaboration to ensure that teams work cohesively towards common objectives, utilizing their diverse skills and expertise to achieve impactful results. I must add that under the leadership of the CEO, Mr Ken Poonoosamy, EDB continues to make significant progress in fulfilling its mission to support the country's economic development goals with determination and foresight.
Mauritius has a rich historical legacy and a promising future. I urge all Mauritians and professionals to have faith in their talents, their country, and its potential for growth. By dedicating yourself to serving our nation today, you will contribute to a brighter tomorrow and proudly represent Mauritius on the global stage.
Thank you, Mr. Ramnial, for sharing your insights on these crucial topics. It is evident that Mauritius has a bright future ahead with a clear vision and strategic direction to navigate the challenges and seize the opportunities in the evolving economic landscape. We look forward to seeing the positive impact of EDB’s initiatives on the country's economic growth and development.
