The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy met representatives of Finance Mauritius this afternoon, at the seat of his Ministry, in Port Louis. The meeting focused on various issues to be addressed in the forthcoming budget exercise.
It was an opportunity for both sides to display a shared vision in view to achieve greater economic growth. Discussions focused on the challenges and opportunities facing the Mauritian economy and in finding concrete solutions to address loopholes affecting the business activity as well as job creation in this COVID-19 pandemic situation.
Several issues and propositions were raised in regards to the ease of doing business; provision of a single forum for financial services providers to discuss matters with regards to the Financial Services sector and to work constructively with governments. Other topics discussed concerned tax and working closely with authorities to ensure that policy decisions are disseminated properly; providing technical advice as well support and respond to consultations; and on how to further improve and consolidate the sector.
In a statement after the meeting, the Vice Chairperson, Mrs Shamima Mallam-Hassam, highlighted that the Mauritius Finance is a very important sector that contributes to 13% of the Gross Domestic Product (GDP) and employs some 8 000 people. In this context, she emphasised that proposals have been made for the creation of a fund that will be dedicated mainly to the promotion, image and visibility of the sector and, to find the skills needed to review the financial sector.
The Vice-Chairperson also spoke about the issue of Mauritius being on the unfavourable lists of the Financial Action Task Force (FATF) and the European Union. 'We must ensure that we have in place the required framework and regulatory requirements', she stated.