“Our Financial Services need a cultural and organizational shift”

Dr. Jyoti Jeetun, Minister of Financial Services and Economic Planning.

“The Financial Sector’s growth should not be left to chance”

 “Our best talents are working in major financial centres worldwide. How do we bring some of them back? How do we upskill and reskill our workforce?” the Minister of Financial Services and Economic Development questioned, emphasizing the need for a strategic approach to talent development. Minister Jyoti Jeetun stressed that “disruption does not mean decline; it means transformation,” highlighting that with the right vision, collaboration, and execution, Mauritius can strengthen its position as a dynamic and competitive financial hub. Addressing the country’s global image, she noted the media’s significant role in shaping perceptions, and lamented that Mauritius is too often portrayed through the lens of controversies such as the Chagos issue, rather than for its financial strengths. “We need to change this narrative and position ourselves proactively on the global stage,” she asserted, calling for a concerted effort to showcase the country’s stability, regulatory robustness, and economic potential.

The Ministry of Financial Services and Economic Planning convened a high-level consultative workshop at the Hennessy Park Hotel last Monday, gathering key stakeholders from both the public and private sectors to discuss the future of Mauritius as an international financial centre. The event, attended by over 140 industry representatives, sought to identify challenges, harness opportunities, and lay the foundation for a strategic roadmap that will shape the financial landscape of Mauritius.

In her opening remarks, the Minister of Financial Services and Economic Planning, Dr. Jyoti Jeetun, highlighted the unique nature of the forum, noting that she, along with Junior Minister Dhaneshwar Damry and Governor Dr. Rama Sithanen, had all previously worked in the private sector. “This private-public sector dialogue is enriched by the fact that we have all lived the experiences you have,” she remarked.

Expressing enthusiasm for the diversity of the attendees – including representatives from government agencies, industry associations, development partners, banks, insurance companies, global business, law firms, fund managers, and academics – she underscored the importance of collective engagement.

The Minister acknowledged skepticism surrounding such consultative workshops, addressing concerns about their effectiveness: “Some of you may be thinking, ‘Is this yet another workshop?’ But let me be clear: today (Editor’s note: the workshop was held last Monday) is not about compiling an endless list of complaints or wish lists. It is about structured discussions leading to concrete outcomes. We will focus on where we are, where we want to go, and how we get there.”

Dr. Jyoti Jeetun paid tribute to the pioneers of the financial sector, recalling her own experience as a finance editor when the industry was still referred to as “offshore.” She emphasized how the sector had since grown into a key economic pillar, thanks to the power of education, knowledge, hard work, and innovation. “This industry has thrived because of ambitious individuals willing to take risks and seize opportunities. The only real barrier to entry in this sector is one’s own ambition,” she added.

The discussions at the consultative workshop revolved around three critical themes: overcoming structural challenges, enhancing Mauritius’ international financial centre (IFC) brand image, and addressing talent shortages.

The first panel, moderated by Richard Arlove, examined the fundamental issues facing the sector. Participants pointed to administrative inefficiencies, regulatory bottlenecks, and the need for greater fiscal stability. “It became clear that there is alignment on a lot of the issues and challenges,” Dr. Jeetun noted, adding that acknowledging differences within the sector is crucial to fostering inclusive growth.

She highlighted three possible approaches she could have taken as Minister: “First, I could have assumed I knew everything, made big announcements, and left. Second, I could have hired a global consultancy like McKinsey, spent tens of millions, and obtained yet another blueprint. Third, I could have done nothing and let the industry navigate on its own. Instead, I chose a fourth path – listening to the industry, engaging stakeholders, and shaping policies accordingly.”

“This industry has thrived because of ambitious individuals willing to take risks and seize opportunities. The only real barrier to entry in this sector is one’s own ambition.”

Recommendations included accelerating digital transformation, stabilizing fiscal policies, and diversifying financial products and markets. The importance of defining clear Key Performance Indicators (KPIs) was emphasized, with the Minister proposing an ambitious target of increasing the sector’s contribution to GDP from 13% to 20% over the next few years.

The second panel, chaired by Afsar Ebrahim, explored strategies to enhance the country’s global financial reputation. Industry experts compared Mauritius to other financial centres, noting the need for better international branding and strategic communication.

“Our international image is often shaped by external narratives rather than by our strengths,” Dr. Jeetun remarked. The panellists therefore advocated for clearer messaging on Mauritius’ advantages, including its stable regulatory framework, strategic location, and strong legal system. Suggestions included the creation of a dedicated financial services promotion agency to drive visibility and attract investment.

The Minister also noted the media’s role in shaping the country’s image, lamenting that Mauritius is often portrayed internationally through the lens of controversies such as the Chagos issue, rather than its financial strengths. “We need to change this narrative and position ourselves proactively on the global stage,” she argued.

The third session, led by Thierry Goder, addressed the sector’s human capital needs. Panellists discussed the challenges of retaining and attracting skilled professionals, particularly amid global competition.

“Our best talents are working in major financial centres worldwide. How do we bring some of them back? How do we upskill and reskill our workforce?” Dr. Jyoti Jeetun asked. She went on to recount her own experience, having worked in London for a decade, and emphasized that Mauritius has the talent needed to compete at an international level.

The discussions also highlighted the need for stronger links between academia and industry, better talent development programs, and incentives to encourage the return of skilled Mauritian expatriates. “We need a cultural and organizational shift to ensure that our talent pipeline is aligned with industry needs,” the Minister stated.

She then assured participants that the workshop was not merely an academic exercise, but the beginning of a concrete action plan. “This is not an open-ended forum or a Christmas list of recommendations,” she asserted, reiterating the government’s commitment to translating discussions into measurable actions, backed by continuous consultation with industry players.

A dedicated steering committee has indeed been established at the Prime Minister’s Office to oversee the implementation of financial sector reforms. Additionally, Dr. Jeetun emphasized the importance of fostering operational efficiency within regulatory institutions, proposing the creation of specialized desks to facilitate investor relations.

The Minister left participants with a clear message: “We need to be bold in our ambitions. The sector’s growth should not be left to chance. The opportunities are out there; we must maximize them.”

She acknowledged that global uncertainties – ranging from geopolitical shifts to technological disruptions – posed challenges, but also presented opportunities for Mauritius. “Disruption does not mean decline; it means transformation. With the right vision, collaboration, and execution, we can position Mauritius as a dynamic and competitive financial hub,” she explained.