“We need a critical appraisal of the existing economic agreements that we have with our partners” 

Dhananjay Ramful, Minister of Foreign Affairs, Regional Integration and International Trade.

• “Our trade deficit has grown from Rs 14.05 billion in 2000 to Rs 179.98 billion in 2023, driven by higher reliance on imports and global market volatility”. 

• “Repositioning the Port of Mauritius as the most competitive one in the region is not only a matter of business opportunity, but a trade and investment imperative,” says Charles Harel, President of the MCCI. 

At the Annual General Meeting of the MCCI, President Charles Harel placed economic growth at the heart of national recovery, outlining an eight-point strategy focused on competitiveness, infrastructure, investment, and support for SMEs. Dhananjay Ramful, Minister of Foreign Affairs, Regional Integration and International Trade, reaffirmed the government’s commitment to economic diplomacy and trade diversification, while calling for deeper public-private collaboration. Dr. Drishty Ramdenee, Secretary General of the MCCI, highlighted the Chamber’s operational focus on reindustrialisation, digitalisation, and capacity building, particularly in support of small and medium-sized enterprises.

The Mauritius Chamber of Commerce and Industry (MCCI) convened its 176^th Annual General Meeting on 27 March 2025, at the Caudan Arts Centre, in Port Louis. The event was significant as it also marked the 175^th anniversary of the institution established in 1850. It brought together business leaders, members of government, and international stakeholders to review the national economic outlook, propose strategic directions, and reinforce the role of the private sector in Mauritius’s development.

Opening the meeting, MCCI President Charles Harel described the institution’s 175-year journey as a vital contributor to economic development and trade facilitation in Mauritius. He noted that the Chamber has evolved into a central actor in both national policy advocacy and international economic diplomacy.

Charles Harel extended congratulations to the newly appointed government and acknowledged its focus on economic transformation. He expressed the Chamber’s support for the Government Programme 2025-2029, particularly its emphasis on economic diplomacy, reindustrialisation, diversification, inclusive development, climate readiness, infrastructure improvement, and arts and culture.

The President placed economic growth at the core of MCCI’s strategy. “Growth will be the driving force that enables us to meet the ambitious objectives outlined in the Government Programme 2025-2029,” he stated. He went on to identify several key benefits of sustained growth, including job creation, fiscal strengthening, investment attraction, enhanced purchasing power, and increased national resilience.

Charles Harel also noted that while the Bank of Mauritius had projected a 5.1% growth for 2024, supported by construction, financial services, and retail, a slowdown to 3.5-4% is expected in 2025, as structural issues persist in sectors such as textiles, sugar, and real estate.

In addition, the MCCI President referenced global data from the International Monetary Fund (IMF), which projects a modest global growth of 3.3% for 2025 and 2026 – below the 2000-2019 average. He stressed the need for Mauritius to adapt to global uncertainties, including inflation, geopolitical instability, and trade disruptions, noting that these trends have implications for the domestic economy, including Moody’s credit rating and the country’s international competitiveness.

Charles Harel outlined an eight-point framework for economic revitalisation:

• Enabling Regulations: The Chamber supports regulatory frameworks that promote business innovation and fair competition. It advocates for reducing reliance on price controls and allowing market mechanisms to determine supply and demand.

• Human Capital Development: The President called for long-term workforce planning and a well-structured migration framework. He emphasised that people are Mauritius’s most important asset, and urged strategic investment in talent development.

• Infrastructure Investment: “Bold decisions are needed to develop infrastructure that boosts GDP, attracts investment, and facilitates trade. For example, repositioning the Port of Mauritius as the most competitive one in the region is not only a matter of business opportunity, but a trade and investment imperative. While we commend the swift action of Government in steering port performance back to normality, the normality is unfortunately not enough in a context of strong regional competitiveness. This will require substantial investment in new facilities and equipment. Public-Private Partnerships (PPPs) can help drive these initiatives,” he underscored.

• Regulatory Predictability: The MCCI promotes the adoption of Regulatory Impact Assessments to evaluate potential effects of new policies, thus ensuring stability and transparency.

• Investment Protection: The Chamber stresses the importance of safeguarding strategic investments, particularly those that introduce international brands and technologies, ensuring access to high-quality, compliant products for both consumers and tourists.

• Support for SMEs: With 60% of MCCI’s membership comprising small and medium-sized enterprises (SMEs), the President reiterated the Chamber’s focus on improving access to finance, simplifying business procedures, and expanding market access. He referenced initiatives such as the ICC One Click Platform, the Xport Accelerator programme (supported by UNDP), and GS1 Mauritius’ export compliance system under the tagline “A Piece of Paradise.”
• Industrial Strengthening: Charles Harel proposed targeted policies to improve productivity and competitiveness in core sectors such as manufacturing, tourism, agriculture, and services.
• Economic Diplomacy and Diversification: He described the Chamber’s active engagement in regional and international platforms – including SADC, COMESA, AfCFTA and Joint Business Councils – as crucial for opening new markets and securing trade and investment opportunities.

Addressing the gathering, Dhananjay Ramful, Minister of Foreign Affairs, Regional Integration and International Trade, commended the MCCI for its continued efforts in supporting the business community and strengthening Mauritius’s international profile. He described economic diplomacy as central to the country’s foreign policy, aimed at boosting the country’s presence in global markets.

“Normality is unfortunately not enough in a context of strong regional competitiveness” – Charles Harel, President of the MCCI. 

The Minister outlined the government’s objective to enhance bilateral and multilateral partnerships, particularly through Free Trade Agreements (FTAs) with India, China, Turkey, UAE, and the African Continental Free Trade Area (AfCFTA).

“Our trade deficit has grown from Rs 14.05 billion in 2000 to Rs 179.98 billion in 2023, driven by higher reliance on imports and global market volatility. Therefore, in order to ensure a meaningful outcome, we need to start with a critical appraisal of the existing economic agreements that we have with our partners. What have we done? What is working to our advantage? And how do we bring corrective actions to those that don’t?  An inventory, therefore, is essential,” Minister Ramful explained.

The Minister outlined priority sectors such as the ocean economy and renewable energy, highlighting the country’s maritime zone and natural resources as economic assets. He also emphasized the importance of climate-resilient infrastructure, sustainable tourism, and circular economy models.

Dhananjay Ramful advocated for a data-driven economy, and noted the role of education, training, and digital public services in equipping citizens for a knowledge-based future. Referring to traditional export markets, he mentioned ongoing efforts to secure the renewal of the African Growth and Opportunity Act (AGOA) with the U.S., including direct correspondence with U.S. authorities and possible high-level lobbying missions to Washington.

In his speech, Dr. Drishty Ramdenee, Secretary General of the MCCI, reiterated the Chamber’s alignment with the government’s reindustrialisation strategy. He highlighted three main areas of operational engagement:

• Trade Facilitation and Market Access: Leveraging MCCI’s global Chamber network, which connects 45 million businesses, to expand exports and develop commercial partnerships.

• Digital Platforms: Encouraging the use of digital tools to enhance product visibility and service reach on international markets.

• Training and Business Support: Continuing the Export Accelerator programme for capacity building, and providing education through GS1 Mauritius and the MCCI Business School.

Dr. Ramdenee stated that these initiatives aim to help SMEs improve competitiveness and integrate into global value chains. “We firmly believe that these companies can grow and support the development and reindustrialisation strategy,” he said.

Both the Chamber and State officials expressed readiness to collaborate on key national priorities, including export growth, economic diversification, investment promotion, and industrial upgrading.

“Let us support our local businesses and entrepreneurs, and give our youth the means to succeed. Together, we have the power to strengthen our competitiveness, diversify our economy, and seize global opportunities while preserving internal stability,” Charles Harel stated.