Mauritian Industry and Commerce Minister Cader Sayed Hossen Wednesday indicated that Mauritius will soon set up a National Export Strategy to address trade opportunities and challenges as a result of erosion of trade preferences in a bid to formulate a roadmap for key sectors with export potential.
Taking part in an economic discussion organised by the Mauritius Export Association (MEXA) in Port Louis, Hossen said the island cannot wait for the dark clouds of economic downturns in Europe to be cleared.
“We need to seize opportunities that are lurking on the economic horizon”, he said, emphasising that taking advantage of the African renaissance, the high purchasing power in the Gulf countries, an increasingly open market in India and capturing opportunities in niche segments in traditional markets would be the island’s major strategic trade thrusts.
Hossen said Mauritius needs also to have a regional export strategy as one of the drivers for high growth by leveraging on economic diplomacy as well as improving air and sea connectivity.
“GDP in Africa is projected to grow by over 60 percent by 2020 and consumer expenditure in the continent can move beyond the US Dollar one trillion mark in the near future.
“There is indeed no doubt that Mauritius can fully capitalize on its potential as a corridor for trade between Asia and Africa”, the Minister observed.
For his part, MEXA’s chairman, Phil Ryle, said that by the nature of its business the export sector is vulnerable to the whims and caprices of global economy.
“There is no doubt that diversification of the export market has made the sector more resilient over time”, he said.
PANA reports that 60 percent of Mauritius exports go to the European Union