International Conference on Digital Economy & Digital Banking

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International Conference on Digital Economy & Digital Banking

The Economic Development Board and the Bank of Mauritius, under the high patronage of the Ministry of Finance, Economic Planning and Development jointly organized a two-day conference themed ‘International Conference on Digital Economy & Digital Banking’ on Monday 31 October 2022.

In his opening remarks, Mr. Ken Poonoosamy, CEO of the Economic Development Board underlined that:

  • as our ecosystems become increasingly digital, technology continues to accelerate the pace of change in the way we operate, at all levels including government, business, or civil society;
  • digitalization allows the implementation of more efficient and more productive practices and processes and offers new opportunities specially in Africa and its banking sector.

During the keynote address by the Honourable Prime Minister, Pravind Kumar Jugnauth mentioned that:

  • the Government’s commitment to continue to nurture cooperation with international institutions, especially with the OECD with a view to position Mauritius as a Development Model in Africa;
  • Mauritius is constantly striving to consolidate the reputation of the jurisdiction as a trusted platform in line with the best international practices and norms for investors;
  • according to the Capital Economics Report, Foreign Direct Investment (FDI) to the tune of USD 80 billion into mainland Africa is mediated by Mauritius creating 4.2 million jobs in the continent;
  • Mauritius is proud to be associated with the OECD and emphasized the critical role of the institution in matters pertaining to taxation, anti-money laundering, and terrorist proliferation;
  • as a partner of Africa, Mauritius has developed and implemented the Africa Strategy to further promote cross-border investment and trade;
  • the Government is engaged to conform to OECD principles and standards with a view to reinforce confidence in Mauritius as a reliable and transparent jurisdiction for international finance.

To conclude, the Prime Minister expressed the determination of Mauritius to become a member of the OECD and position itself as a springboard to adopt best practices and policies which will pave the way for deepened collaboration.

In his address, Dr. The Honourable Renganaden Padayachy, Minister of Finance, Economic Planning and Development mentioned that:

  • Mauritius has made significant strides and progress – since its independence in 1968 and is today a vibrant democracy and an efficient market economy, open to the world;
  • both Mauritius and the OECD share the same values and principles which are at the foundation of the development process the country;
  • the series of structural reforms implemented namely the negative income tax, the minimum wage, the Basic Retirement Pension in a bid to reduce inequalities and support growth;
  • the positive outlook of the economy and underlined that GDP growth will stand at 7.2% in 2022 and above 5% in 2023. He indicated that GDP will surpass the historic mark of MUR 550 billion rupees in 2022. Unemployment will decline from 9.2 percent in 2021 to 7.8 percent in 2022. Investments will be in excess of MUR 105 billion in 2022, recording a 13% compared to 2021. Exports of goods and services will be MUR 292 billion rupees, an increase of more than 80 billion rupees compared to 2020;
  • the immense potential of the African continent given that the population is expected to double by 2050 to reach 2.5 billion inhabitants. To that score, the Minister of Finance emphasized the importance for regulation and tax harmonization;
  • Mauritius is part of the OECD’s two-pillar solution and pointed out that Government is working actively on its implementation pursuant to the 15% minimum global tax.

The special guest for the event, Mr. Mathias Cormann, Secretary-General of the OECD:

  • stated that the conference bears testimony to the excellent and close relationship shared between the OECD and Mauritius and underlined that this will further strengthen cooperation in the digital market across the continent;
  • he underlined the importance of upholding the multilateral spirit of cooperation as it is an essential instrument to advance development of Africa and dwelt upon the Agenda 2063, which is the digital blueprint for transforming Africa into a digital continent by promoting inclusive and sustainable growth;
  • mentioned that African political leaders to ensure there is inclusive growth and that no segments of society are left out in the development process. Moreover, he expressed his confidence in the Mauritian economy and commended the Government for its engagement to align with international fiscal system as a matter of priority.

The conference also provided an excellent platform for intensive panel discussions on digitalization opportunities and challenges for Africa as well as the implementation of the OECD Two-Pillar Solution.

The second day of the conference held on 1st November kickstarted with a dedicated presentation by Dr. Navin Beekarry, Director General of the ICAC on digitalization and challenges of the AML/CFT.

The session was followed by a special panel discussion on the Future of Banking.

For more information on the conference, we invite you to click on the link: https://www.edbmauritius.org/newsroom/mauritius-oecd-unleashing-new-pathways-development