FOSTERING A NEW WAVE OF IMPORT SUBSTITUTION INDUSTRY AND REVIVE EXPORT-LED PRODUCTION
58. Madam Speaker, I now come to the third pathway which is to foster anew wave of import substitution industry and revive export-led production.
59. This strategy is essential not only to boost private investment and generate jobs but also to reduce our trade and current account deficits.
A New Era of Import Substitution
60. Indeed, we are ushering in a new era of import substitution.
61. Our focus will be on the production of food crops. The potential is there since we import 77 percent of our foodstuffs, annually. To put this import-substitution endeavour on a strong footing, Government will give the necessary support to set up 100 farms over the next two years under a Sheltered Farming Scheme.
62. This new scheme will have the following features:
• First, the farms will be made available on a
Ready-To-Operate basis;
• Second, facilities including security and marketing, amongst others, will be provided. EDB will assist these new agripreneurs to market their products both domestically and abroad;
• Third, Food and Agricultural Research and Extension Institute (FAREI) will give the necessary technical assistance and mentoring to young graduates and SMEs as they develop their agri projects;
• Fourth, access to finance at the Development Bank of Mauritius (DBM) and Maubank will be at the concessional rate of 3 percent; and
• Fifth, all income derived from these projects will be exempted from tax for the first 8 years.
63. As we move towards a sustainable development model, we shall ensure that sheltered farms will be equipped with rain harvesting systems and photovoltaic technology.
64. Government is also coming up with a Mini Sheltered Farming Scheme to promote micro gardens, vertical agriculture and roof top gardening. A grant of up to Rs 10,000 will be given under that scheme to eligible families.
65. I am also providing funds for the sensitisation and training of households in aquaponics for the production of water adaptive vegetables in freshwater ponds and basins. The Albion Fisheries Research Centre will provide fish fingerlings freely for the aquaponics projects.
66. Small planters and cooperatives will not be left behind. They will be able to benefit from a new Scheme that promotes a mix of agricultural and electricity production, giving them the opportunity to improve their income.
67. Madam Speaker, today there are too many abandoned agricultural land throughout the island. Wemust bring those land back under cultivation. In this respect, we will create a land data bank to map out all such areas. And we will further encourage research on how to best optimise the yield of these lands.