Maximising Opportunities from the Ocean Economy
74. The next avenue for our import substitution strategy and for export growth in the medium and long-term lies in our ocean economy.
75. To fully tap the economic possibilities in our ocean:
• We are first setting up an Ocean Economy Unit with the responsibility of preparing a National Ocean Policy Paper;
• Second, to boost up research capacity on the ocean economy and in line with the institutional rationalisation strategy we have been adopting, we will merge the Mauritius Oceanography Institute and the Albion Fisheries Research Centre into one single institution;
• Third, an Ocean Observatory e-platform will be developed to support the Marine Spatial Planning Initiative of Mauritius;
• Fourth, a geotechnical study will be conducted in the extended continental shelf management area of the Mascarene region to explore its potential;
• Fifth, we will introduce a Group Life Insurance Scheme for registered fishermen to cover any accidents and losses at sea;
• Sixth, to increase the availability of fish locally and in line with our import substitution strategy, we will allow foreign industrial fishing companies to fish in our shallow water banks provided they sell all their catch on the local market; and
• Seventh, I am introducing a grant of 60 percent of the cost of acquisition of outboard engines and fishing nets, by fishermen cooperatives, up to a maximum of Rs 60,000. Furthermore, all registered fishermen will be provided with a free ice box.
76. I now come to our manufacturing sector.
77. To boost this important sector, we are expanding the industrial infrastructure and logistics facilities. New business parks will be set up across the island. We will start with:
• A High-Tech Park at Côte D’Or extending over
150 acres of land;
• A Logistic Park at Riche Terre; and
• A Pharmaceutical and Life Sciences Park at
Rose Belle.
78. We will also strengthen our trade policy and use all necessary economic diplomacy and mechanisms to address the issue of dumping which is harming our domestic-oriented enterprises and eroding our industrial base.
79. Furthermore, we will set higher standards of qualityand safety for imported products. We want to make sure that products sold are safe for consumption. Certain food items will not be allowed to enter our country if only less than fifty percent of the expiry date is left.
80. Madam Speaker, one of the most important constraints to expanding production in the manufacturing industry is the availability of appropriate skills.
81. We are taking a bold step to address this problem. We are streamlining the procedures for recruitment of foreign workers to make it easier and more efficient. This new policy is articulated in greater details in the Annex to the Budget Speech.
Forging New Path for our Economic Diplomacy
82. The next sine qua non condition for the growth of our export sector is the availability of markets.
83. To boost up demand for Mauritian products, we are forging new path for our economic diplomacy - going beyond the concentric circles of regional cooperation with SADC, COMESA, IOR-ARC and IOC.
84. Government is thus finalising negotiations as follows:
• The Comprehensive Economic Cooperation Partnership Agreement (CECPA) with India;
• the Free Trade Agreement with China;
• The enhanced bilateral cooperation with
Saudi Arabia and Middle East countries;
• Renewed partnership with the member states of the Commonwealth Group; and
• We have signed a framework agreement for the continental FTA in Africa.