Budget 2019/20 provides orientation for the year ahead while the Economic Development Board has come up with a set of economic strategies (article in l’express of 2 July 2019). Many of the ideas are old ones (e.g. the silver economy, attracting a new class of tourists and the mainstreaming of innovating technologies in economic sectors), but remain highly valuable to spur economic growth. A few strategic thrusts will be indeed vital for economic transformation.

Innovation and Technology In Mauritius, there is critical need for an inclusive innovation and technology-driven growth agenda. Benchmarking, for example, with Singapore and Malaysia will reveal the extent of the gap. Since the late 90’s, Singapore has resolutely embraced a national innovation system. The country has emerged as a world class competitor through adapted training programmes, strong IP, digitalisation, R&D engagement, innovative entrepreneurship promotion and its Biopolis, Fusionopolis, Tuas Pharma Park, Clean Energy Cluster, as examples.

In Malaysia, promoting creative and technology outputs has been a prime objective since the early 2000. Its Technology Park, hosting some 135 companies, and its Advanced Science, Technology, Engineering and Research Centre can be a source of inspiration for Mauritius. However, the way forward can best be achieved systematically within a holistic framework to be triggered at the outset by a national master plan for the next 10 years.

Export and Investment Promotion 
Reshaping of export and investment promotion, underscored by measurable and time-bound outcomes, would be the lever for economic diversification. An independent cost-benefit analysis of past export promotion activities will be revealing (either positive or negative) while a database of potential investors and buyers, updated regularly, would guide contacts on a one-to-one basis and prove useful for both inward and outward promotional activities. A National Export and Investment promotion plan is warranted, not- withstanding the National Export Strategy, prepared with the assistance of the International Trade Centre, over a span of more than two years.

The Africa Strategy 
It might be equally important to reengineer the Africa Strategy to unlock concrete opportunities of Mauritius as a gateway to Africa. Initiatives such as the Mauritius Africa Fund and participation in the development of special economic zones in Africa, such as the Diamniado Industrial Park in Senegal, the Biotechnology and ICT zone in Côte d’Ivoire and the Moramanga Textile City in Madagascar aim at expanding economic space for Mauritian entrepreneurs. These projects also require a clear map- ping of potential opportunities of strategic business tie-ups and investment to enlighten the implementation phase.

A Pharmaceutical Industry The setting up of a Pharmaceutical Village was mooted in budget 2016/18. The Rose-Belle Business Park has recently been extended to house a couple of enterprises showing interests. Nonetheless, the global pharmaceutical landscape is highly competitive and its development in many countries have been blessed by generous support and large internal markets. Gujarat, for example, offers free land and tax exemption. The Tuas Biomedical Park and the Medtech hub in Singapore provide plug and play facilities. Closer to us, South Africa, through the recent Ketlaphela state-owned project, leverages on a large internal and regional market.

Can Mauritius attract a few big names? It looks best to empirically identify sub-sectors for planned development. We may explore warehousing, distribution and packaging of pharmaceutical products, by attracting, say branches of Planet Pharma of the Unipharm Group/Bollore Logistics/UTi. The development of a bio-based industry using biopolymers from renewable sources may also be explored.

Trading in Gold 
The setting up of a Mauritius International Derivatives & Commodities Exchange (MINDEX) was also mentioned in budget 2016/18 to promote trading of gold and bullions, gold refinery, setting up of vaults and high value jewellery processing. Trading in gold, worldwide, is carried out generally through over-the-counter transactions, gold derivatives (futures and options), regulated commodity exchanges and exchange-traded funds; the last one is done through the bidding of shares denominated in gold prices. There is need to determine the best option for Mauritius.

Gold refinery is also well-established in many countries but constraints are numerous. For example, Metalor, a Swiss gold refinery company, recently stopped the processing of artisanal gold processing due to risks of illegality in its supply chain. A strong regulatory framework is imperative. On the other hand, attracting high-end jewellery companies is highly feasible due to attractive fiscal measures and flexibility to employ expatriates, but requires effective investment promotion.

Conclusion 
A new generation of strategic policies based on well-re- searched intelligence to empower economic transformation is warranted. In this endeavour, the essence of out-of-the box thinking is paramount and the overarching importance of practicality for implementation has to guide formulation. There is high need to plug the fuse to provide light for a new journey that meet aspirations of one and all.