Govt provides aid to SMEs for uplifting economy

30 Aug '08

2 min read

Dr Vasant Bunwaree, Minister of Finance while addressing the meeting on Empowering SMEs to Export stated that, the Government is making huge investments to strengthen the SMEs of the nation.

The conference took place on August 28 at Swami Vivekananda International Conference Centre, was attended by industry representatives and high officials.

Minister of Finance further said that the Government has already invested nearly Rs500 million for setting up of a Manufacturing Adjustment and SME Development Fund for improving the competitiveness of Domestic Oriented Industry and SMEs.

The Government of Mauritius has recognized the potential of the SME sector as a major tool for reducing unemployment and enhancing economic growth. This industry with more than 92,000 enterprises, has a turnover of almost Rs42 billion and there is still scope for further development.

The officials would also bring Amendments to Dangerous Chemicals Act, for ensuring the legislations, regulating local manufacturing that will be applied to imports by SMEs.

According to the experts, these enterprises mainly export textile related products, however, now with a variety of facilities being provided, industry should make an effort to find out ways of exploiting local markets as well as explore international arenas for boosting their exports.

The aim of the officials is to double the GDP, which at present is approximately $7,800 per capita and. This initiative of uplifting SMEs is expected to help the Government achieve its desired goal.

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