A common interest in building the Blue Economy led discussions at a recent meeting between the Monaco Economic Board and a delegation from Mauritius.
Mauritius, a small island nation about 2,000 kilometres off the coast of Africa, is notable for its beauty as a tourist destination, but it is also becoming known for embracing the Blue Economy.
This feature, amongst others, was of great interest to the Monaco Economic Board (MEB) who met on 21st March with representatives from the Mauritian Economic Development Board. The meeting was also made in partnership with the Republic of Mauritius’s Embassy in France.
The two sides had much to learn from each other, with the Mauritians, for their part, getting to know the Monegasque business ecosystem, and the Monegasques discovering the potential of Mauritius.
BUILDING A BLUE ECONOMIC BASE
The island’s economy has traditionally leaned on agriculture, exports and tourism, but since the 1980s, the government has worked to diversify beyond its dependence on these limited industries. Today, Mauritius is looking to the sea to build another pillar in its economic foundation.
The country’s Ministry of Blue Economy, Marine Resources, Fisheries and Shipping aims to expand the sector, doubling the current blue GDP to 20% in the coming years, whilst promoting environmentalism.
Its stable government has allowed Mauritius to expand into not just blue economic endeavours, which are being handled with sustainability in mind, but also into sectors such as finance, real estate, industry, and new technologies. It is classed as a “high income” country by the World Bank, the highest ranking.
The day was punctuated by informal meetings where those in the know shared their experiences.
Patrick Lecoy, CEO and founder of EAD, a member entity of the MEB that specialises in support for international business development, spoke of the quality of its Mauritian partners and the many opportunities offered, in particular to its access to conquer new markets in South and East Africa. On the other side, David Martial, a Mauritian entrepreneur, presented about his successful experience of working with Monaco.
Toward the end of the day, the delegates also met with Michel Gramaglia, Honorary Consul of Mauritius in Monaco, and the leaders of the Club of Monegasque Entrepreneurs in Africa along with Justin Highman, Deputy Director General of the MEB. They used the opportunity to discuss future actions to strengthen the economic ties between the two countries.
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Photo source: MEB