In a bid to address the main constraints of SMEs and put forward a comprehensive strategic plan that will infuse resilience and productivity to the sector. The presentation and release of the ten year Master plan for the Small and Medium Enterprises( SME) sector was held in the presence of the Minister of Business, Enterprise and Cooperatives, Mr Soomilduth Bholah,at the Labourdonnais Waterfront Hotel in Port-Louis, Mauritius.
The main objectives of the Master Plan are: improve SME competitiveness and growth; foster high growth potential; upgrade skills and job opportunities by addressing skill mismatch and upgrading human capital; improve design and value addition by supporting research and develop innovation and increase market access and exports.
The ten-year Master Plan is driven by Government’s vision of making SMEs competitive and the sector an engine of economic growth. It sets out impactful actions to be implemented within the short-term and is expected to yield results on the long-term. It includes nine High Impact Initiatives, 46 Key Actions, 27 Sectorial Actions and 13 Thematic Actions. It makes several recommendations to achieve these targets by 2026.
In his address, Minister Bholah underlined that with SME’s contribution of about 40 percent to the country’s GDP and around 64 percent of national employment, it constitutes an important sector of the economic landscape. He added that this sector needs further development and innovation to sustain more economic activity.
Minister Bholah further pointed out that the SME has to assume a more impactful role as an enabler and key driver of growth, as spelled out in Government’s 2015-2016 Programme and 2030 Vision.
On that score, Mr Bholah highlighted that the master plan charts the way forward for the revamping and boosting of the SME sector. He underscored that the master plan advocates a structural transformation of the sector and will bring forward various policies and strategies promoting a culture of innovation and entrepreneurship.
The Master plan is a game changer as it will enable the SME sector to make a quantum leap and become a backbone to the economy and move Mauritius on the income ladder, concluded Minister Bholah.