L’expérience de l’avenir ANNUAL REPORT 2015 | 2016 Mission Statement To serve and promote the interests of the business community in playing a leading role in the economic development of Mauritius. 1 MCCI • ANNUAL REPORT 2015 | 2016 Contents 4 11 21 55 59 71 73 74 COUNCIL SPEECH OF THE PRESIDENT’S MCCI AUDIT ECONOMIC ECONOMIC TABLE 1 TABLE 2 Main National MEMBERS THE PRESIDENT REPORT COMMITTEE REVIEW DATA Gross Domestic Accounts aggregates Product by industry group at current basic prices 75 76 77 78 79 79 80 81 TABLE 3 TABLE 4 TABLE 5 TABLE 6 TABLE 7 TABLE 8 TABLE 9 TABLE 10 Gross Domestic Gross Domestic Gross Domestic Employment by Balance of Payments Public Finance Tourist Arrivals by Transport Product-sectoral Fixed Capital Formation Fixed Capital Formation - Industrial Group (‘000) Country of Residence real growth rates at current prices by type Annual real growth rates (%) (% over previous year) and use by type and use 81-82 82 83 84 85 86 87 88-91 TABLE 11 TABLE 12 TABLE 13 TABLE 14 TABLE 15 TABLE 16 TABLE 17 TABLE 18 Cargo Traffic (Tons) Container traffic Imports - Top 50 Total Exports - Top 50 Re-Exports - Top 50 Domestic Exports - Top 50 Trade 2015 by Section Trade 2015 by Chapter handled in terms of TEUs Origins for 2015 Destinations for 2015 Destinations for 2015 Destinations for 2015 (Rs. Million) (Rs. Million) 92 108 MEMBERSHIP DELEGATES LIST AND ADVISERS 2 3 MCCI • ANNUAL REPORT 2015 | 2016 MCCI • ANNUAL REPORT 2015 | 2016 Council Members 4 5 MCCI • ANNUAL REPORT 2015 | 2016 MCCI • ANNUAL REPORT 2015 | 2016 Council Members 2015-2016 6 MCCI • ANNUAL REPORT 2015 | 2016 PRESIDENT VICE-PRESIDENT Mrs. Hélène Échevin Mr. Azim Currimjee (Commerce Group) (Industry Group) Pick N Eat Ltd. Quality Beverages Ltd. Gentilly, Moka Royal Road, Belle Rose INDUSTRY GROUP Mr. Cédric de Spéville Mr. Sébastien Mamet Avipro Co. Ltd. Terragri Ltd. Gentilly, Moka 18, Edith Cavell Street, Port-Louis Mr. Shemboosingh (Beas) Cheekhooree The Mauritius Chemical & Fertilizer Industry Ltd. Fort George, Port-Louis COMMERCE GROUP Mr. Charles P. Harel Mr. Kiran Juwaheer Harel Mallac & Co. Ltd. VIVO Energy Mauritius Ltd. 18, Edith Cavell Street, Cemetery Road, Roche Bois Port-Louis Mr. Rishaad Currimjee Currimjee Jeewanjee & Co. Ltd. 38, Royal Street, Port-Louis FINANCIAL SERVICES GROUP Mr. Bertrand Casteres Mrs. Aisha Timol The Mauritius Union Assurance Cy. Ltd. Mauritius Bankers’ Association 4, Léoville L’Homme Street, 15th Floor, Newton Tower Port-Louis Sir William Newton Street, Port-Louis TOURISM GROUP LOGISTICS GROUP Mr. Jocelyn Kwok Mr. Julien Vitry Audibert Association des Hôteliers et Restaurateurs Freight & Transit Co. Ltd. – Ile Maurice (AHRIM) Royal Road, Pointe aux Sables Suite 83, Level 2, Médine Mews, La Chaussée, Port-Louis 7 MCCI • ANNUAL REPORT 2015 | 2016 Council Members 2015-2016 ICT GROUP PROPERTY DEVELOPMENT GROUP Mr. Ganesh Ramalingum Mr. Arnaud Mayer OTAM Real Estate Association (Mauritius) Ltd. c/o The Mauritius Chamber of c/o Evaco Group Commerce and Industry Suite 212, Grand Baie Business Park, 3, Royal Street, Port-Louis Grand Baie OTHER BUSINESS SERVICES GROUP Mr. Colin Taylor Mrs. Marie France Chamary The Mauritius Molasses Co. Ltd. Association Mauricienne des Tamariniers Street, Roche Bois Femmes Chefs d’Entreprises c/o ISYS Evolution Ltd. 83, Robert Edward Hart Street, Rose-Hill AFFILIATED ASSOCIATIONS (PERMANENT SEATS) Mr. Pierre Yeung Chin Shing Mr. Sathiamoorthy Sunassee, G.O.S.K. Chinese Chamber of Commerce Indian Traders’ Association Suite 206, Jade Court c/o S. Sunassee Jummah Mosque Street, Port-Louis Sir William Newton Street, Port-Louis Mr. Shehzad Ahmed Mauritius Chamber of Merchants c/o Abdullasonco Ltd. Louis Pasteur Street, Port-Louis IN ATTENDANCE Mr. Pradeep Dursun Mr. Raj Makoond Mauritius Employers’ Federation Joint Economic Council MEF-MCCI Building Plantation House, Ébène CyberCity, Ébène Port-Louis CO-OPTED MEMBERS Mr. Sylvan Oxenham Dr. Yousouf Ismael E.C. Oxenham & Co. Ltd. Global Finance Mauritius St. Jean Motorway, Phoenix 1st Floor, CyberCity, Ébène 8 MCCI • ANNUAL REPORT 2015 | 2016 Attendance Council Meetings 2015-2016 2015 2015 2016 Special Attendance - Council Meetings 2015-2016 1 3 4 5 6 7 8 1 2 26.03.15 16.04.15 28.05.15 16.07.15 03.09.15 29.10.15 03.12.15 04.02.16 23.03.16 NO. NAMES Mrs. Helène Échevin 1 (Pick N Eat Ltd.) √ √ √ √ √ √ √ √ √ Mr. Azim Currimjee 2 (Quality Beverages Ltd.) √ √ √ √ √ √ √ √ Mr. Shehzad Ahmed 3 (Mauritius Chamber of Merchants) √ √ √ Mr. Julien Audibert 4 (Freight & Transit Co. Ltd.) √ √ √ √ √ √ Mr. Bertrand Casteres 5 (The Mauritius Union Assurance Cy. Ltd.) √ √ √ √ √ √ Mrs. Marie France Chamary 6 (Association Mauricienne des Femmes Chefs d’Entreprises) √ √ √ √ √ √ √ √ Mr. Shemboosingh (Beas) Cheekhooree 7 (The Mauritius Chemical & Fertilizer Industry Ltd.) √ √ Mr. Rishaad Currimjee 8 (Currimjee Jeewanjee & Co. Ltd.) √ √ √ √ √ √ Mr. Charles Harel 9 (Harel Mallac & Co. Ltd.) √ √ √ √ √ √ Dr. Yousouf Ismael NOT YET NOT YET 10 RESIGNED RESIGNED (Global Finance Mauritius) COOPTED COOPTED √ √ √ √ Mr. Kiran Juwaheer 11 (Vivo Energy Mauritius Ltd.) √ √ √ √ √ Mr. Jocelyn Kwok 12 (AHRIM) √ √ √ Mr. Sébastien Mamet 13 (Terragri Ltd.) √ √ √ √ √ √ Mr. Arnaud Mayer 14 (Real Estate Association (Mauritius) Ltd.) √ √ Mr. Sylvan Oxenham NOT YET NOT YET 15 (Association of Mauritian Manufacturers) COOPTED COOPTED √ √ √ √ √ √ Mr. Ganesh Ramalingum 16 (OTAM) √ √ √ √ √ √ √ √ √ Mr. Cédric de Spéville 17 (Avipro Co. Ltd.) √ √ √ √ √ Mr. Sathiamoorthy Sunassee 18 (Indian Traders’ Association) √ √ √ √ √ Mr. Colin Taylor 19 (The Mauritius Molasses Co. Ltd.) √ √ √ √ √ √ √ Mrs. Aisha Timol / Mr. M. Ashraf Esmael NOT YET 20 Mauritius Bankers’ Association / (Bramer Banking Corporation Ltd.) √ COOPTED √ √ √ √ Mr. Lloyd Lai Fak Yu / Mr. Pierre Yeung 21 (Chinese Chamber of Commerce) √ √ Mr. Pradeep Dursun (In attendance) 22 (Business Mauritius) √ √ √ √ Mr. Raj Makoond (In attendance) 23 (Business Mauritius) √ √ √ √ √ Mr. Raju Jaddoo (In attendance) 24 (MCCI) √ √ √ √ √ √ √ √ √ Mrs. Sarada Moothoosamy (In attendance) 25 (MCCI) √ √ √ √ √ √ √ √ √ Apology 9 10 MCCI • ANNUAL REPORT 2015 | 2016 MCCI • ANNUAL REPORT 2015 | 2016 Speech of The President 11 12 MCCI • ANNUAL REPORT 2015 | 2016 MCCI • ANNUAL REPORT 2015 | 2016 Speech of The President Speech of the President, Mrs. Hélène Échevin, at the 167th Annual General Meeting of the MCCI, held on 31st March 2016, at the Labourdonnais Waterfront Hotel, Caudan, Port-Louis Mrs. Hélène Échevin delivering her speech on the State of the Economy. 13 14 MCCI • ANNUAL REPORT 2015 | 2016 MCCI • ANNUAL REPORT 2015 | 2016 Speech of The President It is my honour and pleasure to welcome you to the 167th Annual General Meeting of the Mauritius Chamber of Commerce and Industry. I would like to first and foremost extend my special thanks to our Ministers who have honoured us with their presence today. It is a strong testimony to the continuous dialogue that exists between the Government and the private sector. The State of the Economy address is a well-established tradition at the MCCI. It is an opportunity for us to voice out the views of our members, be they SMEs or large Corporates. We are here to share our appraisal of the economy, to emphasise the barriers to the conduct of business, and to point out some of the challenges facing our country. Most importantly however, we are here to look at the future – at the opportunities and prospects – and how we can all contribute to bring positive change to our country. We are faced with an unprecedented uncertainty in the world economic context. For yet another year since the 2009 global economic crisis, the world economy stumbled. While major high-income countries experienced a modest recovery, emerging and developing economies continue to be affected by slowdown in economic activity. On the upside, there has been a significant fall in oil and other commodity prices over the last year and we, as an importing nation, have definitely benefited from it. Nonetheless, structural reforms in China, increased volatility in a number of advanced economies, and geopolitical tensions in the emerging nations have all piled up to create a world environment where growth remains lethargic. The Mauritian economic performance is highly reliant on the world economy. And we are today faced with the triple challenge of high unemployment, low inflation and modest economic growth. In 2015, our GDP growth was estimated at 3.4 percent, a repeat of the previous year. This is far from the average growth rates of 5 percent and above achieved in the years preceding the global financial crisis. Furthermore, as shown in the last MCCI Economic Perspectives, for the last decade we have been growing below our optimal capacity and there has been a general fall in our productivity levels. In the last decade, the pace of change in our economy has slowed down. We are, in Mauritius, at the crossroads where bold measures and quick wins are essential to bring back confidence in the economy. It is today vital that the Government uses its two main tools - the monetary tool, and the fiscal tool to transform our economic path. In a communiqué of finance ministers of the G20 group of nations released end of last month, it was pointed out that monetary policy alone would be insufficient to boost growth in the global economy. The Mauritian economy has for a number of years been in a phase where supply is higher than demand, marked by deflationary pressures and a non-reversal of the unemployment trend. It is no secret that consumption is one of the major components supporting growth in Mauritius. 15 MCCI • ANNUAL REPORT 2015 | 2016 Despite an increase of 2.9 percent in the past year, we are far from our long-term consumption growth patterns which was at 6.4 percent in 2005. In fact, in the last few years, consumption expenditure has been pallid, growing at less than 3 percent annually compared to pre-crisis consumption growth of more than 5 percent. The actual 3% is particularly low.