Durban — The Mauritian government, through its finance ministry, has opened its doors and invited South African businesses and the government to strengthen trade relations and invest in the East African island country.
Following the impact of the Covid-19 pandemic, which had the world’s economies reeling from the closure of businesses, Africa was once again on its own when developed countries shut their doors, leaving the continent vulnerable, said Dr Renganaden Padayachy, Mauritian Minister of Finance, Economic Planning and Development.
Speaking exclusively to the Daily News at the Radisson Blu Hotel in Umhlanga, Durban, on Wednesday, Padayachy said it was important for Africa to come together to boost its own economy.
In an effort to attract investors, Padayachy said he had held meetings with business representatives in Johannesburg, Cape Town and Durban, where he extended his invitation for people to conduct business with his country.
“South Africa was the first African country I wanted to visit and present our vision to while we rebuild our economy, which was hit hard by the pandemic.”
Padayachy said his great-grandfather was born in Durban, so the city was very dear to his family. He said Mauritius saw South Africa as an ideal partner in growing their economy.
“During Covid-19, when the doors were closed for us as Africa, it was South Africa which said that its vaccine should be provided to everyone on the continent and not just South Africans alone. That was a great lesson and we realised that we could achieve more if we worked together,” he added.
Padayachy stated that African companies needed to take advantage of trade agreements to develop the continent and grow its economy, and African countries should ensure that the continent’s minerals were processed in Africa rather than being processed outside the continent.
Padayachy said the financial sector must mobilise funds and enter into a “win-win situation” where all parties – including the people – benefited from trade agreements.
Speaking on Africa’s reliance on foreign capital, he said that the continent must be careful in how it conducted business and not allow Western and Asian countries to have the upper hand and dictate the policy direction of the continent.
“We need to think of the best way of capacitating our people so that we may respond better to future crises without heavily relying on others. This way, Africa can become less dependent and be able to respond to its challenges.
“We are not saying that we must not do business with others, we are saying that we must be careful because all we need as a continent is confidence, certainty and continuity. Without looking inside the continent and amongst ourselves, we cannot win the war against poverty.”
Furthermore, Padayachy, who is also chair of the Trade and Development Bank, said Mauritius did not have raw materials but specified other opportunities that ordinary people should take advantage of in the tourism sector and in other areas of business.
Daily News