‘We are all aware that we must meet the public’s expectations for change. We will do whatever it takes to deliver results, come what may’

Interview: Jyoti Jeetun, Minister of Financial Services and Economic Planning

* ‘Social justice is essential in any society, but we must be cautious not to foster a culture of dependency’

* ‘We are a country at a crossroads. With an ageing population and many of our youths and professionals leaving the country, we are heading towards a not so bright future if we do not take corrective measures…’

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In this week’s interview with Mauritius Times, Jyoti Jeetun, the newly appointed Minister of Financial Services and Economic Planning, shares her insights on Mauritius’ evolving economic landscape.She discusses the significance of Indian Prime Minister Narendra Modi’s visit, the country’s untapped potential in trade and investment with India and China, and the crucial role of economic planning in shaping a sustainable future.With a background in business leadership, she also reflects on the challenges of transitioning to public office and her vision for revitalizing entrepreneurship, streamlining the public sector, and solidifying Mauritius’ position as a global financial hub.

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Mauritius Times: During his visit to Mauritius, you had the opportunity to interact with Indian Prime Minister Narendra Modi, who has played a pivotal role in elevating India’s global standing and is leading its transformation toward becoming the world’s third-largest economy by 2030.You’ve also notably reached out to him on social media, advocating for strategic partnership based on stronger economic ties. Beyond protocol and formalities, what do you see as the key significance of his state visit to Mauritius at this particular moment?

Jyoti Jeetun: Let’s set the scene.

We are a small nation of 1. 2 million people, and we have had the privilege of welcoming a global leader of the biggest democracy in the world to our small country.It is especially significant because some 70% of our population are of Indian origin. Whilst our ancestors arrived here more than five generations ago, the bond we share with India is still very powerful, be it in terms of language, culture or values.

The emotion one could feel during this visit is difficult to describe.And Prime Minister Modi delivered some very powerful rhetoric. What I retained is that we are all a big family as he called it,“hum sab ek hi Parivar ke to hai”. Many people I met said they were moved to tears by the power of his words. Leaving politics aside, he was able to connect with our emotions as a nation, validating the bond between our two nations.

Now, let’s look at India today — an emerging superpower in a world where geopolitical dynamics are shifting toward the East. Not only do we share a vast ocean, but we are also strategically located in the middle of the Indian Ocean where global geopolitics is at play. It is widely believed that the next conflict area is likely to be the Indian Ocean, which is why we see that this area has been of huge interest in recent years.

Now, we may be a small nation of just 1. 2 million people, whilst India is the country of 1. 4 billion people. But we share the same ambition for economic development and prosperity for our respective citizens. We aspire to achieve social and economic mobility for our people, just as Prime Minister Modi has outlined through the ambitious goals of the Vikshit Bharat Abhiyan.

This brings us to the significance of our relationship with India today. India is the land of opportunities given its projected growth trajectory. Prime Minister Modi is himself from incredible Gujarat, one of the fastest growing states in India, where the language of business and enterprise is spoken by one and all.

It is in this perspective that the economic ties between our nations, particularly in financial services, can become the cornerstone of a strong long-term partnership. We have the benefit of having as ally an economic giant in the making with powerful historical, cultural and emotional bonds. It is up to the private sector in Mauritius to seize these opportunities as they arise, while the government plays a facilitating role in supporting this collaboration.

* Mauritius’ ties with India are rooted in deep historical, cultural, and ancestral bonds, further reinforced by shared democratic values and strategic partnerships in investment and maritime security.However, it appears that Mauritius has yet to fully capitalize on the potential of its free trade agreement with India – as well as with China.What approach do you suggest for Mauritius to unlock the full advantages of its relationship with these two countries?

Indeed, we are at a very exciting time when the global economic power is shifting to the East. We, meaning the government and the private sector, cannot let this train pass by and miss it.

We have to jump on this train and look for every opportunity out there where we can do business.Whether it is inward investments to India and China or outward investments from these countries (for example to the African continent), we can be a key investment partner that brings value to India, China and Africa.

We will need to explore every opportunity that is mutually beneficial and connect the dots. We will need to tap on our strengths in financial services and services in general to ensure we maximize on these opportunities. And for all that we need to go out and market ourselves big time.

* You now hold the dual ministerial portfolio of Financial Services and the reinstated Economic Planning — a portfolio that was disbanded many years ago.This suggests that the current government has recognized the renewed importance of economic planning.What role do you see economic planning playing in shaping the country’s future?

Post the financial crisis, post Covid and the Ukraine war, nations and enterprises are grappling in unknown territories, unchartered waters. The world has become highly unpredictable and uncertain, not to mention the rapid pace of technological advancement, where innovations today can become obsolete by tomorrow.

In such an environment I strongly believe that you need to have a compass and know broadly which direction you are going and how you will get there. Our goal is to rebuild strong foundations for this country. Build a vision and a roadmap for the execution of that plan with clear targets and achievable goals. This will allow us to align our national efforts, efficiently deploy our limited resources in an optimal manner and be future ready. The Government Programme 2025-2029 has demonstrated that our historical economic model is no longer fit for purpose. As Raghuram Rajan has so well said, we need to “break the mould”.

Rebuilding the foundations of our economy will require tenacity and audacity from each and everyone. Our vision is that we should aim to move away from this consumption-driven economy which is a recipe from hell. We are a country which imports most of what it consumes and de surcroit most of it in US dollars. We need to reduce our dollar dependency and start trading with India in Indian Rupees for example.

We will need to re-consider the sustainability of our traditional sectors, which have served us well in the past, but which no longer have competitive advantage. How do we reinvent these sectors?There is an array of potential new emerging sectors, however it is important to study each opportunity and assess their feasibility before allocating the limited resources that we have.

I believe that Economic Planning is about working with the different ministries and putting a shared vision to ensure there is no sub-optimality in allocation of resources. I have said this before, but I must emphasize once again that the initiative to reinstate the Ministry of Economic Planning originated from the Prime Minister himself. And I am extremely flattered and inspired to have been entrusted with leading this critical mission.We are committed as a government to leaving a lasting legacy.

* Having transitioned from a successful career as a CEO to your current ministerial role, what challenges have you faced in this transition, and how has your business background influenced your approach to economic planning? Many would argue that having a business-minded leader brings practical advantages to economic policy-making.How do you see your private sector experience shaping the country’s economic future?

In the private sector what matters is business acumen, what matters is performance, and what matters is the end result. From that perspective, there is another mould to break, that of the public sector. We have been elected to a programme for change and people are expecting results, and rightly so. Without our public officials, we would be unable to implement the government’s vision. We may have an excellent strategy, but as they say, the devil lies in the details and execution.

But as ministers, we must work through the civil service for implementation, which presents significant challenges.There is a lack of “devoir de resultats”or “devoir de performance”. The culture differs notably from the private sector in terms of performance expectations.There are multiple layers of bureaucracy, with a tendency toward delegation lower down and file-passing, while outcome tracking and monitoring systems remain insufficient.Speaking candidly, the accountability frameworks are not as robust as they could be.

The argument is always “we have to follow the procedures” as if in the private sector there are no procedures, and no internal and external audits. Following procedures is no reason to not deliver in a timely, efficient and effective manner. Every day lost is taxpayers’ money wasted, but who cares? I am sure many public servants are highly competent but are crushed by this system. We need to empower them and ensure the system works toward performance results rather than serving the interests of a few.

Just yesterday, Keir Starmer, the UK Prime Minister, announced a restructuring of the civil service to save money and improve efficiency. We should not forget that while private sector enterprises are forced to adapt and keep pace with the times, the public sector has always lagged behind. We are determined to bring about changes in the public sector to drive efficiency.

And here is some good news. Many of my colleagues in Government come from the private sector as well and there is quasi unanimity about the culture in the public sector. We are all aware that we must meet the public’s expectations for change. Therefore, we will do whatever it takes to deliver results, come what may.

The Finance and Audit Bill currently under consideration in Parliament is reintroducing performance-based budgeting. This marks the first step toward accountability and results. So, à bon entendeur!

* Would you say that sufficient synergy been established among key institutions, including the Ministry of Finance, to ensure strategic economic planning translates into concrete action and demonstrably fulfils the government’s commitments?

A high-level Steering Committee has been set up by the Prime Minister for the monitoring of results in the context of the Government Programme. Control and monitoring are essential, and there is a commitment from the highest level to deliver the change program to the people.This is a sort of Delivery Unit that was put in place by Tony Blair and the model was then followed by several countries.

I have always been a team player, and I am determined to involve as many departments as necessary to ensure that future economic strategies are consulted with, discussed and that there is a plan for implementation. I am not here to build sandcastles but to ensure that there is a clear implementation strategy and process for future generations.

* In a recent podcast, you highlighted a concerning trend where many Mauritians now prefer government employment over entrepreneurship or private sector careers.How can we revitalize the spirit of the ‘nation entrepreneur’ that once drove our economic success, and what policy measures might reverse this shift toward government dependency while fostering innovation in these key growth sectors?

Over the years, there has developed in this country a culture which is ‘get yourself a government job’ which means a secure source of income and a perception that it does not require too much effort. I have been saying this throughout my campaign: aspiring for a job in government or the municipality is fine, but what will really bring prosperity is that we become une nation d’entrepreneur. This requires a generational shift in attitude, but we have to start somewhere — by bringing in role models, providing training, and creating opportunities within the right environment for entrepreneurs to thrive. Success breeds success.

I have a younger sister who did not perform well academically. She was married, with two young children and an ailing father-in-law to care for. Since she couldn’t take up a job due to her domestic commitments, we encouraged her to start her own enterprise. She began in her back kitchen, working alone and traveling by bus to deliver her products. Today she is a thriving woman entrepreneur, employs a dozen people, has invested in modern production and processing facilities as well as refrigerated delivery van. She is supplying supermarket chains and exporting her products. She is constantly innovating and adapting to changing market conditions.

We need to create more awareness in every corner of the island, showcase the success stories, provide information and training, and facilitate access to finance. We also need to ensure a business environment where they have access to markets including fair procurement opportunities in the private and public sectors.

* In light of the numerous challenges currently facing Mauritius, particularly the economic impacts of global inflation and geopolitical instability, what policy recommendations would you offer to foster resilience and stability?

We need to fix our economic model and implement necessary reforms to ensure we are not living beyond our means. Remember, as a high-income country, we no longer have access to significant aid from international development partners. This makes it imperative for us to build economic resilience.

We have a dynamic and thriving private sector — not just the traditional private sector. We must leverage our bilateral ties to foster stronger economic partnerships through trade and investment.

We need to become a nursery for enterprise creation. We are a nation of highly educated individuals who can excel in service industries, just as we have in financial services, where many start-ups and self-employed professionals thrive. As a government, my goal is to facilitate growth and entrepreneurship so that businesses can generate jobs and drive our economy forward.

We are a country at a crossroads. With an ageing population and many of our youths and professionals leaving the country, we are heading towards a not so bright future if we do not take corrective measures and bold actions. We need a larger workforce, and there is no magic bullet. We must retain more professionals in the country and invest in training and capacity building to ensure upskilling and reskilling. And take the tough decision of opening controlled immigration in certain sectors. Growth at the national level is being subdued due to shortage of skills. We need strategic decisions and bold reforms, and this is exactly what we are doing. We have to steer the ship in the direction that will create growth and employment. Economic prosperity for more people.

We also need to ensure that our limited financial resources are directed toward those who need them most. Social justice is essential in any society, but we must be cautious not to foster a culture of dependency among those who are capable of working. Policy reforms will be required to ensure we are not heading towards the iceberg or rocking the boat.

* Another key sector in the Mauritian economy and that is on the way to become one of the most important engines of growth is the financial services.What are your key priorities for the financial services sector, and how do you plan to enhance Mauritius’ position as an international financial hub?

This question is very timely. This week, I had a Consultative Workshop with some 140 players in financial services comprising key government organisations, many entrepreneurs and leaders from the industry – banks, insurance, global business, accounting firms, law firms, tax advisors, fund managers, development partners and industry associations.

The origin of the financial services sector only goes back to some 30 years ago. Today it is the first pillar of the economy contributing to over 13% of GDP and employing directly nearly 20,000 people, mostly in well-paid jobs. This is perhaps the only industry which has grown to become the first pillar of the economy thanks to the pioneers, thanks to the entrepreneurs, many of whom did not come from the traditional private sector. And contrary to our traditional economic sectors, this is the sector with the most potential, as the opportunities and markets are vast. The only barrier to entry is our own ambition.

So, we took a day out and debated around core themes. What are our key challenges and how do we address these?Improving operational efficiency within our regulatory organisations is critical as there are many competitors out there from established centres like Singapore and Dubai to newly emerging ones like Rwanda, GIFT City, Egypt, etc.

Then what is the roadmap for the future?We reflected on our market segments and where we are positioned. We have lost the first position as FDI driver to India since the tax treaty was amended in 2017. We need to continue tapping on the investment flows to India. We need to grow our market share of the India business. We will be focusing a lot on this. As India grows, so will the opportunities for Mauritius financial sector.

We also need to be in a pole position regarding investment flows in Africa. Be it in terms of climate or sustainable finance to the continent, we are well positioned to tap on the potential. Many DFIs, sovereign wealth funds and private equity firms that are investing on behalf of large pension funds are looking into Africa. We need to attract them to do more business with us. This will be the other key focus area.

We will also be working on innovation in terms of products in the Fintech space and the use of blockchain.

Then there is the issue of visibility and branding. Mauritius has not been promoting itself well. We came out of the grey list. We need to let the world know that we exist, that we are a FATF compliant jurisdiction and that we are open to business. This is a highly competitive world with both established and emerging new financial centres all aggressively competing. From China to India, from Africa to Europe and the US, we need to meet the business leaders and promote our financial centre. We also need to bring more of these leaders to get to know Mauritius through flagship annual events — not just our financial centre but our beautiful country and all that it offers to international clients in terms of beautiful beaches, great food and why not some golf.

We need to be bold in our ambitions. We are putting in place an audacious roadmap. The sector contributed 13.3% of GDP last year. Our aim is to increase the share to 15% over the next couple of years. And continue to build the momentum towards making the sector reach the bar of 20%. We know it is doable. The opportunities are out there.

* How is Mauritius evolving from being perceived as merely a financial conduit to becoming a substantive value-adding investment partner in the Africa-Asia golden triangle?

Indeed, we need to move to the next level in terms of value creation and not be limited to being a mere conduit for investment flows or become a back office for shared services for global firms. This is another key area of focus. Having more businesses setting up their headquarters in our financial centre, having more banks being established here and having more capital being raised here will all add to that value creation and take us to the next level.

We are in a very privileged position with two of the world’s largest economic powers, India and China being at our doorsteps.

I am very confident that these are reachable goals. The quality of the high calibre presence during the workshop convinces me that operators have a deep hunger to grow their operations. I am going to invest fully into achieving these goals. I am fully committed to maximizing opportunities and delivering decisive results.

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Mauritius Times ePaper Friday 14 March 2025

Tags:Africa-Asia Golden Triangle, China, Economic Planning, Economic Ties, Entrepreneurship, Financial Hub, Financial Services, Free Trade Agreement, Indian Ocean, Indian Prime Minister Narendra Modi, Jyoti Jeetun, Mauritius Times, Minister of Financial Services and Economic Planning, Performance-Based Budgeting, Private Sector, Public Sector, Value Creation, Vikshit Bharat Abhiyan