‘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…’

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.

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”.Read More… Become a Subscriber

Mauritius Times ePaper Friday 14 March 2025