By Nishika Bajaj
Port Louis, 25 April 2024: The American Chamber of Commerce (AMCHAM) Business Summit in Mauritius was held last evening at Les Suites, The Docks 2. Spearheaded by the American Chamber of Commerce in Mauritius, in collaboration with Mastercard, Bank One and the US Embassy, this summit provided a great forum for progressive businesses to leverage opportunities in the region.
It focussed on advancing agendas such as digital innovation, support for small and medium-sized enterprises (SMEs), the empowerment of local businesses, and active engagement in the public policy field. Towards this end, the summit showcased three panel themes, namely:
1. Revolutionising Transactions – The Future of Digital Payments and Innovation;
2. Empowering Growth – Nurturing Local Businesses, SMEs;
3. Continuous Engagement in Public Policy.
Building on the enduring US-Mauritius relationship
Welcoming the audience to the AMCHAM Business Summit, Ravin Lama, President, AMCHAM Mauritius, noted: “In an ever-evolving global landscape, where technological advancements and digital transformation are reshaping industries, it is imperative that we embrace change and seize opportunities. This summit serves as a catalyst, bringing together visionary leaders, entrepreneurs, and policymakers to explore the frontiers of digital payments, nurture the growth of SMEs, and empower our local businesses to thrive.” He averred that the summit was testament to the enduring relationship between Mauritius and the United States, as both countries work hand-in-hand to create an environment conducive to entrepreneurship, technological advancement, and economic prosperity.
“As we embark on this journey together, let us be inspired by the possibilities that lie ahead. Let us embrace the transformative power of digital innovation, support our SMEs, and actively engage in shaping public policies that foster an inclusive and thriving business ecosystem,” he concluded.
Bhavya Shah, Head of Personal Financial Services, Bank One
Fostering economic empowerment, one innovation at a time
Next up was Bhavya Shah, Head of Personal Financial Services, Bank One, who stated: “To me, this summit is a platform for collaboration and exchange of ideas amongst industry leaders, decision makers, and innovators. At Bank One, in collaboration with Mastercard and others, we’re instrumental in enhancing digital payment capabilities for Mauritius. This has fuelled innovation, supported businesses, and fostered economic empowerment in our community. We hope to continue supporting entrepreneurs, especially SMEs, with tailored financial solutions that leverage cutting-edge technology to enable their growth ambitions.”
For his part, Shomika Luchmun, Country Director, Mastercard Indian Ocean, stated: “At Mastercard, we are driven by a mission that goes beyond payment processing. We are committed to transforming how transactions enable inclusive, sustainable, and economic growth. Our presence in Mauritius, a vibrant hub for technology and innovation in the Indian Ocean Islands, is a testament to our commitment to this region. Our focus has been on harnessing digital payment technologies to empower people and businesses.”
He noted that strategic partnerships and collaborations with leading financial institutions like Bank One in Mauritius and innovators across Africa have been crucial in bringing to market such platforms as enhance digital inclusivity and foster economic growth. In line with their global goal to include one billion people in the digital economy by next year, he averred that Mastercard views each technological advancement as a step closer to a world beyond cash.
“Our collaboration with several other banks and the launch of platforms like Simplify and the Payment Gateway has kept Mastercard at the forefront of helping small businesses and their transition into a smooth, equal space, which ensures that no one is left behind in this digital revolution. Our future outlook and collaborations include deepening our investment in Africa, with Mauritius being a key market where we recognise the immense potential of the region as a leader in technological and economic development. Together, we are not just investing in technology, but in ecosystems that nurture sustainable and economic growth,” he concluded.
Shomika Luchmun, Country Director, Mastercard Indian Ocean
Putting US policy to work, enabling a positive economic environment in Mauritius
Finally, Henry V Jardine, US Ambassador to Mauritius and Seychelles noted: “It is important to use the forum to highlight the opportunities and the resources and tools that are available to entrepreneurs and businesses in Mauritius, because a key objective for the US government is to enable the creation of positive commercial and economic environments.”
He stated that the US-Mauritius relationship was based on three basic pillars:
- Government-to-government relationship;
- The community relationship through educational exchanges and media outreach;
- Commercial trade and economic relationship.
He lauded the efforts of the AMCHAM Board in launching the Business Climate Index last year, as a pioneering effort to gain a consensus, get views and obtain perspectives from the business community on the main challenges and opportunities faced on the ground in Mauritius.
“A key area that we try hard to facilitate is thinking about where the US legislation and policy can be helpful. The African Growth and Opportunity Act (AGOA) is seen as a very important part of the bilateral trade between the US and Mauritius. And we were fortunate that we had representation from our most important committee within Congress. The House Ways and Means Committee came here to have a discussion with local business people and government officials about the importance of AGOA as a bilateral instrument that provides that framework for trade and commercial relationships. And the committee left here with a very positive understanding of the opportunities in Mauritius,” he emphasised.
For the way forward, he noted that the US Embassy is looking at having its own Business Summit in Mauritius in August, where they seek to bring leading American businesses from key sectors such as financial services, ICT, agribusiness, renewable energy, and biotechnology.
Henry V Jardine, US Ambassador to Mauritius and Seychelles
