As a significant step towards protecting, supporting and enhancing the career paths of women entrepreneurs, the National Insurance Company (NIC) presented this morning at the Caudan Arts Centre in Port Louis, ‘LadyBIZ’ an innovative insurance solution, during the launching ceremony of the Entrepreneurial Empowerment Programme (EEP).
The EEP, an initiative spearheaded by NIC, is designed to support micro and small businesses through entrepreneurial education, financial support, partnership development, business protection, and retirement support. With the launch of ‘LadyBIZ’, the NIC also aims to bolster the resilience of small and medium enterprises (SMEs) and equip them with the tools necessary to thrive in today’s competitive business environment.
The Minister of Financial Services and Economic Planning, Dr Jyoti Jeetun; the Minister of Industry, SME and Cooperatives, Mr Aadil Ameer Meea; the Chairman of the NIC, Mr Santosh Gujadhur; the Group Officer in Charge & COO of the NIC, Dr Rishi Sookdawoor and several personalities were present on the occasion.
In her address Dr Jeetun emphasised the critical need for personal and business protection for SMEs, which she described as the backbone of the nation’s economy. She pointed out that, in a world full of uncertainties, SMEs need robust safeguards against various risks to foster resilience and maximise their potential. She also underscored the significant role women play in the SME sector and indicated that ‘LadyBIZ’ is designed to provide women entrepreneurs with the support they need to thrive and uphold their competitiveness.
Minister Jeetun praised the significant role of SMEs in driving economic growth, creating jobs and contributing substantially to the country’s Gross Domestic Product (GDP). She acknowledged the creativity and innovative spirit of young businesspersons and reiterated Government’s vision to nurture a nation of entrepreneurs.
She further underscored that women economic empowerment is one of Government’s key focus area and noted that some 10,000 women have registered their businesses over the past four years. Dr Jeetun called on women entrepreneurs to build professional networks to support one another in expanding their businesses and navigating the complexities of entrepreneurship.
As part of Government’s strategy to empower women entrepreneurs, the EEP will help ensure they acquire the necessary skills and insights to grow and prosper by providing quick access to working capital, information, and capacity-building resources, she said.
Minister Ameer Meea lauded the NIC for its continuous efforts in empowering SMEs. The SME sector plays a crucial role in wealth generation and employment creation he said while underlining the need to support and empower this sector to maximise its contribution to the country’s economic development.
On that score he indicated that his Ministry, in collaboration with SME Mauritius Ltd, has launched an entrepreneurship awareness campaign across Mauritius to ensure that SMEs are fully informed of the tools and resources available to help them succeed. He seized the opportunity to encourage entrepreneurs to leverage existing schemes and support provided by SME Mauritius.
Dr Sookdawoor dwelt on the importance of SMEs in the national economic landscape, highlighting their contribution of 40% to the country’s GDP and almost 50% of employment across various industries. He acknowledged the challenges faced by SMEs, particularly in securing finance, risk protection, and access to adequate training.
“It is therefore important to develop a new entrepreneurial culture to boost SMEs’ contribution to the national economic priorities in line with the Sustainable Development Goals and the circular economy”, he added.
Source: GIS
