Some Rs 10 billion earmarked to support SMEs

The Minister of Industrial Development, SMEs and Cooperatives, Mr Soomilduth Bholah, made this statement, today, in his intervention during budget debates at the National Assembly, in Port Louis.

In addition, said the Minister, the new Data Technology Park to be set up at Côte d’Or epitomises Government’s commitment to accompany enterprises in their digital transformation drive through the provision of an adequate ecosystem for the adoption of Industry 4.0 technologies. he highlighted that the need of the hour is more than ever propitious to adopt technologies associated with Industry 4.0 and embed automation in production processes so as to increase agility and flexibility. Technologies such as Artificial Intelligence, Internet of Things, Augmented Virtual Reality and Cloud Computing, he pointed out, have the potential to increase our preparedness when coping with any unprecedented crisis, such as the Covid-19.

According to him, the Technology and Innovation Fund announced in the current Budget will help SMEs with equity of up to Rs 2 million in their projects so as to further foster entrepreneurship and ideas. This new fund adds to the numerous existing schemes already put in place for SMEs, he added.

Minister Bholah further stated that a common shared Facility Centre to the tune of Rs 9.5 million will be established at Coromandel in order to further improve and encourage the creative and innovative capabilities of SMEs. The Centre will host working spaces where entrepreneurs will be able to innovate, invent, and co-create while using state-of-the-art technology put at their disposal. It will also host jewellery and other innovation studios, providing necessary tools to tailor and customise products with digital fabrication of prototypes and printing.

Other measures announced in Budget 2020-2021 for SMEs include: an increase of the one-off grant towards certification under ‘Made in Moris’ label from Rs 5,000 to a maximum of Rs 50,000; a Margin of Preference of 40 % instead of 30 % under Public Procurement for SMEs holding the ‘Made in Moris’ label; and a Margin of Preference of 20 to 30% on public purchases for all local manufacturing companies.