BOI starts a series of e-workshops
In line with its targeted investment approach, BOI launched the first of a series of e-workshops. This initiative comprises the identification of players in various economic sectors and a presentation of investment opportunities to the top management of these companies through conference calls and video conferencing sessions.
The first e-workshop held on 24th November 2016 targeted a Dubai based global player in the independent physical bunker and petroleum product storage segments. The company also operates in major bunker and petroleum hubs namely, Fujairah, Singapore, Antwerp and Rotterdam.
The promotion of this sector falls within BOI’s priority areas, in accordance with Government’s vision to capture a larger share of the regional market potential which amounts to some 5 million metric tonnes of products annually.
In 2015 total sales volume amounted to some 281,000 metric tonnes. The objective is to significantly boost the volume to some 1 million metric tonnes by 2025. The ongoing upgrading of port infrastructure and port extension works coupled with generous fiscal incentives provided in the bunkering sector will directly contribute to the expansion of this promising activity. It is worth noting that an increase in the number of vessels calling at Port Louis for bunkering services proportionally impacts the delivery of other ancillary services such as the provision of food and water, the supply of spare parts and crew changes, among others. According to the International Bunker Industry Association, for every USD 100 of bunkering products sold, an identical amount flows in the domestic economy.
The e-workshop initiative will be extended to other sectors, namely aquaculture and marine services.