Dear Dev,
Perhaps not many people in the general public know you, or have heard of you. Even fewer are aware of your immense contribution to this country.
By the late 1980s, the EPZ was humming, tourism had gathered a new momentum, but what would become the third pillar of the economy was still in its embryo.
Government had to make strategic decisions to launch the Financial Services sector. After Vishnu Lutchmeenaraidoo opened the door to offshore banking in 1989, Rama Sithanen unleashed the full potential of the sector in 1992.
It is common knowledge that even the best policy decisions can flounder if badly implemented. This is where you came in.
I was privileged to participate in the Euromoney Conference of April 1992 launching the Offshore Sector, Rama’s brainchild, of which you were the engineer / builder. There were sceptic voices from the beginning, and even as late as the early 2000s, when even highly placed people, in both the private and public sectors, expressed reservations about the importance of the sector, you never doubted.
I remember meeting you when the first MOBA Act was being passed in 1992, discussing well-needed changes. I met you several times during the rest of the 1990s, when either anomalies or possible improvements warranted amendments to laws and regulations.
A memorable meeting was about zero-taxation of certain offshore entities. Your response was immediate. Never mind if the companies are zero-taxed, you said, we attract them so that they create jobs with high salaries which are taxable at 15%. And they will provide job opportunities to our growing population of graduates and professionals who have high aspirations, and who cannot find comparable jobs in any other sector. They also put Mauritius on the radar of rich corporations and individuals, which has huge beneficial effects on our tourism, and trade and investment opportunities for the rest of the economy.
This has been the crowning achievement of the offshore sector, which you articulated so clearly that day.
Another one of your great qualities was speed. Once you were convinced of the merits of a policy decision, it was done. If it could be implemented by a simple publication in the Government Gazette, it took just days.
Public servants are often criticized, for the most unjustly, for their lack of understanding, and for delays in implementing decisions. You were irreproachable on both counts.
On a personal level, you were humble to a fault, shy, never pushy or pretentious, rarely confrontational. You talked sparingly, but listened attentively. And you acted.
The Financial Services sector today is well established as a pillar of the economy. Lots of foreigners are coming here creating jobs, not only because of the legal, regulatory and fiscal regime in place, but also because of the pool of highly educated young professionals, and the experience and expertise acquired over 33 years since you helped launch the sector.
The present generation of locals working in financial services come from the most modest backgrounds, and from the remotest villages of the island. They have managed through dint of hard work and dedication to obtain their qualifications, and presently in their thirties and forties earn salaries several times what their fathers earned at the end of their careers. This is what financial and social mobility is about.
The present generation owes a lot to the pioneers of the offshore sector. History will recognize the pivotal role you played.
Rest in peace.
Sunil Banymandhub