Speaking to The CEO Magazine, MCB's Alain Law Min says now is the time to futureproof the country's economy by investing in the right sectors. Reflecting on the difficulties inherent in being the leading Bank in a small economy, Mr Law Min says he believes innovation is key if the Bank is to continue to grow.
The MCB CEO proffers that in this unique post-pandemic context, the Bank must stand guided by "innovation" to find ways to address some of the country's issues that cropped up during COVID-19, such as supply chain disruptions.
He says the country has come through the COVID-19 pandemic, realising it was time to build back the economy “differently and better", adding that one of the ways to do so was to implement MCB’s Sustainability agenda. Alain Law Min told The CEO Magazine that this means helping current operators transition to a less carbon-intensive footprint. Helping Small and Medium Enterprises "recalibrate towards areas where they can add value rather than simply relying on imports" is also an avenue.
Mr Law Min reveals that the Bank is looking into where these companies "can be part of a value chain” and start offering products and services that will both help the export sector and benefit the local economy. It would mean supporting new pillars of the economy and those entrepreneurs getting ready to launch their new businesses.
MCB, he adds, is committed to supporting sectors that will "grow our economy because we are aware that the more the economy grows, the more we will grow".
Alain Law Min, Chief Executive Officer, MCB Ltd
The risks inherent in this strategy? Mr Law Min is unfazed: "We believe that supporting such areas will bring benefits to the Bank," he says, recalling that as the main Bank in Mauritius, "we have a strong responsibility to focus on areas that are aligned with where the country wants to go". If the past is any indication of the future, it's worth recollecting that MCB accompanied its customers as Mauritius shifted from a mono-crop economy of sugar to a fully diversified economy.
"We’ve fully supported the country in new areas of activities such as tourism, manufacturing and financial services,” MCB CEO concluded.