trounced us in this field. second, the transformation of the erstwhile sugar industry into a cane industry. government embarked last year on an economic transformation programme. it can draw some inspiration from the example of the sugar industry which has undergone a total transformation on the back of some schumpeterian “ creative destruction ”. as is well - known, the local sugar sector found itself with its back to the wall when faced with a drastic 36 per cent cut in sugar export prices following the reform of the eu sugar protocol to make it wto - compatible. there were dire predictions that the industry was going the way of the dodo. it had to shed excess fat and had literally reinvent itself to survive. with public / private collaboration of a kind rarely seen before, an industry that was widely seen as being on its last legs successfully transformed itself into a modern cane cluster. this cane cluster has emerged from an industry that until recently, owed its survival to the continued generosity of the eu taxpayer and was content to export raw sugar in bulk for refining in europe. it now produces several types of sugar such as raw sugar, special sugars, industrial sugar and white sugar ; it also supplies firm power to the national grid from bagasse / coal co - generation using state - of - the - art technology ; and it will soon produce ethanol using molasses. today, mauritius is a successful and reliable exporter of refined sugar to europe. with its flexi - factory, omnicane is the very emblem of this transformation. there are useful lessons in this transformation for others operating in other sectors of the economy : adapt or perish. i had the pleasure of visiting omnicane last year. i was quite impressed by what i saw there, particularly by the spirit of innovation and efficiency that permeates the whole organization. i am trying not to sound like a publicist for omnicane – but it is quite an operation, believe me. i congratulate all those who played a role in transforming an industry, doomed to a slow death in the view of many, into an avant - garde cane industry with impeccable green credentials. sugar may not be king anymore, but it certainly does not show any sign of becoming plain common citizen cane anytime soon. there ’ s life in the old dog yet. after its important contribution to the integration of the sugar sector in mauritius, i am delighted to note that the company has consolidated its position on export markets by acquiring a 20

two - tier model will also ensure that commercial banks continue to be fully - involved in our cbdc journey and that there is no disintermediation of banks in the cbdc distribution. the milestone of our ongoing engagement with the imf is the drafting of a feasibility study report. the feasibility study allowed the bank to identify design features that would make the cbdc more attractive in the mauritian context. in parallel, we identified gaps in our technical knowhow and solicited the support of the technology arm of international institutions and other central banks from the g20 community. we took the decision to set up a sandbox in december 2022 to start experimenting various features. 3 / 5 bis - central bankers'speeches the findings will guide us to craft the digital rupee based on the mauritian specificities. we are contemplating the rolling out of our digital rupee on a pilot phase, post the sandboxing exercise and finalisation of design attributes of our cbdc, in november this year. not later than yesterday, the steering committee on the cbdc met with banks'representatives along with those from the imf and our chosen partner for the sandbox. i understand that this session was very interactive as commercial banks had the opportunity to have a better insight of the work undertaken by the bank of mauritius. i would here encourage all ceos of banks to be closely follow developments in this area, and engage with their teams, given the strategic importance of cbdcs. the bank of mauritius does not envisage to limit its exploration at the domestic front but is considering the use of cbdc for cross - border transactions as a phase 2. this may be a solution to current frictions in cross - border payments and a means to achieve the g20 objective for faster, cheaper, more transparent and secure cross - border payments. i am also pleased to share that the bank of mauritius has been invited to join a commonwealth initiative for the promotion of technology and artificial intelligence. we are eager to share our experience as regards the development of the digital rupee and how cbdcs can help improve customer experience and financial inclusion while allowing for better supervision and oversight. ladies and gentlemen, the imf / world bank bi - annual meetings, which we are currently hosting in mauritius, allow us to put the spotlight on all concerns we may have, and discuss the solutions for overcoming existing challenges and anticipating potential ones. it is indeed a preeminent platform whereby technical discussions on topical matters allow