01.27.12
Posted in Business and Economy, Seychelles government, Seychelles infrastructure at 2:58 pm by Robert Klien
On January 23, 2012, President James Michel met members of the Seychelles2020 Presidential Commission with a view to discuss the progress of the projects showcased in the Seychelles2020 Expo in March 2011. It is worth noting that Seychelles2020 Presidential Commission was initially known as the National Project Monitoring Unit.
President Michel was briefed on the project implementation timeline and detailed plans for Ile Soleil and Ile Aurore in particular, as both projects are to start in 2012.
In June 2011, technical studies were made. They were followed by subdivision and demarcation of plots of land in October 2011 and an environment study in November 2011. Currently the Seychelles Investment Board (SIB) Seychelles 2020 sales office is being planned for installation into an area of the National Library building in March 2012. In July 2012, its construction is expected to start and be completed in several phases by 2015.
The commission outlined the plans for financing of the housing and commercial projects. It should be noted that these are expected to attract 100% private sourcing. Also, it was announced that the infrastructure including roads, water, electricity, and sewerage would be built by a public limited company that will be established by the government soon.
The meeting of the Commission was attended by secretary of state in the President’s Office, Ambassador Barry Faure who chairs of the commission, principal secretary (PS) for Presidential Affairs Lise Bastienne, the PS for Land Use and Housing Christian Lionnet, chief executive of the Public Utilities Corporation Philip Morin, chief executive of the Seychelles Investment Bureau (SIB) Sherin Renaud, chief executive of the Planning Authority Gerard Hoareau, architect Alain Hazan from the private sector, director for Project Implementation in the Department of Land Use Yves Choppy, and SIB’s director of Investment Promotion and Facilitation Sabrina Agathine.
The Seychelles2020 Presidential Commission is mandated to liaise with all agencies and persons in the country, public or private, and facilitate broad cross-agency coordination, monitor implementation. Also, it is to keep the President and the cabinet of ministers informed of the progress of the projects.
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01.21.12
Posted in Business and Economy, International Organisations at 6:51 pm by Robert Klien
As it has been said recently, the International Monetary Fund has released its report on Seychelles’ 4th programme review. In accordance with the review, the jurisdiction’s economic prospects are good. However, the report warns of risks from the crisis in Europe.
The Fund hails Seychelles’ performance with the IMF executive board’s deputy managing director and acting chair Min Zhu saying: “Aided by sound macroeconomic policies and timely structural reforms, the Seychelles economy rebounded strongly from the crisis of 2008-09. Medium-term prospects are good, but downside risks exist due to the crisis in Europe. Inflation has picked up recently, reflecting the delayed pass-through of global food and fuel price increases, but remains broadly in check.”
He noted that “safeguarding debt sustainability is critical for sustaining the gains from macroeconomic stabilization”. Also, he mentioned that “the restructuring of the loss-making national airline and increases in utility tariffs to cost-recovery levels will help achieve a sounder fiscal position while creating space for needed infrastructure investments”. So, developing a well-targeted social safety net will be vital to protect vulnerable groups.
According to Min Zhu, “Structural reforms continue to focus on improving public financial management and fostering private sector-led growth. In the financial sector, efforts should focus on limiting the role of state-owned institutions, strengthening competition, enhancing governance and transparency, and improving banking intermediation.”
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01.17.12
Posted in Business and Economy, Foreign investments, Seychelles government at 6:48 pm by Robert Klien
On January 12, President James Michel chaired the 1st session of the National Economic Council that was established in December. The President said that it is the priority of his government to ensure that Seychelles continues on a path of economic growth that fairly benefits its population.
He said: “This is a goal that we must never lose sight of. Our economic cake must not only be bigger, but we must also ensure it is shared fairly”.
At the same time, he emphasized the need to stimulate more business activity and get more Seychellois involved in entrepreneurship. This can be done by making more credit available to them and on easier terms, so the banks would be playing an essential role. According to Michel, “the banks have to be proactive and reach out to all entrepreneurs, big and small.”
Mr Michel also said that it is necessary to go on encouraging foreign direct investment (FDI) in the jurisdiction. He said: “It is crucial to stimulating growth in all sectors. As crucial FDI is to our survival in a fiercely competitive and globalised world, we must not neglect investment in our country by Seychellois for Seychellois.”
He added: “We must do everything possible to encourage and promote investment and re-investment by Seychellois entrepreneurs. This includes creating the enabling environment, putting the right policies in place, empowering our entrepreneurs, removing all obstacles and hurdles in their way”.
Mr Michel noted that the jurisdiction’s economic development must take account of its specificities.
“We need an economy that reflects our democratic principles of social justice, and not one based on technical considerations alone. We need an economy that empowers and benefits our people and puts their interests first. My Government will continue to improve the policy framework that will enable all economic actors to feed the engines of productivity and economic growth.”
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01.13.12
Posted in Business and Economy, International Organisations, Seychelles banking, Tourism industry at 6:46 pm by Robert Klien
The International Monetary Fund (IMF) has approved the 4th review of the Seychelles Extended Fund Facility (EFF) and will release USD 4.8 million. This was announced by Central Bank governor Pierre Laporte and principal secretary for Finance Ahmed Afif in a press conference held on January 12.
It was said that the IMF board is satisfied with the review carried out by its staff in November 2011 as “Seychelles has met all the benchmarks of its economic review programme under the EFF”.
According to Laporte and Afif, the IMF board has expressed concern about the potential impact on the tourism sector because of what is happening in Europe, which is the jurisdiction’s main tourism market, as well as because Air Seychelles has stopped direct flights to Europe.
In March 2012, the IMF mission is expected to return for the 5th review under the programme and then Seychelles is planning to have met set targets.
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12.25.11
Posted in Bilateral Treaties, International relations, Seychelles government at 4:11 pm by Robert Klien
A bilateral Tax Information Exchange Agreement (TIEA) has been recently signed between the Seychelles and Guernsey.
The tax information agreement was signed by the two parties in London.
Guernsey Chief Minister Lyndon Trott said that the Global Forum values Guernsey’s leadership in promoting tax transparency with developing nations and noted that the jurisdiction has built a strong relationship with the Seychelles through its engagement with the Southern African Development Community. He commented that this tax information agreement is a further illustration of Guernsey’s evolving international identity worldwide.
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12.17.11
Posted in Diplomatic missions, International relations at 4:46 pm by Robert Klien
Joseph Nourrice has been accredited as Seychelles’ high commissioner to Mozambique. On November 16, he presented his credentials to Mozambican President Armando Guebuza. Mr Nourrice is also Seychelles’ resident high commissioner in South Africa.
Mr Nourrice is Seychelles’ 2nd high commissioner since the establishment of diplomatic relations between the jurisdiction and Mozambique in 1983.
During his audience with President Guebuza, discussions centred on some of the common interests of the two countries of which piracy was prominently featured.
Mozambique’s President Guebuza expressed satisfaction at the level of relationship between the two countries as well as noted the need to further enhance co-operation at bilateral level in new emerging areas. It was said that with globalization cooperation within the region is becoming more important and, so it should be further developed at both bilateral and multilateral levels.
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12.13.11
Posted in Business and Economy, International Organisations, International relations at 4:42 pm by Robert Klien
Seychelles has attended the 1st Forum on China-Africa Scientific and Technological Cooperation that has been recently held in Beijing.
The jurisdiction was represented by the principal secretary in the Department of Industry, Lucy Athanasius, and the director of Industry Policy Analysis and Export Promotion, Barry Assary.
The forum was launched as an initiative of the FOCAC Summit held in Sharm El Sheik-Egypt in November 2009. It also recommended the creation of the China-Africa Science and Technology Partnership Programme (CASTEP), by the Chinese Ministry of Science and Technology, with a view to further enhance cooperation and exchanges in science and technology between China and Africa.
At the opening of the forum, Seychelles’ Ambassador in China, Philippe Le Gall, expressed his satisfaction at Seychelles’ participation at high level and described the forum as an interactive platform to get more familiar with the recent progress made by China in science and technology as well as to interact with government officials, researchers, scientists, and industry leaders.
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12.09.11
Posted in Seychelles government, Seychelles legislation at 4:31 pm by Robert Klien
President James Michel has announced that a council which will have the function of advising government on the best economic policy for sustainable national growth and development has been established. The new body is called the National Economic Council. It will hold regularly meetings to discuss matters raised by its members, President James Michel or referred to it by the government of Seychelles.
The new council may commission and analyze data and information that may be required to advise government on suitable economic strategies and to detect whether existing national programmes meet strategic economic objectives.
When announcing the creation of the new body, the President noted that the world economy is becoming increasingly fragile, and therefore it is important to ensure that Seychelles’ national development strategy was founded on a thorough understanding of the economic environment and the dynamics of the emerging forces shaping the future of the global economy. He said: “Continued economic success depends on the cooperation of all stakeholders. Working for the benefit of Seychelles is paramount in every decision-making process. The National Economic Council will serve as a hub for information, debate and advice, in the process of developing sound national economic policy”.
The National Economic Council will be chaired by the President. The Vice-President and Minister responsible for Finance, Danny Faure, will be its vice-chair. The other members of the council will be Minister for Home Affairs, Environment, Transport and Energy, Joel Morgan; Governor of the Central Bank of Seychelles, Pierre Laporte; CEO of the Seychelles International Business Authority, Steve Fanny; CEO of the Seychelles Savings Bank, Michael Benstrong; CEO of the Seychelles Tourism Board, Alain St Ange; principal statistician, National Bureau of Statistics, Michel Mellie; and others.
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12.05.11
Posted in Business and Economy, Financial Services, Offshore Banking, Seychelles banking at 4:10 pm by Robert Klien
At the 17th anniversary lecture of the Central Bank of Seychelles (CBS), Seychelles has been praised as having the potential to become the financial technology hub for African countries.
The event’s guest speaker, Arun Jain, chairman and chief executive of Polaris Financial Technology Ltd., a leading global financial technology company, said: “Being an archipelago in the African continent with a small population, Seychelles has the natural advantage for creating a niche for itself in the financial technology space. It has the potential to become the Financial Technology Hub for African countries and extend its expertise to neighbouring countries and position itself as a global financial technology stronghold. The late adoption of automation will be a boon for Seychelles since they will get the most advanced technology unlike some developed countries which still run on legacy systems.”
Other guests at the event were Seychelles’ President James Michel, the Governor of CBS Pierre Laporte, and the chairman of the Seychelles Bankers Association Michael Benstrong, who is also the managing director of the Seychelles Savings Bank.
Mr Jain addressed ministers, foreign dignitaries, bureaucrats, bankers, businessmen and academicians speaking on the theme of “Technological Innovations Driving Financial Services”.
He stressed the role of
- Smarter Identity – Single Identity for every citizen which could be used for
(a) banking transactions,
(b) social commerce transactions,
(c) government to citizen transactions;
- Smarter Infrastructure – Shared Financial Technology Infrastructure where all banks invest as shareholders and pay-per-use to drive efficiency.
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12.01.11
Posted in Business and Economy, Financial Services, Foreign investments, International relations, SIBA at 3:38 pm by Robert Klien
A Seychelles’ delegation has attended a 2-day conference. The event was held in Prague on November 10-11, 2011.
The event was organized by the SIC Corporation based in the Czech Republic with the support of the Seychelles Investment Board (SIB). The conference targeted mainly Russian investors interested in investing.
The delegation was led by Investment, Natural Resources and Industry Minister Peter Sinon. Also, there were members of the delegation from the SIB, the Central Bank of Seychelles, the Seychelles International Business Authority (SIBA), and several domestic private financial services sector companies.
This conference aimed to tell investors about various emerging opportunities and possibilities for investment in Seychelles. Also, the event was used as an occasion to formally nominate the partners of SIC Corporation as candidates for the Trade and Investment Representatives’ of Seychelles in Russia and the Commonwealth of Independent (CIS) countries.
In his opening speech, Sinon emphasized that Seychelles is a well-positioned jurisdiction and that there is an increase in trade and investment potentials between Africa and the growing emerging markets of the Far East. He stressed that the jurisdiction is a politically stable, open, welcoming, multi-cultural and idyllic destination in the middle of the Indian Ocean that is a potential powerful platform for offering financial solutions and related services.
Seychelles has maintained a good relationship with Russia and the CIS countries. Investment from this part of the world has significantly contributed to the figures for foreign direct investment (FDI) in Seychelles.
It should be noted that, in accordance with the data revealed by the UN Conference on Trade and Development (UNCTAD), the Russian Federation is the largest outward investing emerging economy surpassed only by Hong Kong. Russia stands ahead of Brazil, China and India. This is the motivation for trying to get to know specific and interested investors in what Seychelles has to offer.
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