Seychelles re-enters SADC

Posted in International Organisations, International relations, Seychelles offshore jurisdiction at 9:50 pm by Robert Klien

The story of the relationships between the Seychelles and the Southern African Development Community (SADC) has been previously discussed in details. The jurisdiction joined the organisation and quit it, then Seychelles decided to rejoin it. It should always be taken into consideration that the Seychelles is different from most member states of SADC not only geographically, but also economically. However, it decided that rejoining the organization will be beneficial for the Seychelles this time.

It should be reminded that the country’s Ministry of Foreign Affairs allocated a budget of USD 1.9 million for the preparations for Seychelles re-entry into SADC.

Finally, the Seychelles has been readmitted to SADC. All in all, SADC has 15 members now.

Zambian President and SADC Chairman Levy Mwanawasa said that leaders of the organization after their close-door discussion of the 2-day SADC summit decided that the Seychelles will be readmitted. The fact that the jurisdiction had brighter economic performance in the last 2 years positively affected the decision.


SCU’s general reserve and liquidity rise

Posted in Financial Services, Seychelles offshore jurisdiction at 12:24 pm by Robert Klien

Last year, the Seychelles Credit Union (SCU) recorded a 13.71% rise on its general reserve. The total funds employed were SR 55 363 756 at the end of 2006, compared to SR 49 613 322 in 2005 and SR 50 055 129 in 2004.

During the same period, capital available for immediate disbursement to clients – or liquidity – has risen by 137% and reached a total of SR 19 084 401, which is a threefold increase over the 2005 figure.

However, as regards income collected by the Seychelles Credit Union during 2006, a drop of over SR 300 000 has been recorded. The income collected in 2006 garnered a total of SR 4 853 556, compared to SR 5 229 049 collected in 2005.

Still, the SCU has recorded an increase of 7.18 % in surplus for 2006 because it lowered it expenses from SR 4 132 359 in 2005 to SR 3 739 167 in 2006, hence accumulating the net benefit.

The above-mentioned figures were provided to the more than 80 members of the Seychelles Credit Union by the Chief Executive Officer, Mr Louis Shamhong, during the recently held 37th annual general meeting.

In the report of the Management Committee, its Chairman Dr Larose indicated that, as compared to 2004, the SCU now stands is a really strong financial institution.


Seychelles is again best island destination in the region

Posted in Tourism industry at 12:25 pm by Robert Klien

The Seychelles has been titled as the best island destination all across Africa and the Middle East by a well-known travel Travel and Leisure.

Travel and Leisure’s annual World’s Best Awards were released in the August 2007 issue of the magazine.

For the 3rd consecutive year the Seychelles was named the top spot out of all islands in the Africa and Middle East region. It was followed by Zanzibar and Madagascar.

On July 23, Seychelles’ Honorary Consul General, Lise Church, received the award at the World’s Best ceremony in New York.

The rating was based on surveys of Travel and Leisure subscribers held earlier this year. During the surveys, respondents evaluated the destinations, companies and properties from their recent travel experiences.

According to the Seychelles Tourism Board’s chairman and CEO, Maurice Loustau-Lalanne, the award was testament to Seychelles’ attractiveness even when destinations like Zanzibar and Madagascar are becoming more and more popular.

According to him, new “Another World” brand positioning launched in March 2007 does capture the reasons why it is so. He said, “In addition to our world class beaches, our new campaign shows that we have even more to share with our visitors, whether it’s hiking through mist forests, sailing around the various islands or discovering unique flora and fauna found nowhere else”.


Seychelles President expects growth in 2007

Posted in Business and Economy, Seychelles government at 12:10 pm by Robert Klien

President James Michel has said that the Seychelles’ economy is predicted to grow by 7.5% in 2007 because investment in the jurisdiction’s goes on increasing.

When reflecting on his 1st year in office since being elected in 2006, Michel said that things are going well and the country has been able to progress. He informed that the level of growth has come up to 5.3%. According to teh President, such growth shows an increase of 1.2% from the previous year, which definitely is a considerable progress since restarting the Seychellois economy. Based on the available data the growth of 7.5% is expected this year.

Michel said that during the 1st 6 months of 2007 there has been an increase of 3% in the level of foreign exchange coming into the Seychelles as well as the boom in construction could be observed. He stated that “what is happening the demand for foreign exchange has increased so if the inflows have increased it is not that visible due to the high demand” but the above-mentioned will be resolved when enough foreign exchange is brought in.

As to concrete amounts, around USD 100 million in foreign exchange has flowed into the country in 2007, and its reserves at the end of June were USD 110 million, which is a 16% increase as compaed with 2006. The President predicted that reserves will go on rising as the economy of the Seychelles grows.

According to Michel, the government has attempted to promote investment in the onshore business environment by means of introducing a new law that exempts payment of business tax on the first USD 41 000 of profits for all companies (effective from January 1, 2007).