02.24.08

Outcomes of Seychellois President’s visit to Kuwait. Dynamic Cooperation expected

Posted in Foreign investments, International relations, Seychelles government at 11:44 pm by Robert Klien

The visit of Seychellois President James Michel to Kuwait has been discussed previously.

As to the outcomes of the 2-day visit to Kuwait, Michel said that the visit has opened up space for a dynamic cooperation between the 2 countries.

It has been described previously that after a final round of negotiations held in February 2007, Seychelles and Kuwait are expected to sign the Double Taxation Avoidance Agreement (DTA). However, according to the Seychellois President, besides the signing of a DTA between the 2 countries, work on a Protection Investment Agreement has started to reinforce the protection that investors seek when investing in a country.

Also, the possibility for Kuwait Airlines to fly to Seychelles was announced by the President. He said that it was discussed and that a bilateral air services agreement should be signed soon in order to allow for this.

There were also discussions on the possibility to make available a line of credit for Seychelles aimed at importing fuel from Kuwait.

According to President Michel, his visit to Kuwait at the invitation of the Amir of the Gulf State, His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah was an opportunity not only to reinforce personal ties with the leader of Kuwait, but also to reinforce friendly ties between the countries. To remind, a past diverse relationship between Seychelles and Kuwait was interrupted after Kuwait’s invasion by Iraq and the subsequent Gulf War.

The Amir has expressed his desire to strengthen the cooperation and to assist in bringing more investments to Seychelles that would contribute to the economic development of it.

President Michel also mentioned having intense discussions with the Kuwait Investment Authority (talks on the possibility for the Authority to invest in commercial projects in Seychelles), the Kuwait Fund for Development (talks on how it could help in financing infrastructural projects), and the Minister responsible for Oil and Energy (talks on the possibility to make available a line of credit for Seychelles to import fuel from Kuwait).

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