FDI brings USD 289 million boost to Seychelles

Posted in Business and Economy, Seychelles government at 7:43 pm by Robert Klien

About USD 289 million of foreign direct investment (FDI) has come into Seychelles in 2010. President James Michel said that this amount is very substantial as the world is still in a financial crisis.

When speaking about the benefits of FDI during the last En Moman Avek Prezidan programme for 2010 on December 20, President Michel said that Seychelles has managed to attract this large foreign investment because investors have confidence in this jurisdiction.

The President explained that “This will create infrastructure such as at the airport, port and other places to allow them to increase economic activity”. Also, he noted that investment in the population is important, so building more schools and hospitals is necessary.

He said that Seychelles had to take out loans, so there are debts that were needed to improve infrastructure to create the economic space for the country’s development. While the government has sometimes been criticised for taking loans, the loans have gone into economic and social development.

Michel emphasized that FDI brings wealth, gives employment as well as creates downstream economic activity.


President Michel is proud of Seychelles’ achievements in 2010

Posted in Business and Economy, Seychelles government at 2:53 pm by Robert Klien

President James Michel has said that, as a small country, Seychelles has achieved much during the year 2010. However, as a nation, Seychelles is to step up its capacity to face further challenges.

When speaking during the last En Moman Avek Prezidan programme of 2010, Michel noted the excellent work of Seychelles’ defence forces to rescue fishermen from Somali pirates. According to the President, this incident proved the need for defence forces, as no one can now doubt this need.

Another event highlighted by Michel was the opening of the University of Seychelles. He added that many people said the country is too small to have its own university, but the official opening in November 2010 proved them wrong.

Michel spoke of the success of the economic reforms started in 2008. He noted that this year the nation have seen the results, and the international community has been impressed by the jurisdiction’s performance, good work and progress. He said that Seychelles extends its thanks to the creditors who have substantially written off the country’s debts. According to Michel, economic growth is 6%, and the country has been able to cut its debts as a result of the established credibility.

Mr Michel said that Seychelles’ success lies in the new business environment as there are about 600 new small businesses today, thanks to loans from government and concessionary credit from banks.

“The economic reform has brought many challenges and sacrifices for our people, but things are getting better,” he said. One of the main challenges is sustaining the reform and making the remaining changes work without a negative effect on people.

Today there are more resources in the country, and people have realised that much has been done, Mr Michel said.