03.06.11

President James Michel gives his state-of-the-nation address

Posted in Seychelles government at 12:12 pm by Robert Klien

On February 25, Seychelles’ President James Michel gave his his state-of-the-nation address.

He emphasized the fact that Seychelles’ successes are noticeable by the world and announced that the jurisdiction’s economic growth for 2010 was 6.2%, which surpassed the IMF forecast of 4%.

President James Michel noted that, with 47% of the territory designated as nature reserves, Seychelles is 1st in the world in conservation and environmental management. He also said that 3 missions were conducted to rescue those who had been taken hostage by Somali pirates. President mentioned that 5 tankers are flying Seychelles’ flag all over the world, which is great for a small country of 89 000 inhabitants that is developing its oil exploration industry.

As regards land ownership and future investment, Michel announced that the Seychelles EXPO 2020 exhibition will be the launch pad for his government’s vision of the future 10 years of development, including the opportunity for Seychellois entrepreneurs to invest in 5 reclaimed island projects, where 3 will be opportunities for 400 units for shops, restaurants, workshops for small businesses and new offices, up to 8 hotels and many small guesthouses.

As of March 1, income tax will not apply to gratuity payments that are less than R10,000, which applies to all Seychellois workers.

President announced that the government will be selling 40% of its Seychelles Savings Bank shares to clients and employees of the bank who would like to own shares, starting on April 15 this year.

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