Seychelles signs TIEA with Guernsey

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.


Seychelles’ Ambassador Nourrice accredited to Mozambique

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.


Seychelles attends Forum on China-Africa Scientific and Technological Cooperation

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.


Seychelles establishes new body to advise on economic policies

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.


Seychelles can become African financial technology hub

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.


Seychelles targets Russian investors at conference in Prague‏

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.