01.17.12

Seychelles’ National Economic Council meets

Posted in Business and Economy, Foreign investments, Seychelles government at 6:48 pm by Robert Klien

On January 12, President James Michel chaired the 1st session of the National Economic Council that was established in December. The President said that it is the priority of his government to ensure that Seychelles continues on a path of economic growth that fairly benefits its population.

He said: “This is a goal that we must never lose sight of. Our economic cake must not only be bigger, but we must also ensure it is shared fairly”.

At the same time, he emphasized the need to stimulate more business activity and get more Seychellois involved in entrepreneurship. This can be done by making more credit available to them and on easier terms, so the banks would be playing an essential role. According to Michel, “the banks have to be proactive and reach out to all entrepreneurs, big and small.”

Mr Michel also said that it is necessary to go on encouraging foreign direct investment (FDI) in the jurisdiction. He said: “It is crucial to stimulating growth in all sectors. As crucial FDI is to our survival in a fiercely competitive and globalised world, we must not neglect investment in our country by Seychellois for Seychellois.”

He added: “We must do everything possible to encourage and promote investment and re-investment by Seychellois entrepreneurs. This includes creating the enabling environment, putting the right policies in place, empowering our entrepreneurs, removing all obstacles and hurdles in their way”.

Mr Michel noted that the jurisdiction’s economic development must take account of its specificities.
“We need an economy that reflects our democratic principles of social justice, and not one based on technical considerations alone. We need an economy that empowers and benefits our people and puts their interests first. My Government will continue to improve the policy framework that will enable all economic actors to feed the engines of productivity and economic growth.”

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