05.13.15

Seychelles and Qingdao promoting mutual trade and investment

Posted in Bilateral Treaties, Business and Economy, Double Taxation Agreements, Financial Services, Foreign investments, International Organisations, International relations, Seychelles infrastructure, Seychelles offshore jurisdiction at 1:16 pm by Robert Klien

Seychelles and Qingdao, a major port city of China’s eastern province of Shandong, have widely discussed trade and investment opportunities between entrepreneurs from both jurisdictions.

A 1-day business forum was held on May 12 in the northern part of the Seychelles main island of Mahé, where about 30 local companies and representatives of some 20 businesses from Qingdao could have business-to-business meetings and discuss the possibilities for cooperation in infrastructure, banking, import and export, shipping, and construction.

According to the Seychelles Investment Board (SIB), it had responded to the Qingdao delegation’s proposal to organise the forum as the group are currently on a tour of the Indian Ocean to establish business contacts and develop partnerships.

SIB’s Chief Executive, Rupert Simeon, told SNA that the Qingdao delegation have already been to Mauritius and are now heading to Sri Lanka.

It should be noted that a Double Taxation Avoidance Agreement (DTA) already exists between Seychelles and China allowing businessmen operating in the two countries to pay tax in one of the jurisdictions and avoid taxation in the other, aiming to encourage trade and investment between the two jurisdictions. Also, Seychelles is a member of both the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA) trade alliances and was recently welcomed as the 161st member of the World Trade Organisation. So, there should be much interest from Chinese businesses especially in the offshore sector that are using the tax structures in place to invest in the region.

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