07.15.08
Posted in Business and Economy, International relations at 12:15 pm by Robert Klien
On July 9-10, 2008, the 8th Session of the Seychelles-Mauritius Commission on Bilateral Cooperation (CBC) took place at the Government House, Port Louis, in Mauritius.
The Minister for Foreign Affairs of Seychelles Patrick Pillay was heading a 4-strong delegation.
The members of the 2 delegations held the meeeting in order to review the cooperation programme and discuss new avenues for future partnership between Seychelles and Mauritius. The issues under discussion were also regional matters sch as the Economic Partnership Agreement, COMESA Fund, Aid for Trade and the Regional Multidisciplinary Centre of Excellence – all these are the issues vitallyl important to the both Seychelles and Mauritius.
It is worth noting that the Commission on Bilateral Cooperation was established after the Agreement of Economic, Scientific and Technical Cooperation between Seychelles and Mauritius was signed in February 1991.
The CBC takes place in the capital of one of the two countries once in 2 years. The 7th Session of the Seychelles-Mauritius Commission on Bilateral Cooperation was held in Seychelles in December 2005.
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07.09.08
Posted in Business and Economy, International Organisations, Seychelles offshore jurisdiction at 12:53 pm by Robert Klien
In the end of June, the Minister for Finance Danny Faure said that Seychelles has officially started the process of debt rescheduling. This process aims at rescheduling and partly writing off its bilateral debt.
Details of recent approaches by the government to the Paris Club, an international grouping of financial officials from 19 of the richest countries in the world, over the Seychelles’ debt, were given to the National Assembly by Minister Danny Faure. The debt now stands at R1.15 billion.
According to Mr Faure, the money borrowed over the years through Seychelles’ bilateral relations with countries such as the United Kingdom, France, Germany, Japan, Spain, Italy, Belgium and Russia has been invested in the socio-economic development of the Seychelles.
Faure said that the President, the minister of finance, the minister of foreign affairs and other government officials have contacted institutions like the African Development Bank (ADB) and the World Bank in order to rally support for negotiation on Seychelles’ debt.
Mr Faure said that the Paris Club wants to move forward with the debt issue, but it needs an indication that the jurisdiction wants to negotiate a programme with the International Monetary Fund (IMF). The Minister also stressed that the country already enjoys good relations with the IMF. So, the process has already begun.
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07.01.08
Posted in Business and Economy, International relations, Seychelles government at 3:12 pm by Robert Klien
It has been described that Seychelles and Japan signed a grant aid agreement for fisheries on June 24, 2008. The same day, the Japanese ambassador to Seychelles, Shigeo Iwatani, who signed the agreement, paid a visit to President James Michel at State House.
Mr Iwatani discussed with the Seychellois President several issues that will boost the relationship between the Japan and Seychelles.
It is worth noting that President Michel gave feedback on his visit to Japan, which was on May 28-30 when he attended the 4th Tokyo International Conference on African Development (Ticad IV).
Michel and Iwatani also discussed another visit by the President to Japan. Mr Iwatani said that they are arranging a date for the visit. This time the visit will be used for talks on bilateral issues.
The discussion by Michel and Iwatani covered the 5-year action plan to identify concrete cooperation projects between Seychelles and Japan.
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06.25.08
Posted in Business and Economy, International relations at 9:32 am by Robert Klien
Yesterday, on June 24, 2008, a grant aid agreement for fisheries was signed between Seychelles and Japan. The agreement was described as “milestone†in the relations of the two countries.
The agreement was signed at Independence House by Minister for Environment, Natural Resources and Transport Joel Morgan from Seychelles side and by the Japanese ambassador to Seychelles, Shigeo Iwatani from Japanese side.
The agreement covers R83 million of aid from Japan. The funding will be used for building a new fishing quay at Providence and for improving the Bel Ombre fishing port. This project is in line with the 2017 fisheries strategy, and it is very important in the development of fishing industry in Seychelles.
The Japanese government is financing 5 fisheries projects worth more than R80 million,. It should be noted that Japan has already been supportive of Seychelles’s fishing industry, which had a positive impact on the industry’s development.
According to Mr. Morgan, the fishing industry is the 2nd most important sector for income generation, food security and employment.
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06.15.08
Posted in Business and Economy, Financial Services, Seychelles banking at 6:19 pm by Robert Klien
In order to increase investment flexibility, the Central Bank of Seychelles has announced the introduction of a new service.
The new service allows to sell and buy government-issued bonds. Those who hold government bonds will now be able to sell these bonds to the Central Bank of Seychelles before the bonds reach their maturity. This will allow them to access funds that would have been tied up otherwise. Then, the bonds bought by the Central Bank of Seychelles will be sold to people.
According to Central Bank governor Francis Chang Leng, before this new initiative has been launched people holding bonds faced the difficult prospect of trying to find a buyer if they wished to sell the bonds. This difficulty even increased if they wanted to sell large amounts of bonds. “The introduction of the Central Bank secondary market for bonds offers a fast, efficient and guaranteed market for people wishing to sell bonds and an easy access point for people who wish to use an investment in government bonds as an alternative to saving their money in the bank.â€
Bond holders who intend to use the new service will have to visit the Central Bank of Seychelles, where they will be able to cash either in the full value of their bonds or a percentage of them.
The Central Bank will charge an administrative fee of 0.25% on the face value of the bonds in order to finance the new service.
As a secondary market will be introduced, bond holders will be allowed to exchange their bonds for currency, which will increase their financial liquidity. Nevertheless, the overall level of liquidity will not change because the bonds will stay in circulation.
Central Bank governor Francis Chang Leng hopes that the introduction of the secondary market for bonds will increase people’s familiarity with trading in bonds and other investments, and with “providing an additional interest-earning opportunity for savers looking for the best return on their moneyâ€.
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06.09.08
Posted in Business and Economy at 11:48 am by Robert Klien
The global rise in food prices has become an alarm for consumers in Seychelles. This is what the opposition of Seychelles has claimed. However, the speaker of one of Africa’s richest nations, Patrick Herminie, has rejected an opposition call to organize an emergency session in order to address this problem.
The opposition call was the result of a recent announcement by the Seychellois government that the price of rice, the Seychellois staple meal, will increase. This increase is a result of international food prices trend, however, it comes just after the Seychellois government had devalued its currency, which made price of basic food items too high for the average family.
Finance Minister Danny Faure presented the 2008 Budget that introduced excessive increases in the price of water, electricity and many other necessities.
It should be noted that the opposition has taken the speaker’s rejection as insensitive rejecting of important issues of the country, while the population becomes more vulnerable to price increases.
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05.15.08
Posted in Business and Economy, Foreign investments, Tourism industry at 9:36 pm by Robert Klien
A global leader in providing IT solutions for the hospitality industry, IDS SOFTWARES Pvt Ltd, has announced that it is entering Seychelles. The company has partnered Paradise Computer Services (PCS), one of the largest IT companies in Seychelles, in the venture that is expected to be successful.
As tourism is the mainstay of Seychelles contributing more than 21% of the GDP and accounting for more than 60% of the forex earnings, IDS products in Seychelles have a high potential. Entering Seychelles strengthens the presence of IDS in the African continent.
It should be noted that the above announcement closes in on company’s target of expanding into 40 countries by the end of the financial year 2008-2009.
Rajesh P Yadav, general manager of IDS, commented on the entry into Seychelles, noting that the company is happy to tie up with Paradise Computer Services for sales and support in the Seychelles market as far as Africa offers great opportunities for its products.
PCS is a leader in IT integration in Seychelles. Based in Victoria and Mahe, the company was established in 1995 with a view to provide an unparalleled level of service to the IT sector.
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05.03.08
Posted in Business and Economy, International Organisations, Seychelles government at 8:54 am by Robert Klien
Seychelles has launches a programme that is aimed at training people as regards their human rights and civil liberties.
On April 28, 2008, a 2-week workshop opened at the Police Academy. It is the 1st activities in a series under the human rights project launched to improve the skills of both governmental and non-governmental staff in this area.
The project was launched by Patrick Pillay, Minister for Foreign Affairs. Mr Pillay noted the launch of the project comes in a year when the world is celebrating the 60th anniversary of the United Nations’ Universal Declaration of Human Rights, the theme of which is Dignity and justice for all.
The whole project will last for 2 years. It is co-funded by the European Union and the United Nations Development Programme and based on an agreement signed that was signed by Seychelles in July 2006.
The project is expected to increase awareness of the great importance of human rights issues among the public. It is also hoped to strengthen respecting and adopting human rights practices by police and prison officers, while informing the judiciary, media and civil public on these issues.
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04.13.08
Posted in Business and Economy, Foreign investments, International Organisations at 11:52 am by Robert Klien
The visit by President Michel to Kuwait in February helped attract Kuwaiti investors to the Seychelles.
On April 8, 2008, three representatives of a major Kuwaiti business developer paid a visit to Seychelles’ President James Michel at State House. Later they said that they are going to make huge investments into the jurisdiction.
After discussions with the President, the managing director of the BluePrint company, Meshal Almelhem, told the local media that with assurances from the African Development Bank (ADB), the private sector represented by his firm has made a decision to invest in the African region. He said that having seen President Michel, the country and the people, he ans his colleagues from BluePrint need not look any further than Seychelles as they have understood that it is a very stable jurisdiction.
He also added the following: “We have realised that Seychelles is a goldmine and a haven for investors. There are many opportunities that will create mutual benefits for the government and the people of Seychelles and the investors as wellâ€.
BluePrint will work with the government of the Seychelles to develop potential projects in the finance, technology, and tourism as well as in other sectors.
Mr Almelhem was accompanied by Ahmed Alquraishi and Yousel Al Bader from BluePrint, and Peter Sinon, executive director of the ADB. Also, the Minister for Community Development, Jacquelin Dugasse; Secretary of State, Alain Butler Payet; principal secretary for Presidential Affairs, Jean-Paul Adam; and special adviser in the Ministry of Foreign Affairs, Vivienne Focktave, were present at the meeting.
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04.04.08
Posted in Business and Economy, International relations, Seychelles IBC, Seychelles companies at 10:28 pm by Robert Klien
Recently China urged the business community of Seychelles to its largest fair.
The Seychellois companies are invited to visit and take part in the 103rd China Import and Export Fair, which is known as the Canton Fair.
The Fair will be held in several phases. The 1st one will take place on April 15-20, 2008, while the 2nd will be held on April 25-30, 2008 in Guangzhou. The 1st session will focus on medicines and health products, industrial products, textiles and garments, while the 2nd will focus on consumer goods and gifts. The Canton Fair will be staged at the centre of the Pearl River Delta and it will manufacture powerhouse and exporting bases.
The Canton Fair is the largest trade fair in China held twice a year – in April and October. It provides with a rich variety of Chinese goods. The international sections of this 103rd Fair will be placed in the Pazhou and Liuhua complexes of China Import and Export.
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