01.17.12
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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12.01.11
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.
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10.26.11
Posted in Business and Economy, Foreign investments at 1:36 pm by Robert Klien
The Seychelles Investment Board (SIB) aimed to stimulate economic development, to expand and escalate growth through effective investment promotion plans acknowledges that the Seychelles business environment should be further enhanced with a view to facilitate processes for businesses to go through during the business cycle.
The Board suggests that the improvement process will require dialogues and participation of both the private and public sectors. It foresees that a complete and effective transformation of the business environment will take a few months of dedicated hard work and cohesive approach. SIB is convinced that support structures should be put in place to ensure that the process not only makes it easy for the business community but will also allow government institutions to continuously monitor the business processes as well as maintain records on business development.
The above-mentioned commitment was reinforced during the Seychelles Investment forum held on July 20-21, 2011.
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10.23.10
Posted in Business and Economy, Foreign investments at 11:56 am by Robert Klien
The Seychelles International Investment Forum was held in Brussels from October 20 to 22. This event was seen as a milestone in the investment history of Seychelles.
The forum was organised by the Seychelles Investment Bureau (SIB) in close collaboration with various public and private partnerships.
SIB chief executive Sherin Renaud said that this investment forum had been organised at a very high level and with such prominence.
The forum was attended by more than 100 delegates from across Europe. The presence of local investors and agencies with a direct interest in investment provided an effective platform for potential international investors to learn more about business opportunities in the jurisdiction.
According to Renaud, the SIB is planning to host a similar forum in 2011 for the local business community.
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03.22.10
Posted in Business and Economy, Foreign investments, International relations, Offshore Services, SIBA, Seychelles offshore jurisdiction at 11:50 am by Robert Klien
On March 10, a seminar on Seychelles’ offshore investment potential was held in Beijing. The theme of the seminar was: “Seychelles offshore planning for China companies in 2010 – how to maximize your company value through offshore practices”.
Around 120 Chinese professionals from the offshore sector along with several high-level officials were attracted by the event. Henry Liu, executive director of the Eastern Africa Investment Department, China-Africa Development Fund, was one of them.
The seminar was jointly organised by Seychelles’ embassy in China and the Seychelles International Business Authority (SIBA).
Conrad Benoiton, managing director of Appleby Corporate Services, chaired the meeting. Other speakers included Laurence Lipsher, a US expert on Chinese taxation; Jennifer Sullivan, head of financial services supervision and economist Hilda Palconit, both from the Central Bank of Seychelles; and Anuj Sharma, director of Abacus Seychelles. Barclays Bank was represented by its commercial director John Esther. Also, many Seychellois offshore services providers took part in the seminar.
With the help of a delegation from SIBA, headed by chief executive and managing director Steve Fanny, all the participants had a chance to meet representatives of Chinese companies showing interest in Seychelles’ offshore opportunities. As a result, all Seychellois and Chinese delegates were optimistic about the potential of the event to make Seychelles more distinctly noticeable as a very competitive offshore jurisdiction.
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08.08.09
Posted in Business and Economy, Foreign investments at 12:12 pm by Robert Klien
The African Development Bank has approved 15 million loan for Economic Governance Reform Program in Seychelles (EGRP), which will facilitate reform implementation, macroeconomic stability and growth, rebalance the economy and improve economic and financial governance.
This is the first budget support operation of the Bank in the Seychelles, which is expected to give the following results: improved budget formulation process and execution; reinforced budget oversight and transparency; improved efficiency and transparency in public procurement; improved public debt management and business climate. It will support government’s macroeconomic and financial reform program for years 2009-2010, in particular, the public finance management changes which will provide for the transparent and efficient management of public resources.
One of the purposes of the program is to increase the role of the private sector as a driver for development, and to create growth and employment opportunities within it.
The Bank Group’s budget support program and the loan is guided by a number of studies, among them the 2009-2010 Seychelles Interim Strategy Note, the 2008 Country Project Portfolio Review Report (CPPR) for Seychelles, the IMF Article IV Consultation and a Standby Arrangement Staff Report (2008), the IMF report “A Strategy for Strengthening Budget Management (2008), the EC-financed 2008 “Seychelles Public Financial Management Performance Report”, and UNECA 2007 report on the “State of Good Governance in the Republic of Seychelles”.
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02.05.09
Posted in Business and Economy, Foreign investments, Seychelles banking, Seychelles offshore jurisdiction at 5:50 pm by Robert Klien
The high inflation that hit Seychelles in November 2008 was caused by one-off factors and December figures will most likely show similar trends. Nevertheless, prices in Seychelles are expected to come down soon.
On January 19, Central Bank governor said that inflation figures for December are not yet available. Central Bank governor Pierre Laporte was summing up the main messages at a press conference with Finance Minister Danny Faure and principal secretary in the ministry Ahmed Afif.
According to unofficial indications, generally, December prices remained at the same level as in November. Laporte noted that the reasons for high inflation in November were such factors as the exchange rate depreciation, new taxes (GST), and speculative factors. He also noted that the Central Bank is keeping liquidity tight, so, inflation should start coming down soon.
Laporte said that the Central Bank was aware of the hardship on the population and businesses that were caused by higher interest rates on loans but he noted that they were expected. According to the Central Bank governor, “However, there are indications that the interest rates could have reached its peak as evidenced by more competitive bidding on government treasury bills. With more competition for these securities and inflation likely to start falling soon, interest rates should follow”.
It is important that the higher interest rates could attract more foreign investment to Seychelles, one of the leading offshore jurisdictions of the region.
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11.18.08
Posted in Business and Economy, Foreign investments, Seychelles government at 9:18 pm by Robert Klien
The Government of Seychelles has agreed on terms for a petroleum agreement with 2 companies.
The agreement will cover oil exploration over 15 000 sq km of Seychelles’ waters. Now, its details are being completed. The agreement with East African Exploration (EAX) and its joint venture partner Avana Petroleum is planned to be signed soon.
EAX is part of the Dubai-based Black Marlin Energy group that will deal with geological and geochemical investigations over the next 2 years. In the 2nd phase, it will open an oil well, which can be completed as early as in 2011. It should be noted that the agreement comes after 2 years of a study of a 43 000 sq km area carried out by EAX and Avana under a technical evaluation licence.
Chief executive of Black Marlin Energy, Jeff Hume, said that the company is pleased to announce completion of negotiations with Seypec and it looks forward to formal signing of the petroleum agreement in the nearest future. He said that the company has been engaged in Seychelles for 3 years and built up much knowledge about an active and potentially prolific petroleum system.
Chief executive of Avana, Sam Malin, expressed his satisfaction with the opportunity to work under a petroleum agreement with a view to appraise and develop the attractive assets and to continue our co-operate with the Seychellois authorities.
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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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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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