Investment Board to stress on encouraging local investments |21 January 2013

Speaking only days after being appointed in his new post, Rupert Simeon said for too long the general perception has been that the SIB only strive to attract foreign investments and local investors are not being given due importance.

“The SIB will work towards dispelling this perception,” said Mr Simeon.

He said contrary to this perception, the SIB has helped many Seychellois investors but this is not being put to the fore as not many people want to talk about the process they have been through when their businesses are doing well.

 It is only when they are encountering certain difficulties along the way that they complain.

And it is only then that they will talk about the process of doing business here but in such instances it is often in a negative manner, most often criticising the business climate and the system in place.

Mr Simeon said the SIB will work towards further improving the ease of doing business in Seychelles and will start by identifying areas where bureaucracy is found to be impeding the business development process.

Mr Simeon noted that in the coming weeks the SIB will embark on a campaign to better educate the public on the role and functions of the SIB.

“We intend to better inform the public and potential investors of the Seychelles Investment Act which set up the SIB.

 Among many things they need to know that the law guarantees protection for investors who in turn have a right to appeal, through a panel, any decisions taken by the government regarding any proposed development,” he said.

Mr Simeon added that starting this week the SIB will be conducting a series of meetings with all agencies, authorities, ministries namely education, finance trade and investment, land use and housing, which deal directly with investments to explain SIB’s new work programme, discuss different issues relating to their functions, roles and responsibilities and get their feedbacks on matters relating to their operation in relation to local investments.

“If all the conditions in place are conducive for local investments to thrive it will therefore be easy for foreign investors to come in as our laws do not discriminate between local and foreign investors,” Mr Simeon stressed.

He noted that the SIB, being a marketing agency for the government, will work more closely with all stakeholders and partners to attract investors, local and foreign alike.

He pointed out that the aim is to have the SIB become a fully fledge one-stop point for investment in Seychelles by the end of March.
 
The SIB will also be working towards increasing its visibility through its website, certain features of which it will be updating. Its investment guide and directory will also be revisited. 

The SIB will also be working closely with ambassadors and consuls for them to identify potential representatives for SIB abroad.

Mr Simeon stressed that “the SIB is for all investors and it is there to help and support all of them when they are starting their business and anyone can come to the SIB for advice, clarification and guidance they feel they require to get their business started,” added Mr Simeon.
 
Mr Simeon believes with this new approach and dynamism 2013 will be a dynamic year for SIB and for investments in Seychelles.