Forum opens doors for potential businesses opportunities |25 February 2014

Seychellois and Korean businessmen have been invited to explore business potential opportunities here for the benefit of both countries’ economies.

The invitation came from the Minister for Finance, Trade and Investment Pierre Laporte while officially launching the Seychelles-Korea business forum at the Seychelles Trading Company’s conference centre yesterday.

He also urged delegates to make the most of this forum to establish primary business contacts.

Welcoming the Korean business delegation to Seychelles, Minister Laporte made special mention of the head of delegation, the honorary consul general for the Republic of Seychelles in Korea, Dong Chang Jeong, for his avid interest in various local businesses.

The minister said that the Republic of Korea’s economic development over the last fifty years has been described by the world as miraculous and today it is a modernised, vibrant nation.

The minister said that Korea’s colourful, historical, cultural, economic journey has propelled the country to be one of the world’s fastest growing economies.

Minister Laporte also made reference to the time Seychelles and the Republic of South Korea established diplomatic relations on February 2, 1995 and he hoped that the forum will take both countries a step further in the promotion of economic relations especially in the areas of trade, investment and others such as renewable energy.

He also said that Seychelles, like Korea, has in the recent years enjoyed a period of strong macro-economic performance with all indicators showing strong growth and strong fiscal discipline which makes us very attractive for investors.

“South Korea’s investment in areas like renewable energy is of particular interest to us in our bid to preserve our environmental habitats,” said Minister Laporte, reminding all present that the recently enacted legislation will help in that field.

The minister also said that Seychelles has the ingredient of a very attractive investment destination in the Indian Ocean rim and it stands at the southern African region. And our heavy reliance on imports open up trade potentials and inputs while our tourism products open up great opportunities for trade in goods and services.

He suggested that South Korean businesses can use Seychelles as a platform for entrance trade to Africa so that Seychelles International Trade Zone which provides substantial high standard of incentives for various activities such as processing and assembling of high value items can provide a base for export.

He noted that Seychelles has invested significant resources to improve its business environment with good internet and communications facilities to entice investors, among others, and that this year emphasis is being laid on bringing in online payment facilities.

As for Mr Dong, he said this forum was a momentous moment for both Seychelles and Korea and that his country is good in areas like Information Technology, construction and renewable energy technology. He said he has been working tirelessly to boost cooperation between the two countries and that he even initiated the Seychelles eco-friendly marathon, a popular sports event, in which he also takes part.

He said he hopes this forum will boost understanding and cooperation between the two countries and for both Korean and Seychellois companies for the benefit of both countries.

He also mentioned areas where Korea has contributed to the economic development of Seychelles especially in solar energy and made a special mention of the Korean Expo in which Seychelles took part.

Mr Dong also said that many Korean companies have African partners and that Seychelles can be used as a gateway to African markets for Korean goods and services while hoping Seychellois entrepreneurs also seize the opportunity to also become Korean partners.

The chief executive of the Seychelles Investment Board (SIB) Rupert Simeon made an overall presentation on what his organisation is all about, which is to formulate promotion, plans and marketing strategies and undertake promotional activities to attract foreign investment and on the business opportunities available there.

There was also a presentation on Seychelles’ renewable energy sector by the chief executive of the Seychelles Energy Commission, Tony Imaduwa.