1st Seychelles–Mauritius Business Forum April 24-25 |25 April 2014

Seychelles and Mauritius for stronger trade links

Four agreements which will promote trade and investment between Seychelles and Mauritius have been signed.
The memorandums of understanding (MoUs) were signed during the official opening of the first ever Seychelles-Mauritius business forum taking place at the International Conference Centre of Seychelles (ICCS).

The two-day forum is being attended by a strong Mauritian delegation of over 100 comprising  government officials, business operators, private sector institution representatives, heads of parastatals along with their Seychellois counterparts.

Organised by the Seychelles Investment Board (SIB) and its partners in collaboration with the Board of Investment of Mauritius, the forum is being held under the theme ‘Creating new dynamics for business facilitation’.

It was the Minister for Finance, Trade and Investment Pierre Laporte who officially opened the forum in the presence of the Mauritian Minister for Industry, Commerce and Consumer Protection Cader Sayed Hossen.
 
Also present were the Minister for Foreign Affairs Jean Paul Adam and the Minister for Natural Resources Peter Sinon among other key government officials and members of the business community from both countries.

Addressing all those present for the event Minister Laporte said Seychelles and Mauritius are bound together in many aspects and he commended the various regional initiatives which have led to the strengthening of relations between the two countries over the years.

“Our ties encompass a vast range of areas of cooperation and the two countries have already achieved great strides together such as the signing in 2012 of the joint exercise of sovereign rights over the continental shelf in the Mascareignes Plateau and the joint management of the Mascareignes Plateau,” he said.

The Seychelles government is taking the necessary steps to make our country a more attractive destination to do business and to encourage FDI (foreign direct investment) in areas where we need more, he said.

He noted that the presence of the large Mauritian delegation at the forum is proof of the growing confidence Mauritian businessmen have in Seychelles and he called on both countries’ business representatives to avail of this forum to explore potential areas for further economic development and establish contacts through networking.  

Expressing deep appreciation to the government for the hospitality extended to him and his delegation, Minister Hossen said this first Seychelles-Mauritius business forum is one of the outcomes of the visit to Seychelles in June 2012 of Mauritian Prime Minister Navin Ramgoolam.

He noted that at that time President James Michel and Prime Minister Ramgoolam decided during discussions that making easier exchanges between our two countries should be accelerated for the mutual benefits of both nations.

“We firmly believe that the forum will provide a platform for strengthening collaborations and exchanges,” said Minister Hossen, adding that the participation of the strong  Mauritian delegation is proof of that.

Mr Hossen said Seychelles and Mauritius have a common history and we share profound ties, the same democratic values, we promote the same type of welfare state, we share similar cultural affinities which are very important and we are bound by a common destiny which is an ocean destiny.

“Over the years our leaders have worked very hard to translate these relationships into mutual benefits for our countries and our peoples,” he said.

“The forum is an excellent vehicle to further consolidate and strengthen our commercial and economic ties elevating them to new heights,” Minister Hossen pointed out.

He added that the two countries are both developing nations which have both adopted the same outlook and the outward looking strategies to foster economic development growth.

“We have both been successful in carrying out major reforms which have impacted positively on our economic performances despite the daunting challenges we have faced over the past years,” he said.
Mr Hossen said these successes and achievements reflect the determination and farsightedness of our two heads of government.

At this point he gave an overview of the Mauritian economic development which has evolved from an agro-based economy to a more modern and diversified economy with a range of robust and vibrant sectors.

Mr Hossen said they wish to further strengthen partnership with Seychelles by encouraging more Mauritians to extend their business relationships with Seychelles through joint ventures.

“Seychelles has a very conducive business environment with very strong stability and good leadership, a dynamic private sector and an economy which is growing very fast which has paved the way for FDI inflows into the country. We have a similar business climate and we offer excellent opportunities for investment in a wide range of activities,” he said.

But he admitted that with Seychelles investment in Mauritius being quite weak, he hopes the forum will be an opportunity to discuss key themes of mutual business and unlock if not a door but at least a window for Seychellois businessmen to invest in Mauritius.  

With regard to the agreements signed they were between:

• the Small Enterprise Promotion Agency (Senpa) and Enterprise Mauritius (EM). It was signed by Senpa chief executive Penny Belmont and EM’s chief executive Dev Chamroo;
• the State Trading Corporation of Mauritius (STC) and the Seychelles Trading Company (STC). It was signed by STC Mauritius general manager Megh Pillay and STC Seychelles chief executive Veronique Laporte;
• STC Mauritius general manager Megh Pillay also signed another agreement with the Seychelles Petroleum Company (Sepec). Chief executive Conrad Benoiton signed on behalf of Sepec.

• the Mauritius Chamber of Commerce and Industry (MCCI) and the Seychelles Chamber of Commerce and Industry (SCCI). MCCI secretary general Raju Jaddoo signed for Mauritius while SCCI secretary general Juliette Sicobo-Azais signed for Seychelles.

For fhis first Seychelles-Mauritius business forum over 50 local companies are attending to discuss business possibilities with their Mauritian counterparts. They include merchants, importers and corporate service providers.

The chief executive of SIB Rupert Simeon noted that SIB has organised five forums so far this year and more are expected to be organised before the end of the year.

Mr Simeon noted that during the time they will be in the country the Mauritian government business team is also keen to visit fisheries development and bunkering projects here while the team from the private sector will concentrate more on networking and exploring the different potential areas for business development with their Seychellois counterparts.

In terms of investment interests, Mr Simeon noted that Mauritian investors are showing interests in areas like tourism and financial services.

“We expect to see more business developments between the two countries in these two sectors in the future,” said Mr Simeon.
For his part the chairperson of the SCCI Marco Francis said forum like this one is vital to foster important business linkage between our two countries and promote fundamental values which he said are crucial for island economies to fulfill their potential.

Acknowledging the longstanding friendship between Mauritius and Seychelles, Mr Francis called on businessmen from both countries to “make good use of those longstanding network of old friends” to develop and strengthen their business relations and partnership.

He added this relationship provides businessmen of our two countries with a solid platform for trade and investment.  As example he highlighted the fact that our two nations share the same Creole language as well as similar legal systems and rule of law which set the parametres for trusting and beneficial partnerships.

“Between our two islands a lot has been achieved and I firmly believe that a lot more can be achieved,” said Mr Francis.
He noted that at present the trade figure for Mauritius and Seychelles stands at SR600 million, a figure with potential to improve as we explore ways to work together.

Mr Francis said with direct air links three times a week between Seychelles and Mauritius he called on the two countries to explore this opportunity for business, adding that the forum is the perfect opportunity to broaden, strengthen and deepen their relationship.

Mr Francis noted that while focus is on what our two countries can do bilaterally, there is also the question as to what Indian Ocean islands can do collectively. There he stressed on the issue of trade where Seychelles import consumables and fresh produce from very far while our neighbour  Madagascar can provide these items not only closer to home but for cheaper and the beauty is that we would be supporting a neighbouring island.

“Let us start supporting each other as island nations, let us start looking among us before going elsewhere,” Mr Francis stressed.
His Mauritian counterpart Raju Jaddoo expressed support for Mr Francis on the matter.
“Too often we spend lots of taxpayers’ money to import from far afield without even looking at what we can do together and there are so many things we can do and I believe this forum is a great opportunity to look at them,” he said.

Mr Jaddoo stressed that there is a lot Mauritius and Seychelles can do together noting that there are at present over 20 Mauritian companies operating here and he thanked all the Mauritian businesses which have responded positively to attend the forum.