Blue Economy department to oversee ocean development |10 February 2015

The newly created Blue Economy department will better coordinate what all government departments are doing in relation to developing our ocean, Jean-Paul Adam has said.

The new Finance, Trade and The Blue Economy Minister was speaking during a press conference yesterday afternoon at the Liberty House where he is now based following the recent reshuffling of the cabinet.

Minister Adam said although the finance portfolio is a tough and serious one, he is ready for the new challenge as he also dealt with debt when he was the Minister for Foreign Affairs and also worked with former finance minister Pierre Laporte when he was still governor of the Central Bank of Seychelles (CBS) and also the current governor Caroline Abel.

He explained that “The Blue Economy department will not replace any department, but complement and coordinate what others are doing. It will help foster the required innovation and the right policy mix that we need to enter into areas that are untapped or not developed efficiently,” explained Minister Adam.

Investment, Entrepreneurship Development & Business Innovation Minister Michael Benstrong and CBS governor Abel were also present at the press conference.

Minister Adam added that The Blue Economy department will work closely with the Investment, Entrepreneurship Development & Business Innovation department as the key priority of the government going forward is to work with the private sector on how to create growth in the economy, create more opportunities for Seychellois entrepreneurs and how we can reduce the vulnerabilities that we face.

“We will look at issues like access to credit, how to further improve the business environment, the ease of doing business, and creating more opportunities for Seychellois in the private sector,” explained Minister Adam.

He added that other priorities include looking at strengthening the pillars of the economy starting with the tourism sector. In addition to the multi-sectorial meetings chaired by the Vice-President, the Ministry of Finance, Trade and The Blue Economy will be having in-depth consultations with the private sector to address the concerns they may have and together find solutions to the problems they are facing.

“The tourism sector has done fairly well in terms of visitor arrivals, but we know that more needs to be done to improve the yield across all levels. We need to see how we can derive more benefits from tourists, and create more opportunities in the economy based on the tourism market.

In relation to fisheries, it will fit into the Blue Economy drive as we try to unlock some of the potential of the economy. In terms of the financial services, we are in a critical juncture. This year we will consolidate the legal reforms that we have already done. Also we will build capacity within the sector – both within the private sector and regulatory functions held by government entities – to ensure that we can properly develop this sector to successfully reach its potential,” said Minister Adam.

He took the opportunity to thank his predecessor Pierre Laporte for the good work he has done.

“I’ve worked with him for many years even before he became the governor of the Central Bank. He has made a great contribution in the economic reforms of Seychelles and putting Seychelles on the path towards sustainable macro-economic policies.  I am confident that whatever role he takes on he will give a boost to the positive image of Seychelles and contribute to the development of Seychelles,” noted Minister Adam.

For his part, Minister Benstrong explained that the Ministry for Investment, Entrepreneurship Development & Business Innovation may be new but not its activities as they were under different portfolios before.

He noted that his ministry will work closely with the Ministry of Finance, Trade and The Blue Economy, the Seychelles Chamber of Commerce and Industry, as well as other stakeholders to look at all investment opportunities – both locally and internationally.

Minister Benstrong noted that it is important to improve the ease of doing business here, improve the capacity of new businesses, and foster innovation in the business landscape as small and medium enterprises play an important role in the economy.

“We need to bring oxygen into the economy through small and medium enterprises which create jobs. We have schemes in place but will need to work on improving the ease of doing business here,” said Minister Benstrong.

Seychelles NATION will come back on the press conference later this week.