East3Route seminar discusses investment in the region |03 August 2015

“The east3ROUTE helps us identify our potential, strengths and improve trade that will bring maximum benefits to our nation,” Minister Michael Benstrong has said.

The Minister for Investment, Entrepreneurship Development and Business Innovation was speaking at the fourth East3ROUTE investment seminar hosted by the province of KwaZulu-Natal, South Africa, in partnership with the East3ROUTE member countries namely Seychelles, Mozambique and Swaziland.

The seminar, which took place at the Savoy Hotel and Spa at Beau Vallon, was held under the theme ‘Exploring Economic Growth through Cross Border Trade’.

Besides Minister Benstrong, other guests at the event were the Minister for Commerce, Industry and Trade of Swaziland, Gideon Dlamini; member of the executive council for Economic Development, Tourism and Environmental Affairs KwaZulu-Natal, Michael Mabuyakhulu; and the principal secretary in the Ministry of Culture and Tourism of Mozambique, Domingos Do Rosario Artur.

The East3ROUTE initiative was inaugurated in 2011 by the government of South Africa (KwaZulu-Natal), Swaziland and Mozambique to promote and accelerate cross-border economic activity in the region. The aim of the East3ROUTE investment seminar is to provide a platform for local businessmen to engage with the 140 businessmen present from the three other countries on the economic activities in this region. 

Dr Steve Fanny, chairman of the Seychelles Investment Board (SIB) and special advisor to the Minister for Investment, Entrepreneurship Development and Business Innovation, noted that Seychelles’ membership to this trading bloc is of great importance to building its international network of contacts and expanding its international cooperation opportunities.

“Seychelles is a small country that imports 90% of its products and this presents an opportunity for the three member countries to trade with our country. There are ample opportunities in key sectors of our economy such as tourism, fisheries, oil exploration and renewable energy, telecommunications, construction and real estate and financial services,” he said.

In his address, Minister Benstrong remarked that this important event brings together four African countries with the main aim of accelerating the pace of trade and economic development in each respective country.

“Even though Seychelles is not on the main continent, this has not stopped it from being part of such initiative. Africa has been labeled as the continent with the highest economic growth in the world by the IMF (International Monetary Fund) and the World Bank. This is indeed our time to flourish and prosper. The East3ROUTE is playing an important role to ensure that each one of us present here today identify our own potential, identify our strengths and improve trade that will bring maximum benefits to our nation,” said Minister Benstrong.

He further noted that the economic reform that Seychelles undertook in 2008 and has changed the country’s economy and business landscape.

“The government has invested heavily in the infrastructure and its people as we believe in the need to put people at the centre of any development. We believe that economic growth depends on a well-educated workforce. It is through this vision that today Seychelles has performed very well on many social indexes in the world. Since its beginning, the East3ROUTE countries have made great success in attracting investors and the East3ROUTE is the right platform to get Africans to tap into cross border trade and investment. Seychelles has embarked in promoting the Blue economy concept and the resources which are present in our seas are waiting to be exploited. Our size has not prevented us to be one of the main hubs for tuna transshipment in the world. Through the Blue economy, Seychelles is moving to the next level,” noted the minister.

He also suggested that East3ROUTE members should be increased and its network broadened.

The SIB chief executive Rupert Simeon added that in this seminar they will concentrate on importation and exportation and how these avenues can be exploited to the maximum.

“As we depend a lot on importation, we hope that our entrepreneurs will seize the opportunity to find better markets and bring more affordable products to us,” said Mr Simeon.

As for Marco Francis, chairperson of the Seychelles Chamber of Commerce and Industry, he was glad that Seychelles hosted such a seminar but was unhappy with the involvement of local businessmen.

“We try our best to have these types of important seminars for our local entrepreneurs and not many turn up. But for those who are here, they are very happy and will take advantage of the businesses. We are already buying African products but through Europe and the Middle East. If we can eliminate the middle man, we will be the one benefitting. Other advantages we also have are easy air and sea access and we do not need visa to travel to these countries as we are part of the SADC (Southern African Development Community),” he said.

Talking to the press, Seychelles Tourism Board’s (STB) chief executive Sherin Naiken said the seminar “is the fruit of the strategy initiated by the STB to work as a group of countries instead of a country alone. Being associated with the East3ROUTE automatically raises our profile and opens the doors for us to various tourism activities”.

The event was covered by CNBC Africa and other African media.