Business forum aims at attracting more Russian investors |10 October 2015

In a bid to attract more Russian investors to Seychelles, the Seychelles Investment Board yesterday hosted the second Seychelles-Russia business forum at the Eden Bleu Hotel. This was after the first had been held last year.

The forum had attracted a large number of Russian and Seychellois business representatives, from a wide range of potential activities for foreign investment including fisheries, tourism, offshore services, telecommunications, real estate, food and alcohol production etc.

Addressing the business representatives from the two countries, the Minister for Investment, Entrepreneurship Development and Business Innovation Michael Benstrong described the forum as a platform for further inward investment, sustainable economic development and business opportunities. He remarked that the presence of a large number of potential Russian investors is proof that Seychelles is continuously being looked at as the ideal business destination in Africa.

“With the positive improvement in our business and investment climate along with diversification of the Seychelles’ products, it is not surprising to see the increasing interest of the investors across the globe eager to expand their presence in our country.  […] Seychelles boasts one of the fastest growing financial jurisdictions in the world and provides very attractive settings for conducting business in a stable and environmentally friendly atmosphere,” Mr Benstrong said.

In this context, he reminded of recent positive developments such as the country’s adhesion to the World Trade Organisation (WTO), the establishment of the first local stock exchange and the development of the blue economy concept. He also pointed out that various Russian companies have already invested locally, in tourism, fishing and financial sectors.

Minister Benstrong added that Seychelles wants to further develop these sectors by diversifying their activities and expanding them to more of its islands. He concluded that the country is now ready to offer investment opportunities in other sectors such as trade and services, alternative and renewable energy, information and communication technology (ICT) and the blue economy.

Speaking on behalf of the ambassador of the Russian Federation to Seychelles, Vladimir Belous, counselor Evgeniy Shalabanov remarked that the recent world economic crisis has affected many countries and led to the weakening of many currencies. Russia has not been an exception he said, resulting in a drop in economic gains such as from oil exploitation. At the same time he added, the present state of the global economy has given his country the opportunity to have a fresh look at other possibilities by breaking international borders, with a necessity to improve the flow of Russian goods and services to other countries.

“This group of friendly countries includes the Republic of Seychelles,” he emphasised.

He expressed hope that the forum will bring more innovative projects to Seychelles.

Speakers at the second Seychelles-Russia business forum included the principal secretary for Tourism Anne Lafortune, acting chief executive of the Seychelles Fishing Authority (SFA) Vincent Lucas, chairman of the Seychelles Aviation Authority David Savy, Air Seychelles chief executive Roy Kinnear, chairman of the Seychelles Chamber of Commerce and Industries (SCCI) Marco Francis and chief executive of the Seychelles Trading Company Veronique Laporte.

Other companies also took part in the forum. They were among others: SAPMER, Ile du Port Handling Services, Trop X, Airtel Seychelles, Eden Island Development Company, Takamaka Bay, Jouel, Victoria Computer Services (VCS), KANKAN, Alpha Consulting, Hilton and Savoy.