Afreximbank Trade and Investment Forum at Savoy Resort & Spa |22 July 2016
Minister Adam gives overview of trade potentials
The Minister for Finance, Trade and the Blue Economy, Jean Paul Adam, has given an overview of significant trade and investment opportunities revealed during a high level meeting here this week.
Minister Adam was speaking following the forum on trade and investment opportunities in Seychelles under the theme ‘Blue Growth and Investment Opportunities in Seychelles’ and exhibition organised in Seychelles this week on the sidelines of the 23rd Annual Meeting of Shareholders of the African Export Import Bank (Afreximbank) being held here.
It is to be noted the exhibition and forums focused on the Blue economy, the future of the financial services in Seychelles and focus on regional trade relations.
It was attended by around 500 delegates mainly from the Africa region and about 50 local exhibitors showcasing their products and services. Also present were high dignitaries of the bank and local stakeholders.
Minister Adam noted that opportunities in the Seychelles economy are only maximised if we look at them in the context of opportunities for the region of Africa as a whole.
He said the forum has been talking about the Blue economy, about how a country like Seychelles maximises these oceanic spaces and make them work for Africa. It was also seen among the stalls that have been displayed in the exhibition how we can mobilise first of all what we already know and make better use of them, like in the fishing sector where the country wants to move from the situation where there is no such thing as by catch and where every fish caught is transformed and is turned into wealth. Where there is not one single part of the fish that will be discarded and not used.
“And this is an economy we must grow towards. And we must look forward towards other products that can be looked at in terms of exports, derive new opportunities from aqua culture or deriving new items from products like seaweeds or related products,” Minister Adam said.
“From the Blue economy also we are conscious of the challenges we are facing
and how we must work with institutions to overcome these, as well as national governments taking a role either in terms of sea financing or reinforcing the capacity of institutions such as universities as well as research centres or also giving grants that can allow key research in that area,” the minister said.
As for financial services the minister said the forum has also seen the roles of such services within the Seychelles economy and how this is structured as well in terms of developing the African economy.
The minister also stressed on the need to develop African financial centres. And in terms of Seychelles’ financial services, first of all it is based on compliance as a best practice and compliance as part of the product where he also informed the delegates best practices are assured when one comes to a country like Seychelles and feels secured that any investment they structure through Seychelles is absolutely in line with the best practice.
“We must be leaders. We must not be followers. We must make sure that these best practices are part of our product and I would say that also applies to the whole of Africa,” Minister Adam said.
As for the future of opportunities that lies before us, the minister said, precisely in partnership with institutions such as Afreximbank, is structuring capitals, creating funds that can also be used to finance initiatives such as the Blue economy and such as projects that will benefit multiple jurisdictions.
The minister also expressed his happiness and that of all Seychellois on the exhibition displayed and added the country is also looking at the opportunities, particularly from the SMEs sectors to grow from small and medium enterprises to be more export-oriented. And also on how to give them the opportunities to go to that next level; use the opportunities at their disposal to bring a higher value of products, a better packaging, a better brand name and a better awareness of what their product can bring to a regional and international market.
In this area, Minister Adam said the country is looking forward for the partnership that can be brought through Afreximbank – in terms of financing of infrastructure, in terms of export trade financing or also in terms of developing the concept within Africa like for example in special export zones where special conditions can be created for the local companies. He cited such example in Seychelles like the Seychelles Industrial Trade Zone (SITZ).
In terms of regional trade, he said Africa is still not doing enough and the minister suggested the continent looks at value added that comes through regional trade.
“In fact, we can have a much better product, packaged to our real needs and also free markets for our own products. And when we look at this regional trading infrastructure, we must also look at working through our respective chambers of commerce, working together creating opportunities for each other and using such institutions as the Afreximbank to better connect our traders, our entrepreneurs,” he said.
Among other things that they can do in those areas, Minister Adam urged all not to be afraid to think how we can grow our own potentials and not just copy what has been done and find ways to boost regional trade.