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Archive -National Assembly

Budget Address 2018 - Government committed to improving business climate |06 November 2017

 • FSA has the potential to become third pillar of our economy

 

There is an opportunity for SIB and FSA to synergise in their endeavour to bring investments in 2018 and the years ahead, according to Minister Larose

 

As the government believes in a strong partnership, it has renewed its commitment to continue to engage with the business community to improve the business and investment climate, with the intention of improving the ‘Ease of Doing Business’ in Seychelles.

It was Dr Peter Larose, Minister for Finance, Trade and Economic Development who made this announcement during the presentation of the 2018 Budget to the National Assembly on October 31, 2017.

“In 2018 it (government) will continue to engage with them (business community) to improve the business climate. Specifically so with the intention of improving the ‘Ease of Doing Business’ indicators. According to the World Bank Report on ‘Doing Business Report’ for the year 2017, Seychelles retained its 93rd position out of 190 as the previous year. It is evident, a series of reforms is urgently needed for the country to become more competitive in attracting more local and foreign investments,” said the minister.

He added a good investment climate is created not only by offering economic incentives but also by removing the administrative barriers.

He mentioned foreign investor’s basic list of demands which are available opportunity; maximum return on capital invested; safety of capital; repatriation of capital as, and when required, and no red-tape.

“To create this ideal business environment, we must invite private sector to lead the way,” remarked Dr Larose.

He cited the Seychelles Investment Bureau (SIB) and the Financial Services Authority (FSA) as the two important institutions which should enable Seychelles to become the ideal investment destination.

With regards to SIB, Mr Larose said the institution will continue with its mandate to promote investments in Seychelles.

“There is an opportunity for the two organisations to synergise in their endeavour to bring investments in 2018 and the years ahead. Besides tourism, agriculture, financial services, energy and fisheries, SIB can also attract a sector like telecommunication,” he said, while not forgetting investments in the Blue Economy sector would be useful as we try to develop this sector to its full potential.

Concerning FSA, Dr Larose said the offshore sector has the potential to become a third pillar of our economy.

“Seychelles’ geographic location is important for FSA to offer financial services to various institutional and individual investors using its connectivity to different time zones. Huge scope exists for FSA to establish itself as a financial centre in the Indian Ocean. With modern investment regulations, which compel other agencies limited interventions into FSA’s activities, we expect the new FSA board of directors to take this organisation to its next phase of development,” he highlighted.

But he also noted the urgent need for FSA to work closely with the offshore practitioners to bring more Foreign Direct Investments (FDIs), which the country needs. So that in the medium-term Seychelles should be in demand as one of the most preferred investment destinations in the region.

“FSA can lead Seychelles in the league of one of the most reliable countries in providing efficient financial services. It is a gold mine awaited to be exploited. We are confident with adequate support and resources these two institutions will prove their invaluable contribution,” added the minister.

As to the domestic and foreign investors, Minister Larose urged them to come forward and seize the moment as there are plenty of investment opportunities.

“We ask you to come forward and seize the moment for lucrative returns. Make it the year of success for your business and contribute towards the welfare of the people,” he said.

 

 

 

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