‘Seychelles is open for businesses’ |27 June 2018

This is how President Danny Faure invited the Indian trade and businesses to come and invest in Seychelles especially in our sea resources and in our islands.

President Faure was speaking at a business forum held on Monday at the Oberoi Hotel between the Seychelles business delegation and an Indian business trade delegation.

The special business cooperation forum was to get the two business delegations to interact and learn potential business opportunities available to venture in in both countries.

The Seychelles delegation included representatives of the Seychelles Chamber of Commerce and Industry (SCCI), the Seychelles Investment Bureau (SIB), the Seychelles Trading Company (STC) and a group of Seychellois businessmen of Indian origin.

As a sovereign small country, President Faure explained that with less than 100,000 people and less than 400 square kilometres of land, Seychelles has business opportunities that cannot be ignored.

“Seychelles does not have the option to build large scale manufacturing plants. We also do not have an abundant supply of cheap labour to operate those plants. However, our potential is not in mass producing goods to supply the world, it lies in the untapped resources of our seas and our islands,” President Faure told those present.

President Faure said that besides our tuna, a niche may exist in our waters, twice the size of Madagascar, which could represent industrial scale export from Seychelles.

He added that a vast majority of our islands lie idle and there are potential for agriculture, fisheries and especially tourism activities where the yields are very high.

“Please, take the challenge. There is an opportunity if you want to further the relationship between my country and India,” President Faure urged the Indian businessman as he explained that India is still a growing market in our active tourism industry largely dominated by European countries and the United Arab Emirates. He noted that it has the potential to grow further with future investment.

President Faure also explained the policies and business environment in Seychelles and the role of government as facilitator. He advised the Indian traders to talk to SIB chief executive Cindy Vidot who was present at the forum for more guidance.

“Whether you want to invest in medical tourism, in IT back offices, in renewable energy, in waste management, in capital investment or use our physical beauty for the setting of the famous Bollywood industry, get in touch with SIB, get in touch with the SCCI and the Indo-Seychelles Association and we will get you to make your investment project a functioning enterprise,” President Faure said.

India’s Minister of State for Power and Renewable Energy, Shri RK Singh, said his government would continue to help Seychelles in whatever way to boost trade relations. He too encouraged Seychellois investors to invest in health, energy and trade in India.

SCCI chairman Oliver Bastienne said trade between Seychelles and India from an SCCI perspective is still heavily untapped and he pleaded to enterprises on both sides to visit one another as a catalyst for renewed economic partnership based on fairness, trust and growth.

Mr Bastienne then signed a memorandum of understanding with FICCI yesterday.

“That is why we want to work together with you and more specifically with the numerous chambers here to remove the barriers to increase trade and investment between our nations,” added Mr Bastienne.

Seychellois businessman Gafoor Yakub of Chaka Brothers and Penlac said their main interest is to promote trade links with India with the aim of reducing the cost of doing business.

“We in the business community think the best way and the most practical way to promote direct trade with India and to identify genuine areas for trade cooperation is to invite all three chambers to send a trade delegation to Seychelles and let our people see what India has to offer and in return Seychelles can show you what it has to offer,” Mr Yakub said, noting that the main focus should be on quality and affordability and would also like to see Seychelles benefit from concession granted to other countries.

My Yakub formally requested the government of India to grant us a “food security guarantee” which will ensure that we are not bound by seasonal restrictions placed from time to time on the export of certain commodities such as rice, sugar, salt and certain pulses throughout the year. 

After the forum both delegations interacted during a reception.

Text and photos Patrick Joubert in India