Seychelles at investment conference in Prague‏ |18 November 2011

The conference was organised by the SIC Corporation based in the Czech Republic with the support of the Seychelles Investment Board (SIB), targeting mainly Russian investors who have shown interest in investing here.

Members of the delegation were from the SIB, the Central Bank of Seychelles, the Seychelles International Business Authority as well as a few domestic private financial services sector companies.

The main objective of this conference was to tell investors in this part of the world the various emerging opportunities and possibilities for investment in Seychelles. It was also used as an occasion to formally nominate the partners of SIC Corporation as candidates for the Trade and Investment Representatives’ of Seychelles in Russia and the Commonwealth of Independent (CIS) countries.

In his opening speech Mr Sinon stressed that Seychelles is well positioned at a time where there is an increase in trade and investment potentials between Africa and the growing emerging markets of the Far East that is being given a substantial new lease of life.

Minister Sinon further highlighted the politically stable, open, welcoming, multi-cultural and idyllic destination in the middle of the Indian Ocean presenting itself as a potential powerful platform for offering financial solutions and related services.

Seychelles has for years maintained a good relationship with Russia and the CIS countries. Investment from this part of the world has – in a few years – significantly contributed towards the figures for foreign direct investment in Seychelles.

According to the United Nations Conference on Trade and Development (UNCTAD), the Russian Federation is the largest outward investing emerging economy surpassed only by Hong Kong. 

Russia therefore stands ahead of Brazil, China and India. Mr Sinon said this is the motivation to attempt to deepen the knowledge of specific and interested investors in what Seychelles has to offer.

 Mr Sinon told prospective investors of the fundamental link between investing and conserving the exceptional natural beauty that is unique to Seychelles. He emphasised the need to maintain the Seychelles’ enviable credentials as a leader in environmental conservation, which is currently the “goose that is laying the golden egg” for tourism which is the number one economic pillar.

An interactive exercise conducted at the end of the presentations ensured both the Seychelles delegation and prospective investors left no stone unturned in terms of expressions of concerns and what Seychelles expects from investors.

Prior to attending this conference, a joint Cabinet document presented by the Ministry of Investment, Natural Resources and Industry and the Ministry of Foreign Affairs was approved. The aim was to appoint Trade and Investment Representatives especially in lucrative jurisdictions for attracting foreign direct investment and trade, especially where Seychelles has no resident embassies.

SIC Corporation is jointly owned by Seychellois-born Gwilym Sicobo who now lives in the Czech Republic and Victoria Contoret a Russian born resident of Czech Republic who is married to a Seychellois.