Workshop seeks to define roadmap for investment |17 December 2004

Minister Dugasse was speaking at the opening of a workshop on Thursday entitled “Improving Investment Climate in Seychelles: Issues and Solutions”.

Some 30 players from various sectors of the economy with the assistance of consultants from the World Bank and the Foreign Investment Advisory Service (FIAS) gathered at the International Conference Centre to discuss prevailing economic issues and deliberate on the way forward to improve the investment climate in Seychelles.

The workshop saw various presentations by foreign experts namely Oleksiy Ivaschenko, an economist from the World Bank Africa Unit; Richard Stern, the regional programme coordinator of FIAS and a World Bank consultant Marc Reichel, as well as input from local personalities, namely Mr Joseph Nourrice, the chief executive officer of the Seychelles Investment Bureau (SIB) and Mr Paul Chow from the private sector.

Mr Reichel is currently assisting the SIB in the preparation of the investment code.
Minister Dugasse said in his speech that the workshop was taking place at an opportune time "when the entire business and investment landscape in our country is being reviewed, reshaped and re-dynamised to create a more pro-active and investor-friendly environment. At a time when the role of government is being redefined to one of governance with greater efficiency and accountability whilst ensuring the necessary operating environment in which the full potential of the private sector can be developed."

"The time to look at the broader picture in a more holistic manner as opposed to the short-term quick-fix solutions is now," he said.

Minister Dugasse remarked that the workshop was also taking place against the backdrop of President James Michel’s commitment to the people of Seychelles on National Day and more recently in the 2005 Budget Address to create the enabling conditions that will engage the global community as partners in Seychelles’ economic development process, to steer the country on the road to renewed economic growth and wealth creation as well as equitable wealth re-distribution and to put in place the necessary enabling environment for the private sector to play its rightful role in the further economic development of the country.

Speaking about the need for such a workshop, Minister Dugasse said studies of Seychelles investment regime by World Bank and FIAS have indicated that whilst we have in place the regulatory and administrative regime for investment, their application was difficult.

The World Bank, he said, had recommended in their Policy Development Review Report of June this year for "the administration of investment legislation to be made less discretionary and more automatic, transparent and simple."

However he added there had been over the last six months a positive turn in the investment potential of the country with the increase of interest from investors and with the approval of 58 projects valued at US $300 million since the creation of the SIB.

Mr Stern said besides taking stock of government economic reform policies, where Seychelles is today and the way forward, the workshop also provides an avenue for dialogue between public and private sectors.

Though FIAS is an arm of the World Bank, Mr Stern said it operates rather independently and was in a unique position to offer an independent view of problems facing investment climate development. 

"We are very committed to see the reform process to the end and if there is anything we can do we can also offer our services," he noted.

FIAS has worked in over 130 countries and could provide what Mr Stern said were the "best international practices."