World media focus on Seychelles business |10 August 2004

The group of four producers are in the country to compile a series of reports to be screened on CNBC's Africa Report programme.

Speaking to the press on Monday morning, producer Erika Voulon said that the team's reports will look at potential investment opportunities in Seychelles.

According to the Africa Report team, the programme is designed, "to build up the credibility of investing in Africa," and reaches a regular audience of over 5 million "decision makers" in Europe, the Middle East and Africa.

Nominated for the 2004 African Business Reporting Award the series is backed by Nepad and attempts to introduce African leaders to the business world.

Over the next two weeks public sector officials and business representatives will get the chance to put their case before this international audience as the team conducts interviews with a range of, "key players in the islands' political and business communities."

According to the team the transfer of power from President France Albert René to President James Michel in April, attracted international attention to Seychelles and helped lure the CNBC reporters.

The production team have already met with President Michel, Vice-President Joseph Belmont, Foreign Affairs minister Jeremie Bonnelame and Chair of the Chamber of Commerce, Albert Payet.

According to producer Paul McGrath, President Michel talked about his government's keenness to step back from business and give the private sector greater freedom, as well as on going discussions surrounding possible independence for the Central Bank.

The team said that there is a "hunger for information" among potential investors, but noted the strong business concerns surrounding the foreign exchange issue, the high cost of living and the limited size of the domestic market.

"Investors will make their own decisions," said Mr McGrath.

He said that viewers of the programme are in a "fact-finding stage," with regard to Seychelles and the reports would seek to address future trends, before noting that businesses would want to see concrete steps to back up government proclamations before investing in Seychelles.