Staying a clean financial centre is very important for Seychelles whose economy is getting stronger and stronger.
Finance, Trade and Investment Minister Pierre Laporte told the South African Broadcasting Corporation’s radio last week that Seychelles is keen to remain a clean financial destination.
He was speaking after the recent World Economic Forum held in South Africa. Minister Laporte said Seychelles is on the white list of the Organisation for Economic Cooperation and Development (OECD) and it aims to stay there.
In the same interview, Minister Laporte talked of the other areas in which Seychelles’ economy is diversifying into. These include oil and gas exploration and financial services sector which he said now has the boost of cable internet link.
The country’s successful offshore finance sector has the reputation of being a well-regulated, clean, and reputable financial centre.
Minister Laporte noted that thanks to the credible offshore financial centre, Seychelles has registered strong growth of 4.5% in the last three years. He added that tourism growth is now at 20% and because it is the mainstay of the economy, the country is also diversifying this industry.
Over the last two or three years, Seychelles has been proactive and continues to look at its tourism industry with a fresh pair of eyes. This has helped it to continuously reposition the country and it has kept it relevant as a tourism destination.
After losing ground in its core markets of Europe, the country diversified fast, finding new potential markets as it worked harder on its core markets to find a solution to the challenges it faced since losing direct non-stop flights. The country has been successful in its endeavour as it won the battle of relevance.
Seychelles has since been receiving more visitors from China, South Africa, Russia and the Gulf countries.
The country’s blue economy is one of the untapped resources and Seychelles has been intensifying its efforts to develop the fisheries industry to the fullest, giving Seychellois and foreign investors more opportunities to do business and venture into adding value to fish caught in the Seychelles’ waters. The processing plants being constructed at the Providence artisanal port will add value to fish caught here, provide employment for more Seychellois and bring more money for the country and local entrepreneurs.