Press release

“Seychelles is not just a place for holidays, but also a great place for investment”- President Michel addresses Indian Business Community

August 31, 2015

President James Michel has called on the Indian private sector to consider investing in the Seychelles islands, during a business meeting held in Delhi with the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI), during his state visit to India.

“Seychelles is not just a place for holidays, but also a great place for investment. With the successful transformation of our economy over the past years, Seychelles has positioned itself as an ideal place for wealth creation and an excellent location for global and regional corporate positioning,” said President Michel during his address.

Mr. Michel said that the economic partnership between India and Seychelles has a lot of potential especially in new and emerging areas of cooperation like renewable energy, ICT, agro-processing industries, eco-tourism, biotechnology, tourism, financial services and the Blue Economy.

“There is great potential for Seychelles to emerge as a regional hub for Indian Ocean trade, due to our strategic geographical position and our access to the African market. Our improved connectivity by sea and by air also plays a great role in this endeavour.”

The President noted that the agreements, signed between Seychelles and India during his visit, would further spur economic exchanges between the two countries. The agreements include the Bilateral Air Services Agreement and the Agreement on Exchange of Information and Assistance in the Collection of Taxes.

He called on the Indian business community to join the Seychelles private sector in seeking partnerships, through creative, imaginative and determined efforts.

“The convergent interests of our two countries and close strategic partnerships are bolstered by the vibrant Indian community in Seychelles and Seychellois of Indian descent who are an integral part of our history and who play a key role in the development of our economy. I am proud that prominent Seychellois businessmen of Indian origin who form part of my delegation are present here today,” said Mr. Michel.

Members of the Seychelles business delegation also had opportunity to meet and discuss with the ASSOCHAM, CII, FICCI ways to improve their relations.

The Seychelles business delegation included the Chief Executive Officer of the Seychelles Investment Board, Mr. Rupert Simeon,  the Chairman of the Seychelles Chamber of Commerce and Industry, Mr. Marco Francis as well as well as distinguished members of the Seychelles business community; Mr. Pravin Darad, Mr. Ramakrishnan Pillay and Mr. Narasimhan Ramani.

The Indian Minister of State for Environment, Forests and Climate Change, Mr. Prakash Javadekar, was also present for the business meeting.

Editor’s note