e-book SEYCHELLES Country Studies: A brief, comprehensive study of Seychelles

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A coordinated, whole of Government approach is a necessary condition for successful implementation of the Blue Economy. Government has established a dedicated Blue Economy Department within the portfolio of the Vice President to oversee completion and implementation of the Strategic Policy Framework and Roadmap domestically and internationally. Seychelles has achieved outstanding leadership on islands, climate, oceans and Blue Economy internationally through its commitment and engagement in international ocean and climate fora and active participation in global and regional partnerships.

However, while Seychelles has existing capacity for some key sectors of the Blue Economy e.

U.S. Department of State

Progress is being made through the development of a National Development Strategy as a mechanism for coordinating national efforts and indicatives for sustainable development. The Commonwealth Secretariat is supporting this effective transition through the provision of a long-term in-country technical expert to assist the Government, and implementation of the Strategic Framework and Roadmap.

The extent to which a framework can be developed for use by other States is also a relevant consideration. The project assists the Government of Seychelles in developing and implementing a National Blue Economy Strategic Framework and Roadmap to establish broad directions for future investment and development of a sustainable ocean-based economy in Seychelles. A review, validation and implementation of the Roadmap is aimed at supporting Seychelles in its transition to a more integrated ocean-based economy.

The successful and sustainable implementation of the Blue Economy Strategic Framework and Roadmap will ultimately deliver the following outcomes:.


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Seychelles World Bibliographical Series. Seychelles Political History, and Governance: Economy, Corruption, Society and Environment. History of Seychelles, and Crown Colony Status, Government, Economic, People, Tourism. Review and Bibliography of the Ants of the Seychelles Hymenoptera: Flora of Mauritius and the Seychelles: Postal history and postage stamps to Postage Stamps and Postal History. Senegal Business Intelligence Report. Introduction on Seychelles, find out offline information on Seychelles. A brief, comprehensive study of Seychelles.

The Autobiography of the Founding President. In the budget speech, it was stated that the Immoveable Property Tax Bill will be introduced as part of the budget process. Beginning January , a tax of 0. The tax is applicable to the following: The Government of Seychelles respects intellectual property IP rights and regards laws and other measures to protect them as crucial for long-term economic development. The GOS considers efficient and effective protection of intellectual property rights to be vital for promoting foreign investment, the transfer and dissemination of technology, and protecting local business and artists as well as facilitating the integration of Seychelles' into the regional and global economies.

The Copyright Act and the Industrial Property Act contain provisions that set forth the laws relating to infringement of intellectual property rights. In compliance with WTO principles, foreign nationals and Seychellois citizens are treated equally in regard to IP laws. Enforcement of IPR protection laws is limited due to the fact that very few international brands and trademarks have local or even regional representatives. However, their focus is on counterfeit products that pose a public health risk, such as medications and electrical appliances.

Diplomacy in Action

Seychelles welcomes foreign portfolio investment. The Seychelles Securities Act http: Listing and trading is available in U. Portfolio investment in Seychelles is limited by the small size of the economy and banking sector. The buying and selling of sizeable positions may have an outsized impact on the Seychelles Rupee and the economy in general.

By end, the shares of 24 companies were listed on the three equities boards of Trop-X and total market capitalization amounted to USD million. In the budget speech, the Minister of Finance stressed the importance of further developing the capital market in order to modernize the economy and improve access to finance. Existing policies do facilitate the free flow of financial resources in and out of the economy.

Foreign investors are able to obtain credit on the local market and through the Seychelles banking system, and a variety of credit instruments are available to both local and foreign investors. Seychelles has a two-tier banking system that separates the central and commercial bank functions and roles. The Central Bank of Seychelles is the only administrative body responsible for receiving applications for banking licenses, whether domestic or offshore, and issuing the corresponding licenses. As of March , there were nine commercial banks in operation: SBM Bank Seychelles received its banking license in December and might commence operations soon.

According to report on the Central Bank of Seychelles website, 94 percent of Seychellois use banks and half of those who do not are aged years. Seychelles also has three non-banking financial institutions.

Investment Climate Statements

The Seychelles Credit Union and the Development Bank of Seychelles provide flexible financing for businesses and projects to promote economic growth and employment. Additionally, the Housing Finance Corporation is a government-owned company that provides financing to Seychellois for the purchase of land, the construction of houses and financing home improvements. Seychelles has a number of laws that govern the financial services sector: The Seychelles banking sector is generally healthy, though it is limited by small size and reliance on correspondent bank relationships.

Due to concerns about money-laundering and illicit finance in the Seychellois financial sector, some local banks have lost their correspondent bank relationship with foreign banks, a phenomenon known as derisking, making it difficult for local banks to perform international transactions.

In , the Central Bank and the Financial Services Authority visited foreign financial centers to address derisking. The government is actively working with international experts to ensure that Seychelles is not perceived as high risk jurisdiction. According to the Central Bank, in January non-performing loans to total gross loans in the Seychelles banking sector stood at 6.

A wide range of financial services such as checking accounts, savings accounts, loans, transactions in foreign currencies and foreign currency accounts are available in the banking system.

Since the IMF reform package of , the GOS places no restrictions or limitations on foreign investors converting, transferring, or repatriating funds associated with investment. Funds are freely converted. Foreign exchange controls were removed in and foreign investors are free to repatriate their profits and other incomes. The Embassy is unaware of any planned changes to remittance policies, time limits on remittances, or use of any legal parallel market.

Seychelles does not maintain any sovereign wealth funds. However, in his State of the Nation address in March , the President mentioned that a law will be presented to the National Assembly later during the year in order to establish a sovereign wealth fund. In Seychelles, there are currently 21 state-owned commercial public enterprises, which have been established using public financial resources. These government-owned organizations are responsible for the delivery of both commercial and social objectives. However, there is a growing concern in the business community that SOEs such as Seychelles Trading Company STC have been allowed to exceed their explicit mandate and compete unfairly.

For example, STC has expanded its operations in the retail business with the opening of a hypermarket, a hardware store, and even a luxury goods department selling perfumes and designer bags. Most SOEs and parastatal bodies maintain a board of directors and make regular reports to the corresponding Ministry. Governance and operational assessments of six major SOEs were conducted in with World Bank assistance.

On this basis, an implementation plan for governance and operational review of public enterprises for the period was prepared and approved by the Cabinet of Ministers. To improve transparency and risk management, the PEMC is expected to prepare a Fiscal Risk Statement to show the effect of the performance of public enterprises on the budget by December The GOS has published a Code of Governance for Public Entities to provide guidelines to improve the governance, monitoring and control of the public entities in Seychelles. The Code, which was developed by the PEMC along with other stakeholders, can be accessed on its website http: In his budget speech, the Minister of Finance announced that his Ministry will call on private sector investors to enter into public-private partnership initiatives or partial privatization of the following SOEs: In his March State of the Nation address, the President announced that 20 percent of the Seychelles Petroleum Corporation will be privatized beginning November This investment opportunity will be available exclusively to Seychellois.

Similar privatization plans were announced in previous years but progress has been slow. The Embassy is not aware of any other formal legal barriers to foreign investors participating in privatization. Seychelles society has a high level of awareness of Corporate Social Responsibility CSR , especially in environmental protection and social programs, but CSR is generally regarded as a function of government. Officially, there are no waivers available for foreign investors with regard to labor, employment rights, consumer protection, or environmental protections.

In particular, the following five sectors benefit from the CSR fund: Seychelles currently has no production in the extractive sector, but international companies have undertaken petroleum exploration activities off-shore. Ruling with transparency and accountability are stated priorities of the current government. The ACCS is now fully functional and, though small, has carried out a number of investigations.

TI currently has five employees and plans to expand.

Seychelles Blue Economy Strategic Roadmap and Implementation

Their focus is currently on increasing transparency in three sectors: In his March State of the Nation address, the President stated that the government will review anti-corruption laws and provide more resources to the ACCS to empower it to fulfill its mandate. The revised law is expected to be presented to the National Assembly for approval before September In , the government of Seychelles published the Public Service Code of Ethics and Conduct, the stated purpose of which is to provide guidance to public sector employees on the standards of behavior required of them.

The government does not require private companies to establish internal codes of conduct. The constitution provides citizens the right to change their government peacefully, and citizens exercise this right in practice through periodic elections based on universal suffrage. Seychelles has not experienced large-scale political violence since the late s. The current era of divided government, with one party in the Presidency and another in control of the legislature, has so far resulted in political stability.

Total employment as of the third quarter of stood at 47,, according to the central bank.

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The national unemployment rate was 4. About 51 percent of the unemployed population were female.