Seychelles Investor Map highlights need for green power production, eco-tourism, agricultural export
The Seychelles' government has identified green power production, eco-tourism development, and agricultural export, along with four other venture possibilities, as investment priorities open to local and foreign investors.
These areas of investment were outlined in the Seychelles Investor Map, a document approved by the Cabinet of Ministers on Wednesday.
The Investor Map developed by the Ministry of Investment, Entrepreneurship and Industry and the United Nations Development Programme (UNDP), identifies the various existing Investment Opportunity Areas (IOAs) and Emerging Investment Opportunity Areas (EIOAs).
Seychelles' Vice President Ahmed Afif told reporters on Thursday that the idea behind the map is to have all investors know clearly which domains the government sees as a priority today.
"This will allow investors to gear their investment towards these sectors as they know what the country is looking for at this point in time. There are nine sectors that have been identified," said Afif.
He added that "the most important thing for us is what benefit this will be bringing for Seychelles. Despite an investor being foreign, they do create jobs in Seychelles through which they will be employing Seychellois. There is also the possibility for the government to collect tax from the business, to get new technologies introduced, and wealth is created in Seychelles."
Within the green power production sector, the government identified three types of investments that will bring benefit to the country - the installation of photovoltaic systems on rooftops, setting up off-grid photovoltaic systems, and building floating photovoltaic systems.
"When we say off-grid systems, we mean systems that do not have to be connected to the grid of PUC (Public Utilities Corporation)," explained Afif.
In the tourism sector, investments are wanted in the field of eco-tourism and value chains. In it, the government is looking for investors to help establishments make better use of renewable energy, collect and make use of rainwater, as well as install smart systems that will help conserve electricity.
Another priority area in the tourism sector relates to cultural activities and with tourists seeking more cultural experiences, and the government is calling on investors to set up businesses that will provide such products and activities.
In the fisheries sector, Seychelles' second top economic pillar, investors are being guided to invest in fish processing, cold storage, and a tracing system for fish products.
"When a fish product is bought in a shop, they will be able to establish, through the system, where the fish is from and other relevant information on how it was caught. This will help with ISO standards," said Afif.
In the map, there is the potential for the export of certain agricultural products such as vanilla, and cinnamon.
The Investor Map also provides relevant information on the areas of priority.
"This will help a person better understand the investment they will getting into. For example, for a person looking to install photovoltaic systems on residential rooftops, it will be good to understand how many houses there are, what amount of electricity they will need, who will provide the permission, and what arrangements will there be once entering this business," said Afif.
The map will be hosted on the UNDP website and be linked with other local websites. It does not cover financing sources for such projects but rather just provides the framework, relevant information, and tools.
Source: Seychelles News Agency