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Seychelles Investment Board’s priority for this year is to make it easier to do business in Seychelles

Seychelles Investment Board’s priority for this year is to make it easier to do business in Seychelles (Forimmediaterelease.net) The new Seychelles Investment Board, under the Chairmanship of Mr. Terrence Mondon, met for the first time on Wednesday, January 11, 2012, after the official appointment in November, 2011 by Seychelles President James Michel.

The Chairman, in his opening remarks, drew attention to the new role of SIB as a driving force in the economic development of Seychelles. During the meeting, members expressed their dissatisfaction in the current process for starting a business in Seychelles and singled out the various hurdles and stumbling blocks which need to be addressed. The board commented on the need for SIB to take the lead in ensuring that clear, guided policies and guidelines are in place to guide investment in particular sectors. Similarly, other pertinent points on the agenda included also the encouragement for Seychellois to invest and participate in the economic development of the country.

The board acknowledged the crucial role of Foreign Direct Investment to stimulate economic growth and commended SIB on the work being done to promote investment opportunities and build the image of Seychelles internationally. The board, however, underlines the importance of creating opportunities for fellow local entrepreneurs, as this is the ultimate way Seychelles can create riches for its people and ensure that the wealth remains in the country. These points have been reiterated at the recent meeting of the National Economic Council.

To this effect, the board has already planned for its next meeting to comprehensively examine the situation of investment in Seychelles, taking into account its constantly-changing economic landscape, as well as that of the global business environment.

The Chief Executive Officer for SIB, Mrs. Sherin Renaud welcomes the new work plan of the board and has given her commitment to ensure that these objectives are fulfilled. She further added that SIB has started doing some ground work in this light and that the new board will further enhance this process through added guidance and support.

It is to be noted that under the new Seychelles Investment Act 2010, SIB’s new functions are as follows: to stimulate the development, expansion, and growth of the economy by promoting Seychelles as an international investment, business, and service center; to promote and facilitate the development of investment and business activities; to formulate investment promotion policies, plans, and marketing strategies and undertake promotional activities to attract foreign and local investments; and to advise the government on strategies for investment policies, national investment marketing, and investment after care, economic and industrial planning, and country image building.

MEDIA CONTACT: Alain St.Ange, CEO, Seychelles Tourism Board, Email: alain.s@seychelles.com

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