Seychelles calls for Sids specificities to be respected |23 October 2014

Seychelles has appealed to the UN and other world organisations for the characteristics and specificities of small island developing states (Sids) to be recognised and respected in the formulation of international frameworks.

This call came during an inter-ministerial round table of the Global Investment Forum that was held in Geneva last week, where Seychelles was represented by Minister for Financem, Trade and Investment Pierre Laporte.

The round table, which was held under the theme ‘Investing in the Sustainable Development Goals’, brought together ministers from 28 countries as well as representatives of the United Nations Conference on Trade and Development (Unctad), the Organization for Economic Cooperation and Development (OECD) and the Multilateral Investment Guarantee Agency (Miga).

Addressing the round table, Minister Laporte emphasised the role that foreign direct investment (FDI) has played in the transformation of Seychelles from a low-income, mostly agricultural-based economy in the early 1970s to an upper-middle income, primarily service-based economy that it is today.

Noting that going forward Seychelles will continue to face important economic, social and environmental challenges, Minister Laporte added that “while the country (Seychelles) needs to continue to attract foreign investment this has to be done in a way that the investments are in line with the social and environmental aspirations of our people”.

He added that “policies should thus be geared toward ensuring that the right environment that promotes sustainable investment and growth is in place”.  

Recognizing the important role that the private sector has played in Seychelles' economic transformation, Minister Laporte stated that “policies should, among other things, provide ample space and opportunities for the private sector to participate actively and effectively in our development”.  

Minister Laporte stressed that “growth should be more than just sustainable; it also needs to be inclusive”, noting that “in Seychelles the government has put significant efforts in bringing the benefits of growth to the people”.

He cited as evidence the high income levels that Seychellois enjoy compared to most middle income countries, and social indicators that compare with those of advanced economies.

In his intervention Minister Laporte also cautioned that many challenges remain, adding that to achieve a more inclusive growth going forward policies should aim at strengthening linkages between tourism which are predominantly externally driven, and domestic sectors like agriculture and fisheries, which are often carried out by mostly lower income groups.

“It is by implementing policies which strengthen such linkages that we would ensure a more inclusive growth and reduce inequalities,” he said.

Echoing the call of President James Michel to maximise the potential of our blue economy, Minister Laporte added that “these policies would also allow countries, especially small island economies, to unleash the potential of untapped resources, such as the blue economy, a concept which seeks to maximise the potential of our oceans, and which Seychelles has been among those championing it”.

One issue which the ministers were called upon to comment on was whether an international governance structure to frame the different actors’ role is needed.
 On this Minister Laporte commented that “if there is consensus around one, such a framework has to take into consideration that each country has its own characteristics and specificities, which should be appreciated and respected”.

He added that issues of particular importance to Sids like protection of the environment and the fight to raise awareness of the effects of climate change are important considerations in the formulation of such a framework.