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UNCTAD World Investment Forum |20 October 2021

SIB receives special blue economy promotion award

 

The Seychelles Investment Board has been awarded the United Nations Special Award 2021 during the seventh United Nations Conference on Trade Development’s World Investment Forum, for its efforts in promoting investment in the blue economy.

In an award ceremony held virtually yesterday, both the Seychelles Investment Board (SIB) and the Economic Development Board of Mauritius (EDB) were the recipients of the special award. The award is based on SIB’s efforts to develop strategies to attract investment for the exploitation, preservation, and regeneration of the marine environment, as well as its willingness to share experiences and lessons learned, including at regional capacity-building events organised by the United Nations Conference on Trade Development (UNCTAD), in collaboration with the Mauritius Economic Development Board (EDB).

The award was accepted virtually by SIB’s deputy chief executive Lenny Gabriel, who during his speech spoke about the close collaboration with the Seychelles department of the blue economy, attending webinars, panel discussions, and promoting local and international events.

He also thanked the UNCTAD team for allowing SIB to take part in webinars and for recognising the entity’s promotional efforts. Mr Gabriel also congratulated the EDB with whom SIB shares the award, concluding his address by inviting everyone to the Seychelles pavilion at the Dubai Expo 2020 to learn more about the Seychelles blue economy and investment opportunities in this sector.

The SIB was established in July 2004 with the primary mandate of promoting and facilitating local and foreign investments. As government embraced the blue economy concept, the department of blue economy was established in 2015, to promote the sustainable use of marine resources, and to coordinate the approach for the usage of Seychelles’ exclusive economic zone (EEZ), as per the Seychelles Marine Spatial Plan and Blue Economy Roadmap developed by Seychelles.

As a renowned champion in the blue economy in Africa, the blue economy is expected to deliver opportunities towards diversification of the domestic economy. Among the sectors in which there are investment opportunities promoted by SIB are sustainable fisheries, aquaculture, biotechnology research, education institutions, port services, ship repair, maritime legal services, laboratory services and marine equipment and sale. Equally, there are opportunities to invest in renewable energy development, and hydrocarbons or mineral exploration and extraction.

Indeed, it was on Saturday October 16 that the aquaculture sector was officially launched at the Eden Bleu Hotel, and private and foreign investors invited to apply for a license. With SIB acting as the facilitator and promoter, applicants and private investors may seek more information about the respective licences, as well as register with the SIB, if the Seychelles Fishing Authority (SFA) is to consider the application.

The UNCTAD World Investment Forum is the world’s largest platform for investment and development. The focus of the seventh forum is to address key concerns confronting the investment for the development community worldwide, especially at this critical time. It provides a great opportunity for the investment community to change the global investment climate in different ways and create collaborations at all levels.

The 2021 World Investment Forum began on October 18 and will conclude on October 22.

 

Compiled by Laura Pillay

 

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