Seychelles, the perfect platform and gateway for the Middle Eastern Market |30 October 2021
President Ramkalawan addressing the business conference
“The Seychelles, as a small island developing state, is strategically placed as a perfect platform and gateway for investment into Africa and Asia,” said President Wavel Ramkalawan when he addressed a group of people from the business, government and financial sectors at the Seychelles Business Conference, which took place at the Hyatt Regency Dubai Creek Heights.
The event which took place in the margins of Expo 2020 was organised by the government of Seychelles, the executive Board of the Seychelles Investment Bureau (SIB) and the Financial Services Authority (FSA) Seychelles.
Through interactions and high-level discussions, the conference was an opportunity for participants to learn more about the wealth of opportunities within the financial services sector and how UAE investors can explore the possibilities for expanding their business in and through Seychelles.
With the talented professionals in the financial services, President Ramkalawan explained that Seychelles has a flexible legal system in place with competitive advantage to offer innovative structures to investors in order to meet the needs of companies.
“Enhanced by a robust regulatory and compliance framework, the island’s wide-reaching domain includes banking, insurance, company registration, trust, foundations, investment funds and securities. Its status as a leading provider of sophisticated international financial services is well justified as this array of financial services is supported by excellent support mechanisms, including secure telecommunication infrastructure, a robust legal and fiscal environment, and political and economic stability,” said President Ramkalawan.
He added, “The regulatory environment of the Seychelles has been carefully developed through a partnership between the public and private sectors, supported by policies that actively foster and promote growth of the country. In a nutshell, we have in place the necessary footing for good economic development.”
The President further explained how Seychelles has adhered to international obligations and gained more credibility by committing itself to several international organisations which include the International Organisation of Securities Commission (IOSCO), Committee of Insurance, Securities, and Non-Banking Authorities (CISNA), Financial Action Task Force (FATF), European Union (EU), and the International Association of Insurance Supervisors (IAIS).
The head of state also spoke about the diversification of the tourism markets while exploring new possibilities to strengthen the non-banking sector.
He also explained how Seychelles’ financial services is being shaped and acquainting itself to the new legal frameworks, improving existing ones, embracing changes in the financial sector and being up to date with emerging digital innovations such as Fintech and the block chain exchange.
“The FSA Seychelles is today re-branded, with a clear vision to bring about the necessary compliance, but more importantly the transformation and growth through extensive research and development, so that it can continue to serve and regulate this sector and meet the needs of our investors,” said the President.
There was also remarks by the deputy CEO of the Seychelles Investment Board (SIB), Lenny Gabriel, presentations by the chief executive of the Seychelles Financial Services Authority, Damien Thesée, and other representatives of the investment community.
Contributed