MIEI, UNDP establish advisory committee to set up investor map project in Seychelles |11 May 2022
In line with its objective to improve the ease of doing business in the country, the Ministry of Investment,Entrepreneurship and Industry is spearheading an investor map project in Seychelles incollaboration with the United Nations Development Programme.
Yesterday, an advisory committee was set up in a meeting with various stakeholders at the Savoy Resort & Spa.
A high level delegation from the United Nations Development Programme (UNDP), led by the resident representative for Seychelles and Mauritius, Amanda Serumaga, is in Seychelles from May 9-13 to kickstart discussions with keystakeholders on how to better attract investments into the country.
Ms Serumaga explained that the investor map is a tool that the UNDP has on a global platform. “It essentially allows countries to identify investment opportunity areas and this follows a very granular process of investigation of the different challenges the government may have but also the areas for investment, particularly from the private sector. But most importantly it will enable the government to partner with the private sector and at the same time having a return on your investment and address specific sustainable development goals (SDGs),” said Ms Serumaga.
The UNDP representative also explained that their role is to help the advisory committee which has been set up during yesterday’s meeting under the chairmanship of Minister Devika Vidot.
“The role of UNDP with the platform is to facilitate the MIEI to be able to bring together the private sector actors o be able to discuss what the priority areas Seychelles should be looking to invest in. How can they deal with the regulatory framework and some other aspects to make sure that there is an eco-system available and ready to assure potential investors that if they come and invest in a particular area/item, they will be able to make a profit but they will also be contributing to the SDGs,” noted Ms Serumaga.
After the development of the map, the UNDP will then support the government and the private sector to launch investor convening and present the various sectors of investment. It will also be accessible on a platform globally for all to see.
The SDG investor map for Seychelles involves taking stock of policies and needs, including through aconsultative approach with key public and private sector stakeholders.
Joanne Manda, senior SDG investment advisor within the UNDP Africa Finance Hub, explained that the investor map for Seychelles is like a roadmap that identifies investment opportunities and outlines the different ways you can achieve those opportunities.
“For Seychelles when you have a plan, we have to see to how to work within the policy environment…That’s where the UNDP assists the country to assess, analyse, do the cost benefit analysis and where to invest. UNDP has been rolling the investor map in 15 countries in Africa, three in Latin America and five in Asia since its launch in 2019. One thing that we have learned from Covid-19 is that the government cannot do everything by itself. Private public partnership is crucial. The tool provides the right language so that they can speak to the private sector,”| shared Ms Manda.
Minister Vidot explained that consultation about this project started since last year.
“The investor map will prioritise key sectors, for example in information technology, tourism, renewable energy, agriculture, and potentially sub-sectors like honey, cinnamon,vanilla, patchouli, turmeric, and look at investment opportunity areas (IOAs) within each of those sectorsand sub-sectors. Primarily, it will look at sectors which have significant potential in terms of value additionand export. Ultimately it is a mechanism to help boost economic diversification. It will also guide the government on the priority investments. Through the Seychelles Investment Board we have seen the interests of many investors and the private investors will help us develop the map,” explained Minister Vidot.
She noted that it is important that there is ongoing consultation and tomorrow, the UNDP will hold a dialogue with some 50 stakeholders in the private sector. “UNDP will also have the possibility to visit the various places and see the reality in Seychelles. This is the dialogue that the government wants to have with the private sector,” said the minister.
The investor map will explore IOAs in all key regions within Seychelles ‒ on Mahe, Praslin, La Digue,Silhouette and the outer Islands. Business models will be developed for the IOAs identified showingpotential rates of return for each business activity identified.
The IOAs and business models identified will be uploaded onto an investor map platform which will beregularly updated thereafter.
Seychelles is one of 13 countries for which UNDP is providing support to develop an SDG investor map.The project is expected to end in September 2022.