Seychelles launches SDG Investor Map By Sunny Esparon |14 July 2023
(L to r) Mrs Serumaga, President Ramkalawan and Minister Vidot during the official launch of the investor map President Ramkalawan addressing the gathering
The government has launched the Seychelles SDG Investor Map, which will help direct domestic and foreign private capital to investment opportunities at the intersection of the Sustainable Development Goals (SDGs), national priorities and viable business models.
The official launch of the investor map at L’Escale Resort and Spa yesterday evening was by President Wavel Ramkalawan who symbolically cut the ribbon.
It comes following extensive research in the public and private sector, in collaboration with the United Nations Development Programme (UNDP).
The Seychelles SDG Investor Map identifies nine specific Investment Opportunity Areas (IOAs), which bring together development impact, business case analysis and sectoral and sub-regional research across five key sectors, including renewable resources and alternative energy, services, food and beverage, infrastructure, technology and communications.
In his keynote address, President Ramkalawan said that Seychelles is highly susceptible to the impacts of climate change and to the rising sea level.
In addition, due to the high dependency on tourism, the country is also susceptible to any down turning external markets.
“We have set high standards and we aspire to even greater gains for our people. In this line, within the coming weeks, we will witness the launch of the National Development Strategy.” This will signal the next phase of development and seeks to build greater resilience in the Seychelles economy.
He stated that all the resources needed should be channelled to the right places so that there may be optimisation and value given to all the assets.
“We need to acknowledge that the funding cannot come solely from the national budget, the partnerships that we form are vital.”
President Ramkalawan said the role of private sectors was important in achieving SDGs and ensure sustainable economic growth and poverty reduction. The investor map will give extensive information, which will normally have to be sought or assessed before making investment decisions.
Also addressing the guests was the Minister for Investment, Entrepreneurship and Industry, Devika Vidot, who reflected on the underlying reason as to why the investor map was being launched in the first place.
“We are here to support Seychelles, that is the fundamental of it all,” she stated. “I am proud of my country that provides us with a strategic position to do business.”
She added that the investor map will act as a guidance as to where all the opportunities will lie. “The reality remains that despite living in a land of opportunities, guidance is needed to ensure that the limited resources that we have are being directed towards the most impactful endeavours.”
She stated that as a small island nation, Seychelles needs to be deriving the maximum value from its resources. Furthermore, the investor map will provide the country with an opportunity to maintain a coordinated approach, to provide clear guidance as to where the resources need to be allocated.
In her opening remarks, the regional representative for Southern Africa, Amanda Serumaga of UNDP, explained that the cost of achieving the SDGs is estimated to be US $3.7 trillion.
“Bridging this financial gap requires redirecting less than 1% of the US $382 trillion that currently exists in the global financial market,” she stated.
She added that acknowledging the potential for accessing global finance, the UNDP was assisting countries to present investment opportunities. This entails reshaping investors’ perspectives on risk and opportunity within their financial decision-making processes.
The UNDP has so far collaborated with 34 countries and the aim is to bridge the information gap and highlight existing and potential investment prospects in sustainable financing.
“Today I am proud to say that Seychelles joins ten other African nations in showcasing 167 investment opportunity areas that address national sustainable development requirements underpinned by supportive policy environments,” said Mrs Serumaga.
She added that the Seychelles Investor Map is a significant milestone in several ways as it positions the country as only the third small island developing states to join the UNDP SDG Investor Map platform.
Secondly, Seychelles becomes one of the pioneering countries to endorse the platform at the cabinet level demonstrating the harness political commitment and reaffirmation of a country’s pursuit of sustainable development.
Also to address those present was the chairperson of the Seychelles Chamber of Commerce and Industry (SCCI), Oliver Bastienne, who was one of the private sector members on the SDG Map Advisory Committee.
“The private sector should continue to build on the current momentum on maximising wealth not only for itself, but for the Seychelles community. This is what we call investment with an impact,” he stated, adding that “we must recognise that this tool needs to continue to evolve after this launch”.
Mr Bastienne noted that Seychelles has much more to show than the current investment and emerging opportunities on offer, than in the current map.
A short video package was played during the event highlight, reemphasising all the previous points that the speakers had made about the investor map being there to achieve sustainable goals.
In his vote of thanks, principal secretary Michael Nalletamby expressed gratitude on behalf of the government for support that the project has gotten throughout its journey.
He disclosed that it allows the government an avenue to leverage private sector resources to deliver on SDGs and elevate the standards of living while the investor gets attractive returns.
Photos by Louis Toussaint
