June 4, 2010. The signing of the Bilateral Investment Promotion and Protection Agreement with India today will give a strong fillip to investment from India in a range of sectors in the Seychelles economy, Mr. James Alix Michel, President of Seychelles told Indian and Seychelles business leaders at interactive meeting organized jointly by FICCI, CII and ASSOCHAM here on Wednesday.
Mr. Michel said that with an improvement in the balance of payments position and the signing of the investment protection treaty, investment opportunities had opened up for India in offshore oil exploration, fisheries, marine and aqua culture projects; renewable energy, eco-tourism projects; spare parts shops and construction material supplies; IT and ICT business and specialized restaurants.
There was also scope for collaboration for higher education institutions in Seychelles
with Indian universities, he said.
Mr. Michel said that in order to enhance the air transportation connectivity and more frequent business exchanges between the two countries there was an urgent need to establish flights between Indian cities like Delhi, Mumbai and Chennai and Mahe .The negotiations later this month on the Bilateral Air Services Agreement between Seychelles and India would lead to increase in exchange between business persons of the two countries, greater people to people contacts and tourism.
Mr. Gurjit Singh, Joint Secretary, Ministry of External Affairs emphasised the need for raising the level of bilateral trade and investment between the two countries and expressed the Governments of India’s full support in facilitating cross broader trade
and investment.
Mr. Manoj Kohli, CEO-International & Joint Managing Director, Bharti Airtel Ltd and Senior Member- FICCI, said that as President, one of Mr Michel’s greatest achievements has been the revitalization and reform of the Seychelles economy. In October 2008 President Michel embarked on a remarkably successful Economic Reform Programme. One year following the reforms, full macro-stabilization has been achieved, as reflected through falling interest rates, curbing of inflation, and a considerable appreciation of the exchange rates, underpinned by strong fiscal and monetary policies.
Mr. Sanjay Singh, Vice President, Corporate Affairs, Tata Services and Member, CII Africa Committee said that India and Seychelles shared strong links in sectors such as
defence and tourism. In addition, Indian companies were in a vantage position to partner with the Seychelles government and the private sector in local industrial development, capacity building, employment creation and value added exports.
Mr. Subhash C. Aggarwal, Chairman and Managing Director, SMC Global Securities Ltd and Senior Member, ASSOCHAM Africa Committee said that there was huge scope for cooperation between Seychelles and Indian companies in areas like machinery and equipment, agricultural products, petroleum products, boat building, printing, furniture and beverages.
