COUNTRIES BRIEFS
Businessafrica.net Newsletter ISSN 1563-4108
Dr. QUENUM & ASSOCIATES
INVESTMENT AND BUSINESS PLANNERS

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Seychelles Offshore Business Center - THE REPUBLIC OF SEYCHELLES - BRIEFS

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PRESENTATION

The Seychelles Archipelago has a global area of: 455 km² (177 square miles) in the Indian Ocean; Northeast of Madagascar and East of Mombassa, Kenya. It is located between 4 35 S, 55 40 E degrees South of the equator.

Its Population: 79,164 (1999); 80,469 (July 2003 est.) One of the highest people per Km² in Africa: 173.9 ;with a growth Rate of: 0.65% (1999); 0.46% (2003 est.)

Independencefrom United Kingdom: June 29, 1976
National holiday:June 18, 1993 (adoption of the constitution)

The developing of Seychelles' economy is one of the rare success story of Africa. Since independence in 1976, per capita output has increased eight times from below US$ 1,000 '1976) to 7,927 (2003).

The Seychelles have some of the most beautiful islands in the Indian Ocean, and for sure these are really among the finest in the world.

The Archipelago policy makers banked heavily on that evidence and setup a development strategy based on the tourism industry. From the start of the independence era in 1976, they establish adequate infrastructure and services to the highest international standards; to attract tourists from Europe. The Seychelles is nowadays one of the "must" in the international tourism industry.

The tourism industry in the Seychelles employs quite one third of the labor force and provides more than 70% of hard currency earnings; the other hard currency provider is the tuna fishing.

In order to diminish the importance of tourism in the economy, to avoid the negative impact on the global economy generated by depression periods such as the aftermath of 1991's Gulf War and September 11, 2001 attacks on New York City and Washington D.C., Seychelles' government pushed forward a diversification policy by promoting the development of farming (coconuts, cinnamon, vanilla, sweet potatoes, cassava (tapioca), bananas; broiler chickens); fishing (mainly tuna fish) and small-scale manufacturing: processing of coconuts and vanilla, coir (coconut fiber) rope, boat building, printing, furniture; beverages. Etc.

Nevertheless, tourism and related services are still the main driving force of the economy and Seychelles' government recognizes the continuing need for upgrading the sector in order to be able to compete with other international tourism destinations.

Annual economic growth slowed down from 4.3% in 1999 to 1.5 in 2000 and 1.5 in 2001, due to sluggish activities in tourist and tuna sectors. Tight controls on exchange rates and the scarcity of foreign exchange hindered short-term economic prospects, which are keeping the growth rate in lower level around 1.5% a year since 1990. The black market value of the Seychelles ruppee is half the official exchange rate; without a devaluation of the currency the tourist sector should remain sluggish as vacationers seek cheaper destinations such as Comoros, Mauritius, and Madagascar.


On May 25, 2004 President James Michel (who succeeded president Albert René in April 2004) announced that he will in June 2004 unveil an updated economic strategy to accelerating the deregulation and diversification of the economy. Africabiz Online will report about the new strategy as soon as published by Seychelles's authorities.

There are business opportunities in water production and storage (water supply depends on reservoir system to collect rain water); tuna fishing; hotels construction and small size agribusiness concerns.

MORE ON THE SEYCHELLES

1- D& B Export Guide To The Seychelles
Digital Delivery In PDF by D&B
2- Offshore In The Seychelles
Investment And Busines Guide
Digital Delivery In PDF
3- The Seychelles
by Michael Friedel
4- Journey Through The Seychelles
by Mohamed Amin
5- Diving And Snorkeling Guide
by Lawson Wood
6- Birds of The Seychelles
by Adrian Sherrett
7- Flora of The Seychelles
And Mauritius by J.G. Beker
8- Biography And Ecology
Of The Seychelles Islands by D.R. Stoddart
9- A Fragile Eden
by Rosemary Wise
10- The Seychelles Since 1770
History of A Slave And Post-Slave Society
by Deryck Scarr
11- More News On The seychelles
by AllAfrica

Click to contact Dr. Bienvenu-Magloire Quenum

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SOME FIGURES


GNP:
US$ 610 million (2000); 619 million (2001); 628 million (2002); 638 million (2003)
GNP- growth rate: 4.3% (1999) 1.5% (2000); 1.5% (2001); 1.5% (2002); 1.5% (2003)
GNP-per capita: US$ 7,625 (2000); 7,927 (2003)

Click here for the difference between GNP and Parity Purchasing Power


GNP-composition by sector

  1. agriculture: 2.4%

  2. industry: 24.4%
  3. services: 73.2%

Exports: US$ 53 million (f.o.b., 1999) US$ 111 million (2000); 235 million f.o.b. (2002)
Commodities: fish, cinnamon bark, copra, petroleum products (re-exports)
Exports - partners: UK 28.6%, France 20%, Italy 8.7%, US 8.4%, Spain 6.7%, Japan 6.7%, Netherlands 6.6%, Thailand 6.4% (2002)

Imports: US$ 340 million (f.o.b., 1999) US$ 440 million (2000); 380 million f.o.b. (2002)
Commodities: manufactured goods, food, petroleum products, tobacco, beverages, machinery and transportation equipment.
Imports - partners: Saudi Arabia 15.6%, France 12.8%, Spain 9.9%, Italy 9.7%, South Africa 8.4%, Singapore 7.3%, UK 6.1%, Taiwan 4.2% (2002)

FOR CURRENCY EQUIVALENCE CLICK HERE

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ENTRY POLICY / HEALTH POLICY


A valid passport, onward / return ticket, and proof of sufficient funds are required. A one-month entry visa may be obtained upon arrival, and may be extended for a period of up to one year. There is an airport departure tax of US $ 40.00, which must be paid in U.S. dollars. For more on visa delivery and other related matters, you may contact one of the following addresses:

Seychelles Tourist Office
P.O. Box 92,
Victoria, Mahe, Seychelles
Tel: +(248) 225313 or 225314 or 224030
Fax: +(248) 22 40 35

dgt@seychelles.net
Diplomatic representation in the US
800 Second Avenue, Suite 400C, New York, NY 10017
Tel: +(1) 212 972-1785
Fax: +(1) 212 972-1786
Canada Consulate of Seychelles
67 Rue St., Catherine Ouest, Montreal, Quebec H2X 1Z7
Tel: +(1) 514 284-3322
Fax: +(1) 514 845-0631

vuesda@cam.org
USA Permanent Mission of Seychelles to the United Nations
820 Second Avenue, Suite 900F, New York, N.Y. 10017
Tel: +(1) 212 687-9766/9767
Fax: +(1) 212 922-9177

AIR-LINKING / TRANSSHIPPING


Seychelles International Airport (SEZ) is 10 km south of Victoria, Mahé.

Victoria, the capital-city of the Seyychelles is well serviced by most European Air carriers; it is also linked to Southern Africa region by regular flights by South African Airways.

International air services are provided by Air Seychelles, Air France, British Airways, South African Airways, Air Mauritius, Aeroflot and Condor. International gateways include London, Paris, Frankfurt, Rome, Zurich, Dubai, Singapore, Nairobi, Mauritius and Johannesburg.

Domestic scheduled services by Air Seychelles run from Mahé to Praslin, Bird, Denis and Desroches. Scheduled service to Silhouette is by Helicopter Seychelles which also operates private transfer services between other islands

INVESTOR CONTACTS
Seychelles International Business Authority http://www.siba.net
Click here to review funding available to rebuild power generation system
ACCOMMODATION


There are plenty of hotels / accommodation in the Seychelles; but it is not a budget destination. It is highly recommended to plan ahead your trip and receive confirmation of your booking. For more you may contact the tourist board


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