Seychelles Roundup: Investment, trade relations, bilateral ties

Japan-Seychelles bilateral ties

On August 24, 2024, Japan's Foreign Minister Yoko Kamikawa met with Seychelles' Foreign Minister Louis Sylvestre Radegonde. Kamikawa highlighted the upgraded Japanese Embassy in Seychelles and congratulated the country on its Chairmanship of the Indian Ocean Commission (IOC). Both ministers emphasised the importance of strengthening connectivity and promoting a "Free and Open Indo-Pacific." They discussed maritime security cooperation and reaffirmed their commitment to a rules-based international order. As indicated by Japan's Foreign Ministry, the ministers agreed to further develop bilateral relations ahead of TICAD9 next year and exchanged views on international issues, including Security Council reform and regional conflicts.

Digital wallet

The digital wallet "eboo," launched in Seychelles in January 2024 by Nebula FinTech Limited, is witnessing a surge in usage that has exceeded expectations. The eWallet allows instantaneous payments for individuals and businesses without data fees for users of the Cable and Wireless network, Seychelles News Agency reports. According to CTO Nicholas Cetoupe, the app is accessible to anyone over 18 with a smartphone and ensures secure transactions through encryption and biometric verification. With over 30 merchants already on board, eboo is collaborating with local businesses and the government to enhance digital services in Seychelles. Plans for new features and promotions with various merchants are also underway, aiming to further increase adoption and streamline payment processes.

Women in business

Seychelles will establish the first business incubation centre for African woman entrepreneurs in 2025, following a memorandum of understanding between the COMESA Federation of Women in Business (COMFWB) Seychelles Chapter and the Kenya Industrial Research and Development Institute (KIRDI). The centre will provide mentorship and apprenticeship programs for youth and women-led enterprises in Seychelles. COMFWB chairperson Claudette Albert emphasised the importance of this initiative for capacity building and product development. The centre will be located next to the Citizenship Engagement Platform Seychelles (CEPS) House on Ile du Port, with support from the European Union and COMESA. KIRDI's director general, Dr Calvin Onyango, expressed commitment to sharing skills and technology to enhance SME productivity. The project aims to incorporate components for Blue Economy initiatives under NEPAD, Seychelles News Agency reports.

India-Seychelles trade relations

Indian traders in Seychelles are eager to enhance trade relations, according to Honorary Trade Commissioner Karunanithy Vaithiyanathasamy, Business Standard reports. The Indian business community aims to engage in Commonwealth Trade activities and support young leaders in discussing trade ties. An incubation centre similar to one in Zanzibar is proposed, and Seychelles High Commissioner Lalatiana Accouche encourages Tamil Nadu business leaders to invest in Seychelles, highlighting its business potential alongside its natural beauty. The India-Seychelles Report 2024, analysing the bilateral relationship, was also released during the event.

Investment

Seychelles has been ranked as the most attractive country for investors in Africa in the "Where To Invest In Africa" report by First National Bank (FNB) for 2024. The ranking assesses 31 African nations using 20 indicators in four categories: economic performance, market accessibility, economic stability, and social conditions. Seychelles topped the list due to its high levels of personal freedom, human development, and economic stability, surpassing Mauritius, which came in second. Egypt, South Africa, and Morocco occupied the third to fifth spots, respectively. The report also categorises countries into investment archetypes, highlighting Seychelles as a "Global Connector" and identifying other nations with various growth potentials.