Foreign investment in Seychelles surges 26 percent in Q1

Hilton Seychelles Northolme Resort & Spa, Victoria-Mahe, Seychelles. Photo credit: Hilton

International investment in Seychelles in the first quarter of 2018 reached $35 million, rising 26 percent from the same period last year, according to a report from the Seychelles News Agency. This is the country's highest recorded first quarter investment increase since 2016, following a temporary ban on large hotel developments in Seychelles enacted in 2015.

Cindy Vidot, CE of the Seychelles Investment Board, told the Seychelles News Agency that the increase shows investor's strong confidence and appeal to invest in Seychelles' growing economy. However, Vidot said that investors have several opportunities to invest in other industries in the country, including tourism, fisheries, technology and financial services.

The Seychelles Investment Board has been promoting investment in these sectors. “Opportunities also abound in peripheral activities within the tourism industry such as adventure tourism, medical tourism and entertainment. We need to engage holidaymakers to spend more rather than just staying in a hotel,” Vidot told the Seychelles News Agency.
 
The Board listed all sectors in need of foreign and local investment in early 2018, which include eco hotels, zip lining, scuba diving, ice plants and fish processing. "We need to encourage our Seychellois investors to re-invest in the economy and diversify their portfolio," Vidot said.
 
Lenny Gabriel, deputy chief of the Seychelles Investment Board, told the Seychelles News Agency, "Consultations have been made with different departments and a list of business opportunities has been shortlisted for promotion. Such business activities are readily in demand and open for investment.” The Board has also begun conducting market research to pinpoint the country's barriers to continued investment. This will analyze access to finances, information, land, infrastructure development and reconsider procedures, investment policies and other indices.