New Delhi: Seeking investments, Seychelles President Danny Faure today said his country welcomes ideas, services and products from India to further strengthen economic ties between the two countries.
He said that Seychelles has created a conducive business environment and has taken number of reform measures to attract investments.
“We will make your investment project a functioning enterprise…We value your investments and our country welcomes you,” he said here, while addressing business members of industry chambers, including CII.
Faure said that retail sector and large construction firms in Seychelles is largely owned by Indians and they have contributed significantly in the socio-economic development of that country.
He added that huge business opportunities exists in sectors such as tourism and infrastructure development.
“We need you to support us. Our role as a government is one as a facilitator. …Whether you want to invest in medical tourism, renewable energy, waste management, capital investment or use our physical beauty for setting in famous bollywood industry, whichever area you wish to use, get in touch with the chamber of commerce and the associations,” he said.
The president said Seychelles investment board is the focal point for investment related matters.
“We welcome your ideas, your services, your products,” he added.
Speaking at the event, Power Minister RK Singh said that both the countries need to work on increasing bilateral trade as the current figures does not reflect the true potential which exists.
He said that Seychelles exports to India accounts for only 0.42 per cent of their total exports.
“Trade relations have not really taken off. We need to look at the reasons for that,” Singh said, adding that India will provide greater market access for their products.
The bilateral trade between the countries increased to USD 43.43 million in 2017-18 from USD 36.88 million in the previous fiscal.
India mainly exports pharmaceuticals, plastics, iron and steel, machinery, vehicles and electronics to Seychelles.