The Minister for Finance, Economic Planning and Trade, Naadir Hassan, has this afternoon, held a courtesy meeting with the new Sri Lankan High Commissioner to Seychelles, H.E Srimal Wickremasinghe.
Discussions focused on areas of assistance where both countries can mutually benefit.
Minister Hassan spoke about the Government’s ambition to diversify the economy.
“Work is currently underway to develop national strategies around the economic sectors which the Government has identified as priority to develop,” said Minister Hassan.
While some of the priority sectors already have development strategies in place, drafted prior to the new Government coming into power, they will have to be revised to realign them with the vision of the current Government.
“New national strategies which are currently being drafted are those which will provide the guidelines for the financial services and digital economy.”
Earlier this year, the Ministry of Finance, Economic Planning and Trade set up a Financial Services Reforms Committee to develop a Financial Sector Strategy for Seychelles.
High Commissioner Wickremasinghe noted that Sri Lanka is willing to assist in the development of areas where his country has expertise.
“I can visualize in certain areas where Sri Lanka can assist Seychelles.”
He said, the various meetings he have had with other ministries, have showed there are ‘many opportunities for both countries.”
Minister Hassan, said it is important to keep the conversation between the two sides going, especially as of next year, the Government will have its national strategies in place, which will provide a roadmap of how it wants the different economic sectors to develop.
“I am looking forward to a good working relationship as and when we identify areas where we can work together”, said Minister Hassan.
Seychelles and Sri Lanka has several economic agreements, such as:
1. Double Taxation Avoidance Agreement signed in 2011, which came into force in 2014
2. Agreement on Economic and Technical Cooperation signed in 2003
3. Agreement of the Sri Lankan Seychelles Joint Commission for Political, Economic, Technical and Cultural Cooperation signed in 2014
4. MoU to promote investment between the Seychelles Investment Board (SIB) and the Board of Investment of Sri Lanka signed in 2014
5. Establishment of a branch of Bank of Ceylon in 2014 – the first branch of the bank on the African continent
Present at the meeting was the Principal Secretary for Trade, Ms. Cillia Mangroo.
Source: Ministry of Finance, Trade and Blue Economy