The Ministry of Investment, Entrepreneurship and Industry (MIEI) stands to benefit from an array of support tools to enable it to better attract investment to the country.
These include partaking into an investor map project, integrating transferable technology to encourage smart value add business chains and making use of
suitable data gathering mechanisms in decision making.
Such was the overview of discussions held on Monday December 13 between the Minister for Investment, Entrepreneurship and Industry, Devika Vidot, and the United Nations Development Programme (UNDP) resident representative for Seychelles and Mauritius, Amanda Serumaga.
Mrs Serumaga, accompanied by a small delegation, presented to Minister Vidot some key initiatives underway by UNDP which could favour investment efforts in the long term in Seychelles.
She explained that UNDP, typically associated with environment, energy and climate SDG interventions, is now branching into economic assistance which can essentially benefit small developing island states.
One such economic-led initiative is an Investor Map where the scope of assistance covers conducting adequate research and market study in regards to specific sectors identified for development, assessing the type of eco-system required for these sectors to encourage investment, and defining necessary laws, policies as well as tax requirements affiliated to them.
Furthermore she elaborated on current efforts between UNDP and Seychelles such as the ongoing grassroot research to identify why MSMEs are avoiding certain business activities, depicting new Investment Opportunity Areas and recruiting UNDP young representatives locally.
She also spoke of a soon to be presented report on the National consultation held with Seychelles on Women and Trade.
Minister Vidot welcomed all initiatives stated by the UNDP resident representative, saying that they come at a fitting time for the Ministry of Investment, Entrepreneurship and Industry and indeed, government as a
whole, as the country pumps efforts into diversifying its economy, while having limited resources available, due to the trailing effects of Covid-19.
She highlighted that the support provided by UNDP will enable the
business community to do things smarter to yield higher returns and help boost private sector growth.
Minister Vidot was accompanied at the meeting by PS Michael Nalletamby.
Source: Seychelles Nation
