The Business End
THE BLEND OF English and French speaking locals further aids the country’s international scope when it comes to business development; an evolution that took shape in earnest following its independence from the UK back in 1976. Subsequently diversifying its global outreach from a solely agricultural makeup to become a truly multi-market economy, GDP output has risen exponentially almost every year since then, and the Seychelles now boasts the highest nominal per-capita GDP on the continent.
Since the global economic crisis in 2008, the country’s Government has gone to great lengths to preserve its status via a more concerted privatisation of enterprises; which in turn has leant itself to heightened interest from FDIs and the international business scene.
Similarly, the Seychelles has taken the opportunity to look ahead at this diversification trend and veer ever so slightly away from its natural tourism tendencies.
The Seychelles Tourism Board adds: “The Seychelles has taken the decision to diversify both in terms of its tourism markets and also in terms of its economic base, seeking ways to diminish risk of depending entirely on tourism by looking to explore the many exciting aspects of its Blue Economy and to fortify its offshore financial services sector which has already grown to represent roughly eight percent of GDP.
“As such, The State Bank of Mauritius and Al Salaam Bank Seychelles with headquarters in Bahrain are both opening branches in Victoria. A new residential complex, Pangea Beach, is also being opened on the outskirts of Victoria which will offer state-of-the-art facilities within a cocoon of luxury.”