Welcome Remarks- A Wealth of Opportunities for the Middle Eastern Market - President of Seychelles, Mr. Wavel Ramkalawan
29 October 2021 | Finance
Distinguished Guests, Ladies and Gentlemen, Good Afternoon,
It is an immense pleasure to welcome you here today on the Dubai scene to the first financial services business conference being hosted in the UAE by the Government of Seychelles, the Executive Board of the Seychelles Investment Bureau (SIB) and the Financial Services Authority (FSA) Seychelles,
The conference will highlight the wealth of opportunities within the financial Services sector and how UAE investors expanding into Africa can maximise returns in Seychelles. We are indeed pleased that some of our eminent speakers from the industry, in the different fields of expertise are present here today to lead discussions on the various topics highlighted.
The Seychelles, as a small island developing state, strategically placed as a perfect platform and gateway for investment into Africa and Asia, is a tale of rapid growth and resilience with a well-educated population of less than 100, 000 inhabitants. We are truly a melting pot of cultures, living as a real rainbow nation . The Seychelles enjoys one of the highest standards of living in Africa and, with its ideal climate and quality of life, has drawn and developed a pool of highly talented professionals to deliver expert services to international clients.
Due to our unique history, the island has a hybrid legal system, combining both English Common Law and the French Napoleonic Code. Having a legal system with such flexibility provides the jurisdiction with a competitive advantage, in allowing it to offer investors innovative structures to meet the needs of companies.
Enhanced by a robust regulatory and compliance framework, the island’s wide-reaching domain includes banking, insurance, company registration, trust, foundations, investment funds and securities. Its status as a leading provider of sophisticated international financial services is well justified as this array of financial services is supported by excellent support mechanisms, including secure telecommunication infrastructure, a robust legal and fiscal environment, and political and economic stability.
The regulatory environment of the Seychelles has been carefully developed through a partnership between the public and private sectors, supported by policies, that actively foster and promote growth of the country. In a nutshell, we have in place the necessary footing for good economic development.
Seychelles, like many other well-regulated and respected international financial centres, have long been a jurisdiction of tranquility and of careful and constructive development. The regulatory environment of the Seychelles has been prudently developed allowing the island to find the right balance between the international requirements of global best practices and the needs of international businesses and investors.
To support international obligations and gain greater credibility, the Seychelles has committed itself to compliance with several other international organisations; namely, the International Organisation of Securities Commission (IOSCO), Committee of Insurance, Securities, and Non-Banking Authorities (CISNA), Financial Action Task Force (FATF), European Union (EU), and the International Association of Insurance Supervisors (IAIS). We recognise the inevitability that greater international activities would bring greater international responsibility, and we have been innovative in developing workable and acceptable policies to uphold our adherence to international norms and best practices.
The country has rapidly become an internationally recognized pace-setter. We have diversified our tourism markets, thus its economic base while exploring new avenues to fortify the non-banking sector.
The Seychelles Financial Services Industry is being shaped and pushed as a result of gathering momentum of new legal frameworks, improving existing ones, and embracing new philosophies that will work alongside new and cutting edge digital innovations such as Fintech and the block chain exchange. The FSA Seychelles is today re-branded, with a clear vision to bring about the necessary compliance, but more importantly the transformation and growth through extensive research and development, so that it can continue to serve and regulate this sector and meet the needs of our investors.
Considering the past and the current position of the Seychelles, the unrelenting ambition of the Seychelles government and the island’s industry practitioners to expand its current horizons and activities, it is not unsurprising that our country is very ambitious in the promotion of this area of investment. However, in expressing the commercial and financial attributes of the Seychelles, the beauty of the country should not be overlooked. We are not just turquoise waters and white sandy beaches. We are much more. Seychelles is a place where you can live, work and play. It’s not just paradise but paradise filled with opportunities.
To this end, we look forward to you participating in the presentations and discussions to address the positive transformation of the financial services in Seychelles.
I wish everyone the very best.