In their different ways, these top men deliver an economic vision for growth in practical terms.
Left: Peter Sinon, Right: Pierre Laporte
Peter Sinon Minister of Investment, Natural Resources and Industry
“A stepping stone to Africa” is how Sinon sees his country’s strategic position in the Indian Ocean, particularly with respect to financial services.
Companies could be listed on the planned stock exchange to help with what he regards as “a major deficiency on this continent.”
Once perfected, he believes that this approach could be exported. “This is the best way we can contribute and play a role in the regional integration process.”
He’s also keen for individual Seychellois to be able to do business as easily as foreign investors, so “we are doing the utmost to make the private sector the dynamo that really drives growth,” whilst the government facilitates and regulates.
The challenge is to maintain Seychelles fisheries in pole position, despite the knock-on effects of piracy. With one of the deepest ports in the Indian Ocean and the largest tuna canning plant in the region, a development agreement with the European Union has been signed complete with project deadlines and allocated funds.
Pierre Laporte Governor of the Central Bank
Often credited with spearheading the reforms which have dramatically improved Seychelles’ fortunes since 2008, Laporte’s previous experience as an International Monetary Fund (IMF) economist gave him a good understanding of what was needed.
A key challenge was getting the Seychellois people on board, despite slashing the public sector workforce by 17 per cent and removing fuel subsidies overnight. Removing exchange controls produced 60 per cent inflation, which fortunately fell to single figures within three months rather than the nine anticipated. He’s introduced electronic funds transfers and automated cheque clearing but admits, “the banks need to work harder.” To protect Seychelles’ reputation, he’s taken OECD advice to strengthen laws, making anti-money laundering a priority with a financial intelligence unit that is tough on crime.Significant funds now flow into Africa from Asia and China and there are many opportunities for offshore banking, where the territory can make a difference.