Obviously the Seychelles' economy is supported by tourism. The tourist industry accounts for 70% of the country's foreign income. Apart from Tourism the Seychelles export canned tuna in large quantities (in 1995 Heinz purchased the local canned tuna factory), frozen shrimps, and various other fish (frozen or fresh), cumin, etc.
Apart from the exports the development of the Seychelles as an International Business Centre has offered further support to the economy of the country. The International Business Centre (IBC) programme includes
The International Seychelles Free Trade Zone
A legal structure for the incorporation of International Trusts
Offshore Companies
The expansion of financial services to offer support to international trade and business
The registration of ship vessels under the Seychelles Flag

The Seychelles' Economy has an exceptional infrastructure and offers many advantages such as:
Geographical and stable climate (cyclone free zone)
Favourable time zone (GMT +4)
Deepest Sea Port of the region
Modern Airport
Reputable, Efficient and Modern Banking System
Advanced & International Telecommunications
Stable Currency
Low Inflation
A Healthy and Educated Workforce

The International Business Companies Act 1994 introduced by the Seychelles Government provide for one of the most modern and flexible legislation governing the formation and operation of offshore companies.

Taking into consideration the enactment of this Act and the above factors which contribute to the infrastructure of the country there are the basis for reliable investments in the Seychelles. The parties interested may seek professional advice from the Seychelles Development Bank (SDB) or the Investment Bank.

The financial sectors that are proposed for investment by the bank are:


INVESTMENT OPPORTUNITIES

The Seychelles offers a variety of investment opportunities in various industries such as:-

a)Agriculture: This industry accounts for 5% of Seychelles GDP and the country is a net importer of fresh produce. A series of motives are offered such as machinery and other items that can be imported into the country free of any duty tax. Also, the declared farmers at the Ministry of Agriculture enjoy a tax-free income scheme.
b) Research Farms: Through this process, the Ministry hopes to develop the cultivation of non-traditional crops such as watermelons, cantaloupes, mandarins and tangerines. The sector is thus geared for growth and the Ministry welcomes private investment, confident of the scope not only to meet local demand but also for exports. Already, the local cinnamon, coconuts and vanilla are generating international interest since they are produced without any chemical additives or insecticides.
c) Livestock: While fresh fish remains the preferred option, the tourism industry and the changing lifestyle of the local population have resulted in a higher consumption of other forms of meat. The farming of chicken for both eggs and meat has been very successful. Pork production is an area that has seen considerable development over the last 20 years. Traditionally, pigs were fattened in a domestic situation and the meat consumed on special occasions. In the 1980's for hygiene reasons and environment protection, the activity was licensed and controlled. Since then the concept of pig farms for the commercial production of pork has been encouraged. While the methods are proving to be successful, production is inadequate to meet local demand and there is scope for more pigs and better technology.
d)Animal feed factory: The Ministry of Agriculture controls the gene source of pigs, chicken and cattle, the breeding and fattening of livestock is privately managed. Cattle farming are insignificant and the majority of the beef is imported, while milk imports represent 98% of local demand. The Ministry of Agriculture is keen to promote the farming of cattle for meat as well as birds such as ducks and turkeys in order to reduce the country's dependency on imports.
e) The fishing industry is the largest foreign exchange earner after tourism for the economy of Seychelles. Industrial fishing for tuna and tuna-like species is carried out in deeper waters offshore by a combination of foreign and locally owned vessels. The fishing of lobsters is permitted for restricted periods of the year in order to preserve the stocks. Apart from local demand, this sector is contributing increasingly to exports. The Seychelles Fishing Authority (SFA) carefully monitors this industry in order to prevent over-fishing. Despite the number of vessels currently licensed, the SFA is of the opinion that there is scope for more long-line fishing activity, in particular long-liners targeting deep-swimming tuna and swordfish. The cultivation of pearl oysters has generated great interest both locally and abroad since research indicated abundance of pearl oyster spat.

ECONOMY
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