Seychelles is both a land of potential and missed opportunities. Potential, because we are blessed with such a huge ocean, a land of great beauty strategically located in the SW Indian Ocean away from the natural disaster zones, blessed with a beautiful people who can master two of the world's most important languages. This would have been the recipe for success and development for any country. Unfortunately, this has not been the case and we are instead in an IMF-led Reform Programme.
We are a land of missed opportunities. In June we celebrated 34 years of Independence. It would be interesting to find out have many businesses were established before 1976 and to also go through their history. You would find a couple, but would also uncover stories of uncertainty, difficulties and hardship. The reason is very simple: The present government has never believed in allowing businesses to get on with what they know and do best. Instead it has been episodes of control, deliberate obstacles and a statement by the Governor of the Central Bank in New York this week sums it up. Mr. Laporte stated: 'Today Seychelles offers not only investment opportunities, but security for investors.' Isn't obvious that for these 34 years we have been groping in the dark? Mr. Mancham's letter in Thursday's Nation also illustrates the same point.
Investment in Seychelles has never been secure. Seychelles has had to face so many international arbitration cases, simply because investors were trying to get back their money. Presently there are at least two cases before US Courts where Seychelles is being sued because of the intervention of the FIU. All these cases show that there is a problem somewhere. If Laporte's intervention was meant to try and clear the name of Seychelles, we just hope it works.
The nationalisation process in the 70's meant that investors were not only robbed of their money, but caused them literally to run away and encouraged others to keep away. At one time all hotels in our country were state-owned, which led to near collapse of the industry.
The investment policies of the ruling party have never been clear. The red tape has been made purposely complicated so that corruption, fear and control could dominate. When in 1995, Mr. René came up with his Economic Development Act, granting immunity from prosecution to those investing more that 10 million dollars, Seychelles was placed on the black list of the investment world. The attempt to clear the tarnished image of Seychelles is belated and long overdue.
Our country has wasted too much time. The government has failed our people by taking too long to come up with the right investment policies. Unfortunately we are still stuck on this dirt track. Dishonest investors are still coming to our country and through the right connections, they are being allowed to use Seychelles as their HQ. Much is still being granted on the basis of personal privileges rather than on the basis of a clear investment code, which the SNP has championed for a long time.
We are a land of missed opportunities. In June we celebrated 34 years of Independence. It would be interesting to find out have many businesses were established before 1976 and to also go through their history. You would find a couple, but would also uncover stories of uncertainty, difficulties and hardship. The reason is very simple: The present government has never believed in allowing businesses to get on with what they know and do best. Instead it has been episodes of control, deliberate obstacles and a statement by the Governor of the Central Bank in New York this week sums it up. Mr. Laporte stated: 'Today Seychelles offers not only investment opportunities, but security for investors.' Isn't obvious that for these 34 years we have been groping in the dark? Mr. Mancham's letter in Thursday's Nation also illustrates the same point.
Investment in Seychelles has never been secure. Seychelles has had to face so many international arbitration cases, simply because investors were trying to get back their money. Presently there are at least two cases before US Courts where Seychelles is being sued because of the intervention of the FIU. All these cases show that there is a problem somewhere. If Laporte's intervention was meant to try and clear the name of Seychelles, we just hope it works.
The nationalisation process in the 70's meant that investors were not only robbed of their money, but caused them literally to run away and encouraged others to keep away. At one time all hotels in our country were state-owned, which led to near collapse of the industry.
The investment policies of the ruling party have never been clear. The red tape has been made purposely complicated so that corruption, fear and control could dominate. When in 1995, Mr. René came up with his Economic Development Act, granting immunity from prosecution to those investing more that 10 million dollars, Seychelles was placed on the black list of the investment world. The attempt to clear the tarnished image of Seychelles is belated and long overdue.
Our country has wasted too much time. The government has failed our people by taking too long to come up with the right investment policies. Unfortunately we are still stuck on this dirt track. Dishonest investors are still coming to our country and through the right connections, they are being allowed to use Seychelles as their HQ. Much is still being granted on the basis of personal privileges rather than on the basis of a clear investment code, which the SNP has championed for a long time.
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