VICTORIA, Seychelles — Land scarcity, strict banking regulations and the move away from cheques were the top concerns raised by the private sector during the first Joint Economic Forum (JEF) meeting held yesterday at State House. The private sector highlighted the urgent need for land to grow their businesses, saying this remains the most pressing challenge.
Principal secretary in the Ministry of Investment, Entrepreneurship and Industry, Michael Nalletamby, explained that the government used the opportunity to share what actions are being taken to remedy the situation. Efforts include the major East Coast reclamation project, which will create between 320 and 330 average-sized plots of 800 square metres of industrial land on two separate reclamations. One part of the project, near Ile Aurore, will provide additional space for commercial use. The Environmental and Social Impact Assessment report for the project, carried out by Eco-Sol Consulting Ltd Seychelles, was published online yesterday.
Another concern was related to banking requirements and digital payments. Businesses pointed to the challenges caused by Know Your Customer (KYC) requirements, stemming from Anti-Money Laundering and Countering the Financing of Terrorism laws. Vice-chairperson of the Seychelles Chamber of Commerce and Industry (SCCI), Louana Pillay, said there is worry in the private sector about the move towards a fully digital economy. The JEF was formalised on May 6 and is meant to provide a permanent space for dialogue between the government and the private sector, with eight rotating representatives chosen based on sector relevance and transparency.
