Economic Transformation Strategy

CHAPTER 2 / BROAD STRATEGY FOR DEVELOPMENT GOALS AND STRATEGIES GOAL 1: A CAPABLE GOVERNMENT ABLE TO FACILITATE SOCIOECONOMIC TRANSFORMATION. Proper macroeconomic management is essential for creating a stable and enabling environment for socioeconomic transformation driven by the private sector and other stakeholders. Macro maintenance is important to further reinforce the prudent approach to fiscal management achieved since the 2008 crisis. The goal places emphasis on public finan- cial management (PFM) as a strategy to improve the functionality of the government. In order to achieve Vision 2033, significant reforms will have to be undertaken to ensure a conducive environment for all economic agents, particularly for MSMEs, and improve our ranking on the Ease of Doing Business index by 2033. Strategies 1.1: Establish appropriate legal, regulatory and policy frameworks. This strategy aims to modernise laws and regulations, improve capacity for policy development in ministries and agen- cies, address capacity constraints in the drafting and enacting of new legislations and streamlining bureaucratic pro- cesses. This revised framework will provide clarity, consistency and certainty in the regulatory environment. It will help in encouraging, rather than hindering, economic activities and ensure a facilitating policy, regulatory and institutional framework for economic development. 1.2: Develop a strong infrastructure which will contribute to the socioeconomic development agenda. High-quality infrastructure contributes to social and environmental goals, by improving access to public services, redu- cing negative environmental impacts and supporting the sustainable use of natural resources. Seychelles will require excellent infrastructure to achieve its goals of socioeconomic transformation. It is particularly crucial as the nation is highly dependent on tourism and aspires to become a leading blue ocean economy within a generation. Improvements to transport, telecommunications, water supply and roads would help to integrate economic activities across its various islands and with global markets by enhancing the efficient movement of people, goods, services and information. 1.3: Promote efficiency, access and participation through the digitisation of the economy. The introduction of FinTech in Seychelles would serve to place the country in a more competitive position. The opera- tionalisation of FinTech will bring about several benefits, including enhanced and more tailored banking services with possible decrease in transaction costs and higher compliance standards to ensure that the jurisdiction remains interna- tionally credible and whitelisted. GOAL 2: THE STRENGTHENING OF EXISTING ECONOMIC SECTORS FOR HIGHER RETURNS AND SUSTAINABILITY. As the main pillar of Seychelles' economy, we recognise the importance of the tourism sector as well as the other major sectors and the critical role they play in the Seychelles' economy. This goal focuses on improving and strengthening these industries while simultaneously encouraging sustainable and environmentally-conscious practices and the ame- lioration of yields through greater value addition. Strategies 2.1: Promote high value products that are able to compete on the global market. This strategy aims to continuously promote existing sectors of our economy while embracing new technology through the use of ICT in the tourism sector, and improving value addition by promoting linkages with local producers across various industries. Sustainability issues will be given due priority by providing support to ensure certification and expan- sion of the sustainability label in the different industries. 69

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