Economic Transformation Strategy

CHAPTER 2 / BROAD STRATEGY FOR DEVELOPMENT Economic transformation Economic transformation is paramount in securing jobs, financial inclusion, poverty reduction and in boosting shared prosperity in accordance with our sustainable development goals. The nation will enhance the creation of gainful em- ployment opportunities, in order to increase productivity and empower our labour force. Innovative economy Science, technology and innovation (STI) are important drivers of economic development. The ability to create, dis- tribute and exploit knowledge has become a major source of competitive advantage, wealth creation and improve- ments in the quality of life. Some of the main features of this transformation are the growing impact of information and communications technologies (ICT) along with the rapid application of recent scientific advances in new products and processes. It is clear that science, technology and innovation are key to improving economic performance and social well-being. Seychelles is no exception to this global reality. STI will have to be further harnessed and adopted to meet national development needs, as Seychelles endeavours to become more engaged with the wider world. Environmental sustainability & resilience The Environmental sustainability & resilience pillar seeks to protect our natural environment, human and ecological health, while driving innovation and enhancing our quality of life. In this regard, Seychelles has long been a champi- on. However, it must be ensured that we stay the course, ensuring conservation, preservation and protection of our natural environment, while also seeking to further our development agenda. Increasing our energy and food security is also paramount to maintaining our resilience as we are currently almost entirely reliant on imported fossil fuels for electricity and imported food to feed our nation. The results framework for the six pillars will be presented in the annex. 39

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