Economic Transformation Strategy

CHAPTER 1 / INTRODUCTION Management of natural resources A further source of opportunities for Seychelles arises from its strategic location in the western Indian Ocean. This is well aligned with the emerging global focus on sustainable use and management of ocean resources. The country already has a successful oil bunkering industry, which benefits from the country's location on major shipping routes, and Seychelles could play more of a role in providing services for international transport. In the port, a quay extension and airport expansion will be essential components of an improved national infrastructure to ensure the future growth and stability of the economy. Seychelles has considerable opportunities to continue climbing the income ladder, especially given its rich natural biodiversity, which is of global significance. Seychelles has built a powerful brand linked to the abundance and beauty of its natural environment and resources, including its tropical islands, beaches and the ocean. With its EEZ ranking 71st out of 221 countries on the Ocean Health Index, the country supports some of the world's most pristine, diverse and productive marine ecosystems, through their full extent and condition are yet to be fully explored. Coral reefs encircle and protect most of Seychelles' 115 islands. Large seagrass beds on the surrounding plateaus are an important nursery for reef fish, invertebrates, sea turtles, and manatees. Fishing grounds are abundant and home to a wide variety of species. The opportunity is ripe for Seychelles to consolidate its regional, and even global, leadership status in the management and sustainable use of these resources. Government is aware of this opportunity and is moving ahead with its ambitious blue economy agenda. A national Blue Economy Roadmap has been developed and is line with the UN Sustainable Development Goal 14: Conserve and sustainability use the oceans, seas and marine resources for sustainable development. The use of renewable energy can bring about a positive impact in the development of the country and economic diver- sification by being efficient, environmentally friendly and creating employment opportunities as well as improving our energy security. Much needs to be done to ensure that the country robustly mitigates the impact of climate change but also finds innovative ways to adapt to the changes when they inevitably arise. Our rich and unique biodiversity is what makes Seychelles a paradise for living, doing business in, as well as visiting. Predetermined elements Seychelles enters the national planning process with sound knowledge that we face some predetermined elements which, by definition, are out of our control and are for the most part, fixed. Predetermined elements are relatively stable or predictable. It is given that they will play out in the future, though how they interact with and impact other variables remains uncertain. Population size is perhaps the main predetermined element. With a population estimated at 95,000 (including for- eign workers), Seychelles must keep in mind that a limited population can be both a strength and a weakness going forward. With the right policies and strategies, Seychelles can circumvent some of the drawbacks related to having a relatively small population. By the year 2030, Seychelles expects to have a population of approximately 104,000, in- creasing to just over 106,000 by the year 2035. Population size can, of course, be influenced by migration, both inward and outward, which will also influence the mix of people who are resident on the islands. • The size of the country's land mass poses the issue of limited land space for development. The nation is an archipel- ago of 115 tropical islands, some composed of granite and the rest of coral. The majority of the islands are small and uninhabited. The total landmass is only 459 km2, but the islands are spread over an Exclusive Economic Zone (EEZ) of 1,374,000 km2. About 90 percent of the total population of 95,000 live on Mahé, and nine percent on Praslin and La Digue. The island of Mahé makes up around a third of the total land area, and another third of the landmass is the protected and largely uninhabited atoll of Aldabra. Seychelles should therefore focus its efforts for economic growth on sectors which do not require large expanses of land for inception and development, and on the riches of the vast ocean in our EEZ. Moreover, there have been successful land reclamation efforts, but going forward there remains the need to balance these with environmental factors 29

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