Economic Transformation Strategy

CHAPTER 2 / BROAD STRATEGY FOR DEVELOPMENT PILLAR 4: INNOVATIVE ECONOMY Investment in science, technology and innovation (STI) is imperative for economic development and social progress. STI plays a critical role in furthering the transition to a "knowledge-based and innovation driven economy" for sustainable development. The latter is to be realised by also taking into account the commitments of the Republic of Seychelles to the SDGs, also referred to as Agenda 2030, specifically SDGs 4, 7, 9, 14 & 17 as well as the African Union's Agenda 2063, most notably aspirations 1, 2 and 6, which are primarily geared towards the promotion of STI through use of mechanisms such as education. STI has for many years been recognised as a key driver of economic growth and human development. Innovation, by means of scientific discovery and the creation of new technologies, serves as a key element in augmenting international competitiveness for any nation. Likewise, research and development (R&D), which refers to the process of creating new or improving technology, helps in contributing to increasing the competitive advantage of businesses, industry or society as a whole. An analysis of the local situation in Seychelles indicates that while there a multitude of research is being carried out, access to the research findings is often limited. This is exacerbated by the absence of a central repository to store datasets and reports. In addition, the lack of a governing body impedes the flow of funds for research under- takings, hinders the publication of research and heightens the tendency for duplication of work. To make the situation worse, although relevant research is being carried out, utilisation of the findings for the development or improvement of products and services is in most instances lacking. STI is steadily moving away from a set of buzzwords and technical jargon, incomprehensible to non-scientists, to a tangible means for the betterment of people's lives due to its influence in the progression of other sectors such as edu- cation, health, social welfare and behaviour, environmental conservation, and finance. STI is cross-cutting and pervasive in all ministries, departments and agencies of the government, as it also is in the private sector and civil society. In fact, STI is a vital contributor to all areas of socioeconomic development. However, to ensure the optimisation of socioecono- mic impact and the highest returns on the investment of Seychelles' scarce resources, a general focus on some critical sectors that will be targeted in the first five-year NDS is shown in the table below. Blue economy Education Areas of focus for STI Social Tourism Private sector Fisheries Environment Cleaner energy Agriculture and food security Health ICT Governance 61

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