Economic Transformation Strategy

CHAPTER 2 / BROAD STRATEGY FOR DEVELOPMENT Mainstreaming sustainable development involves the informed inclusion of sustainability concerns into national deve- lopment policy and plans which are better and more coherent. More efficient planning fosters technological innovation and seeks novel ways to improve productivity, resilience and the adaptive nature of human systems. Such mainstrea- ming depends upon a change in mind set and approach, with more stakeholders working together towards the vision and seeing how linkages may be achieved to bring about the desired outcome with the best possible benefits to society and the environment. As a result, the government is committed to providing unwavering support for the implementation, monitoring and eva- luation of an inclusive, progressive and people-centred STI policy and strategy initiatives. The formation, approval and gradual implementation of the necessary institutional infrastructure will bring about this transformation and enhance the relevance of STI to the people. This began with the creation of the National Institute for Science, Technology and Innovation (NISTI) in 2014. The institute is mandated to formulate a focused roadmap in the form of a policy and strategy for 'Science, Technology and Innovation for Seychelles 2016-2025' with an action-oriented, medium-term plan covering 2019-2023. To successfully accomplish mainstreaming efforts, planned and adequate funding for R&D will need to be ensured and indices developed to monitor and measure the impact of STI initiatives on the socio-economic of the beneficiaries. A baseline (2017) of 0.4 as a percentage of GDP for gross expenditure on research and development (GERD) was establi- shed. This would aid towards establishing a proper funding mechanism for investment and development which would better inform the government of prevailing funding gaps in this sector. GERD is expected to increase by one percent in 2020 and will be further increased to two percent by 2025. This is to be realised through the 10-year National STI Capacity and Research Infrastructure Development Plan" formulated and being implemented by NISTI and the National Research Fund. STI creates opportunities, promotes a conducive socioeconomic environment, encourages investment and improves living standards. Despite this, to date, the benefits of STI are deemed not to be sufficiently reaching the people where it really matters. STI initiatives are not always focused towards the population's needs. People's recurrent and pervasive issues, such as cardio-vascular ailments, obesity, cancer, substance abuse, breakdown of the family structure, invasive species impacting the environment and everyday life, traffic congestion and personal financial constraints do not always get the right priority and funding for research. Of late, the Republic of Seychelles has taken the strategic initiative of focusing on economic diversification through the development of its blue economy. The concept is one of critical importance to small island states such as Seychelles as it stresses the need to sustain and protect terrestrial, coastal and marine ecosystems. To ensure that the sector's true importance is recognised, the University of Seychelles established the Blue Economy Research Institute (BERI). The institute's core mandate entails the creation of a regional, knowledge-based network which would aid in facilitating partnership and research, advance sustainability initiatives, and identify and coordinate opportunities for collaboration between local and international research partners. The institution focuses on several blue economy research develop- ment areas, including specific strategies and case studies, socio-cultural issues, ocean governance and ecosystem change and modelling. As a result of Seychelles' adoption of the blue economy concept, one of the fundamental changes in perspective being projected to the world is nation's transformation from being viewed as a small island developing state (SIDS) to a large blue oceanic economy, with diverse and ample maritime resources for sustainable exploitation and development. Ma- king this shift will require significant investment, trained and able human resources as well as an intense national focus on related research, science, technology and innovation in full recognition of SDG 14: To conserve and sustainably use the oceans, seas and marine resources for sustainable development. 62 62

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