Seychelles’ dedication to environmental conservation is unleashing potential in every sector, transforming the country into a haven of research and investment opportunity while protecting the earth.
At the Blue Economy conference in Mozambique, Seychelles President Danny Faure gave a speech that focused on the importance of the world’s nations coming together to conserve the ocean and protect our future. He said, “Our ocean is our most precious resource. We recognise not just its vast potential, but also the fragility of its ecosystems and the need to preserve it for future generations. The ocean is the beating blue heart of our planet.”
Blue Economy is an economic initiative focused on best practices for business while ensuring sustainable utilisation of ocean and marine resources. Blue Economy permeates every sector in Seychelles, creating an entire economy that protects the ocean. Amb. Barry J.J. Faure, Secretary of State of Foreign Affairs and of the Blue Economy, states, “Blue Economy is the key: not only for island states and coastal states but for states that have waterways.”
Seychelles has introduced a new financial tool to raise capital to finance ocean-based projects that have positive environmental, economic and climate benefits: the blue bond. Vice President of Seychelles, Vincent Meriton, says, “The blue bond is one of the world’s most innovative financial instruments in recent years. The bond, which raised USD$15 million from international investors, demonstrates the potential for countries to harness capital markets for financing the Blue Economy.” The blue bond is set to help the Seychelles’ government save over USD$8 million in interest charges over the next ten years.
Blue Economy has an impact on almost every sector: fisheries, agriculture, renewable and tidal energy, pharmaceutical, petroleum and gas. In addition, Seychelles has become an ideal place for research, not only in the sense of exploring the ocean and its riches but as an experimental market. For example, telecom company Airtel chose Seychelles for its first geographic expansion, implementing the country’s submarine cable project and establishing international connections from Seychelles to the African continent.
Movements toward ocean conservation and sustainable development of sectors can have quick and positive results for the economy. Seychelles has positioned itself as a pioneer, demonstrating to the world that sustainable development is not just a dream–it can be a reality.