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Seychelles has always relied on the ocean for fishing and related activities, and the Indian Ocean provides a foundation for economic activities such as
transportation, nutrition, tourism and other many marine ecosystem services.
In 2018, however, Seychelles launched a formal drive to develop the blue
economy and published a road map to set out the ways in which Seychelles will utilise its ocean-based resources in a sustainable way. The country aims to boost the contribution that it derives from the ocean to further the nation’s economic, social, cultural and environmental goals. The road map outlines four main pillars, including economic diversification and resilience; shared prosperity (creating new jobs and investment opportunities in ocean sectors); food security; and the integrity of habitats and ecosystems, sustainable use and climate resilience.
The blueprint will enable the country to protect its ocean from risks such as illegal fishing, marine pollution and the consequences of climate change. It will also strengthen effective ocean governance, allowing these opportunities to be fully exploited and the risks to be reduced. The blue economy provides an alternative economic model, governed by environmental preservation principles, that conceives the ocean as a development zone that incorporates conservation, sustainable use, resource extraction, sustainable energy production and transportation.
The government’s goals for the sector include managing and protecting the
coastline and the marine environment in a sustainable and responsible manner and promoting economic diversification in order to reduce dependency on other sectors. The government also aims to create jobs, ensure food security and boost investment in existing oceanbased economic sectors such as tourism, fisheries and shipping. Additionally, it aims to develop offshore petroleum and marine biotechnology industries to increase revenue receipts.
The sector is overseen by the Seychelles Fishing Authority under the aegis of the Ministry. Seychelles is collaborating closely with other nations with a similar interest in the blue economy, including Monaco and Mauritius. A meeting between the three nations, on the back of a shared marine expedition, was held in December 2022 to review progress and reaffirm their commitment to the goal of a viable and prosperous blue economy.
Market Potential
The government of Seychelles has taken several steps to demonstrate its
commitment to the growth of the blue economy, including setting up a Blue
Economy Department within the Ministry of Finance in 2015. Existing industries are also taking steps to upgrade their operations to meet the standards of sustainability required by the road map. There is a greater need in the industry for sustainable resource use, and for the new technology needed to transform existing industrial operations into more sustainable models.
The focus on the blue economy also comes with an attendant increase in the demand for surveillance systems to monitor and prevent illegal activity, as well as disaster risk management and adaptation planning to combat climate events.
Investment Opportunities
- Innovative financing models to support the blue economy, including blue bonds
- Sustainable exploration of the mineral potential of the blue economy
- Commercial transport infrastructure based on the blue economy
- Expansion in the artisanal, semi-industrial and industrial fisheries sectors
- Coastal tourism facilities and services.
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