January 13 2012 -- President James Michel has chaired the first meeting of the newly-created National Economic Council at State House this morning.
The Council discussed a range of issues, proposed by Council members, on measures related to economic development.  These included:

-    the need for stricter local fiscal and monetary discipline as the world economy experiences turbulence;

-    diversification of tourism markets and products;
-    banking support to entrepreneurs;

-    encouraging local farmers to meet the needs of tourism establishments for local agricultural produce;

-    strengthening local businesses to make them more competitive;

-    better support for local industries;

-    better scrutiny of public sector enterprises;

-    the need for a better, more disciplined and accessible taxi service;

-    the need for more efficient land transport, particularly traffic flow within Victoria;

-    the need for better monitoring and control of customs declarations.

The President addressed the council members concerning the development of sound economic policy, which he said should consider the impact of economic decisions on employment and social welfare in society.

" It has been shown that unbridled neoliberal approaches to economic development tend to widen the gap in incomes, and generally work to the benefit of those who already wield economic power. It is the priority of my Government to ensure that Seychelles continues on a path of economic growth that fairly benefits all Seychellois.  This is a goal that we must never lose sight of.  Our economic cake must not only be bigger, but we must also ensure that it is shared fairly," said the President.

The President noted that economic policy would need to stimulate more business activity and get more Seychellois involved in entrepreneurship, who would in turn need more credit facilities from banks. The President added that the banks need to be proactive and cater for 'easier credit' for both large and small businesses.

Mr. Michel said that the raison d'être of this National Economic Council is to shape an economy that reflects the values of the state and benefits all of its citizens.

"We need an economy that reflects our democratic principles of social justice, and not one based on technical considerations alone.  We need an economy that empowers and benefits our people and puts their interests first.  My Government will continue to improve the policy framework that will enable all economic actors to feed the engines of productivity and economic growth."

The President emphasised the need to work together, across our organisations, in smarter and more innovative ways that serve the national interest.
"Seychelles is too small for myriads of little empires, where getting simple things done finally takes just too long and costs too much. We must always put Seychelles first! We must keep on striving for our New Seychelles!"


Editor's Note

-    The Council has the function of advising Government on the best economic policy for sustainable national growth and development.
-    The Council will meet monthly to discuss matters raised by its Members, or referred to it by the Government.  
-    The Council may commission and analyse such data and information as may be required to enable it to advise Government on suitable economic strategies, and to determine the extent to which existing national programmes meet strategic economic objectives.

-    Members of the NEC are:

President James Michel- Chair
Vice-President Danny Faure- Vice-Chair
Minister Joel Morgan - Minister of Home Affairs, Environment, Transport & Energy;
Mr Pierre Laporte - Governor of the Central Bank of Seychelles;
Dr V Ramadoss - Chairman of the Seychelles Chamber of Commerce & Industry;
Mr Conrad Benoiton - Managing Director of Appleby, a company specializing in Financial Services;
Mr Brijesh Jivan - an Investment Advisor in the private sector;
Mr Ahmed Afif - Principal Secretary for Finance & Trade;
Mr Patrick Payet - Deputy Comptroller-General;
Mr Steve Fanny - CEO of the Seychelles International Business Authority;
Mr Michael Benstrong - CEO of the Seychelles Savings Bank;
Mr Alain St Ange - CEO of the Seychelles Tourism Board;
Mr Louis D'Offay - Chairman, Seychelles Hospitality & Tourism Association (SHTA);
Mr Glenny Savy - CEO of the Islands Development Company (IDC);
Mr Walter Labrosse - General Manager of Laxmanbhai & Company;
Mr Michel Mellie - Principal Statistician, National Bureau of Statistics;

Mr Mohammed Afif, Secretary of State for Cabinet Affairs, is the Secretary to the NEC, whose Secretariat is based at the Cabinet Office.

Remarks By President James A Michel