President James Michel met with Professor Joseph Stiglitz, an American economist and 2001 recipient of the Nobel Memorial Prize in Economic Sciences, at State House this morning. Professor Stiglitz will be participating in sessions leading to the African Export-Import Bank (Afreximbank) Annual General Meeting (AGM) which will take place in Seychelles on Saturday 23rd July 2016.

President Michel underlined the importance of Afreximbank’s meeting in Seychelles to promote import and export opportunities in Africa. Commenting on Professor Stiglitz’ participation, he stated “We are confident that we will benefit from the ideas you will be sharing with us during the various sessions.”

During the meeting, Professor Stiglitz expressed his admiration at Seychelles’ development model which he described as an exemplary model for all countries. He commended the leadership role of President Michel during Seychelles’ economic reform and in the fight against piracy in the Indian Ocean.

They also discussed the promotion of the Blue Economy as a viable economic strategy for at national, continental and global level.

In an interview with the national press, Professor Stiglitz said he will be talking about challenges of African development pertaining to the transformation of the African economy.

“Today is a real moment of opportunity for Africa […] as Africa is becoming more competitive […]. The question is what can Africa do to seize this ‘unique moment of opportunity’ to take advantage of industrialization, economic transformation and raise the standard of living of people in Africa”, he added.

The Minister for Finance, Blue Economy and Trade, Mr. Jean Paul Adam, the Governor of Central Bank of Seychelles, Ms. Caroline Abel and the President's Diplomatic Adviser, Ambassador Callixte D'Offay were also present at the meeting.