Representatives from organisations in the public and private sectors as well as parastatals were this week enlightened on the elements and objectives of the proposed Common Investment Area, being promoted by the Common Market for Eastern and Southern Africa (Comesa).

The presentation on the Comesa Common Investment Area (CCIA) was conducted by Mr Veepin Bhowan, one of the two delegates from Comesa who were on a working visit in Seychelles to promote the CCIA and its subsequent framework agreement. Mr Bhowan, who is from Imani Consultants (Mauritius) Ltd, was accompanied by Mr Watipaso Mkandawire, the Task manager for CCIA.

The presentation was done during a half-day symposium held in the training room of the Ministry of Foreign Affairs.

The objective of establishing the CCIA is to enable the region to attract greater and sustainable levels of foreign direct investment (FDI) through the creation of an international competitive investment area which allows the movement of capital, labour, goods and services across the borders of member states.

The CCIA makes provisions for the implementation of deregulatory measures including a one-stop investment approval authority, time limits for the approval of investment applications, adoption of an investment code to provide transparency, dual taxation agreements among others.

The setting up of the CCIA is seen as useful since national markets in most Comesa countries are considered too small to attract investment on their own, compared to regional market which has more consumers, hence more purchasing power.

During the presentation the stakeholders got a broad insight into the implications the CCIA will have on investment strategies and production activities in the region when implemented.

Mr Rupert Simeon, the director of Investment Desk at the Ministry of Finance, told Business Nation that the CCIA could be the stepping stone for Seychelles to enter into regional trade liberalisation.

The meeting with the Comesa delegates, he said, was an opportunity for the stakeholders to address their concerns before proceeding to the next step of negotiations prior to signing the investment agreement.

When he was launching the seminar, Mr Joseph Nourrice, principal secretary in the Ministry of Industries and International Business, pointed out that the symposium came at an opportune time given that the government was in the process of mapping out the country's future.

"Seychelles is a small country with its own specificities. As a policy objective government is committed in attracting foreign investment that fosters wealth creation, the promotion of linkages between investors and the local SMEs (Small and Medium Enterprises) employment creation, technology transfer, export promotion and international marketing among others," Mr Nourrice said.

Over the last two years, Comesa, with a market of over 300 million, has seen an increase in foreign direct investment, Mr Nourrice said. The creation of the CCIA, he added, would complement our strategy for economic diversification and enhance our ability to attract FDI especially in the offshore and financial services. 

The symposium was attended by representatives from Seychelles International Business Authority (SIBA), Seychelles Fishing Authority (SFA), Seychelles Chamber of Commerce and Industry (SCCI), the ministries of Land Use & Habitat, Industries & International Businesses, Economic Planning, Tourism & Transport, and Finance. 

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