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* Offshore sector paves future road mapThe two-day session, organised by the Seychelles International Business Authority (Siba), has brought together officials from the Ministry of Finance and the Central Bank, commercial banks and local offshore service providers.
The forum was held at the Fisherman`s Cove Hotel at Bel Ombre.
Siba managing director Ahmed Afif said the aim of the forum was to allow all stakeholders in the offshore industry to share ideas and decide on a way forward, to hopefully be summarised with a strategic document that can be used as a blueprint.
He noted that a similar exercise was carried out 12 years ago, when the government tabbed offshore services as a potential "third pillar" of the economy, next to tourism and fisheries.
Since then a lot has happened, he said, mentioning the numerous pieces of legislation to be passed to regulate the offshore industry, as well as the completion of nine international tax treaties - the latest with Mauritius - and others currently being negotiated.
With estimates indicating that the offshore sector is turning over some US $20-30 million at least, it was time to step back and look what needed to be improved or added to allow Seychelles to grow as an offshore destination, Mr Afif said. Siba is only part of the big chain that brings business.
Opening the forum, Minister for Economic Planning and Employment Jacquelin Dugasse reiterated that stakeholders needed to interact to keep abreast of constant changes in the offshore industry.
He said that despite its small size and other limitations, the Seychelles offshore industry had managed to succeed over the past decade, citing 20,000 international business companies registered in all, and a 40 percent growth rate over the past three years alone.
Two international consultants are attending the forum, led by Roy Rohatgi, who is moderating the discussions. Mr Rohatgi is an economics graduate from London University and a fellow of the Institute of Chartered Accountants of England and Wales and India, and has been in the profession for more than 40 years.
The other is John Goldsworth, a long-time consultant for Seychelles' offshore sector whom Minister Dugasse called a key player for the local industry.