Seychelles has created a new investment bureau which the government said is designed to speed up the realisation of proposed projects.

The Seychelles Investment Bureau (SIB) will attempt to centralise and coordinate the facilitation and promotion of investments into a one-stop concept, said the newly appointed chief executive officer of the bureau, Joseph Nourrice.

The Ministry of Finance's Investment Desk had previously played a central role in investment promotion in the form of foreign direct investment, with individual ministries like Tourism, Industry and Land Use retaining the responsibility for the realisation of projects falling under their domain.

The SIB, however, as a semi-autonomous executive arm of the President's Office, will take all of these responsibilities under its wing in an effort to cut down on bureaucracy and procedural snags.

The amount of procedures will be reduced tremendously, The SIB is also taking on the promotional duties of the Seychelles International Business Authority (SIBA), which will remain but primarily as a regulatory body. SIBA was previously subject to an uneasy conflict, as it had a mandate to promote and attract investment while at the same time act as a regulator.

But perhaps the largest task for the new bureau at its outset will be the creation of a new investment code for Seychelles. The code will describe what investment opportunities Seychelles has to offer and will also detail the different incentives available in different sectors
like tourism and fisheries.

The investment code will be the backbone for our marketing tools, , it will be like a guide for investors. The SIB will eventually operate from Independence House, but the offices there are being refurbished and will not be ready for another three months.

The bureau will in the meantime be located at the existing MIIB offices at the International Conference Centre building. The bureau can be reached at sib@seychelles.net or 00248-670200 as from uly 8, 2004.