With a major surge in the deadly coronavirus virus or COVID-19 and with numbers climbing continuously, the spread of this infectious disease is hindering border-to-border transactions. As a result, travel and shipping restrictions are being applied across the world. It is expected that it will have a huge impact on worldwide industries seeing as we all transact with one another.
In the case of Seychelles, the contribution to its economy depends primarily on the tourism industry. With annual projected increase in arrivals of tourists from all over the world, the breakout and rapid spread of the virus will undoubtedly show how significantly important it is that we do not rely entirely on a few sectors. There is therefore, a necessity for a country to have sustainable industries in an economy to buffer effects from external shocks.
COVID-19 alone has directly affected people’s confidence, keeping them at home, weary of discretionary spending, and doubtful about the future. It is evident that it has accelerated the application of technologies thus, making more room for online interactions. Many businesses, especially those offline, will now find it necessary to shift towards digital strategies if they have not already. Even the public sector is now using social media as a mode of communication. The Department of Industry and Entrepreneurship Development have, since its inception, been encouraging the public in general to thrive in these innovative and entrepreneurial spaces, within or outside outbreaks. Amid such crises, comes the need for entrepreneurs to recreate themselves, by innovatively finding new ways and means of doing things to help the Seychelles' economy.
Considering that Seychelles is a Small Island State that is already facing numerous constraints, we can exploit our current resources in a sustainable manner in order to manufacture more products and provide more services, through the development of entrepreneurial ventures. As part of Government’s further efforts to encourage local production and consumption, the upcoming Seychelles Made Brand, is placing great emphasis on the value and authenticity of local products. This National initiative will also serve as a chance to increase the use and production of local goods that have the potential to be used as import substitutes. Simultaneously, this will raise their quality standards thus, increasing their potential for exportation in the future. As a way forward, we need to understand and embrace the value of local goods including our fish, breadfruit, cassava, mangoes, golden apple “balye zig or fatak” to name a few.
Certainly, self-sufficiency would reduce impacts of a recession, as more industries and entrepreneurial activities would result in diversification. Entrepreneurs should therefore, need to start thinking on how to address the post-crisis world.
