The Coronavirus or COVID-19 pandemic has undeniably affected business activities and will continue to do so for some time depending on the sector. The uncertainty for those who are business owners has prompted the Seychelles Government and other authorities to intervene with the aim of lessening the negative impacts on them as well as the economy. These measures however are spread across Departments or Agencies and several businesses may get access to some but not all.
The SADC Industrialization Strategy and Roadmap (SISR) was adopted at an extra ordinary summit held on the 29th of April, 2015 in Harare, Zimbabwe. This was following the SADC Heads of State and Government’ endorsement of the August 2014 Summit Theme: “SADC Strategy for Economic Transformation: Leveraging the Region’s Diverse Resources for Sustainable Economic and Social Development through Beneficiation and Value Addition”. The aim of the strategy and roadmap is to achieve major economic and technological transformation at national and regional levels to accelerate economic growth through industrial development.
In October 2019, the Department of Industry and Entrepreneurship Development sought the approval of the Cabinet of Ministers to join the SADC Protocol on Industry, the legal framework which sets out the areas of cooperation under the SISR to build a diversified and globally competitive industrial base and economies. Following approval from the Cabinet of Ministers, the Leader for Government Business on 6th May 2020, presented the SADC Protocol on Industry to the National Assembly.
Seychelles Entrepreneurship Policy Framework
In early 2019, the Department of Industry and Entrepreneurship Development requested for the United Nations Conference on Trade and Development (UNCTAD) to assist in installing their Entrepreneurship Policy Framework in Seychelles realizing that when designing the entrepreneurship policy “one size does not fit all”. The call was promptly and positively responded to and kicked off with a survey coordinated by the Department with key public sector, private sector, academia and non – governmental organization’s representatives.
UNCTAD’s Entrepreneurship Policy Framework aims to support policymakers in the design of initiatives, measures and institutions to promote entrepreneurship. It sets out a structured framework of relevant policy areas, embedded in an overall entrepreneurship strategy that helps guide policymakers through the process of creating an environment that facilitates the emergence of entrepreneurs and start-ups, as well as the growth and expansion of new enterprises.
As defined by UN an entrepreneur is ‘an individual who identifies opportunities in the marketplace, allocates resources, and creates value. Entrepreneurship—the act of being an entrepreneur,—implies the capacity and willingness to undertake conception, organization, and management of a productive new venture, accepting all attendant risks and seeking profit as a reward.’
Entrepreneurship is very vital to a country’s economy; it generates revenue, drives employment and innovation. Entrepreneurship dynamics can be tied to conditions that promote or hinder new business creation; this is also known as the entrepreneurial ecosystem. Therefore, an Entrepreneurship Policy Framework is a key element to an entrepreneurship ecosystem as it is made up of pre requisites, conditions, resources, markets and incentives, regulations and supporting institutions to support and spearhead the establishment and growth of new businesses.
In late 2019, the Department of Industry and Entrepreneurship Development (DOIED) solicited the support of the United Nations Conference on Trade and Development (UNCTAD) to assist in developing the Seychelles Entrepreneurship Policy Framework. Simultaneously, the Department initiated a survey to assess the state of entrepreneurship understanding in Seychelles. DOIED launched the survey digitally at the “My First Job Scheme” Recruitment fair that was held on the 26th February 2020 organised by the Department of Employment.
