Industry is the part of the economy that is concerned with the processing of raw materials and manufacture of tangible goods. Industry generally uses the output of the primary sector and turns into secondary to tertiary finished goods or products to a point where they are suitable for use by other businesses, for export, or sale be it for domestic, regional or international consumers.
Industrial Development comprises the building and growing of industries, including mass production, technological advances and other services. As a key contributor to the rapid growth of an economy, Industrial Development and industrialization improves standards of living by the rise in income, and therefore, increase in savings, investments and spending. The Industrial Development of any country therefore, is pivotal due to the employment opportunities it generates, and the advancement of innovation and technology it involves.
Seychelles industrial path takes upon the commitments that have been made on the United Nations Industrial Development Organization (UNIDO), African Union , Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA) fronts.
Seychelles have established the Industrial Land Allocation Point system which allocates industrial land in a fair and transparent manner to industries. Additionally, there exists a Policy on reclamation of industrial by private Individuals which allows those individuals to reclaim their land, rather than the Government providing it. In order to boost consumption and purchase of locally produced products, a National Seychelles Made Brand will be introduced in 2021 to empower local products. The Seychelles One District One Project is another initiative to boost the economic and industrial development of the country. The aim of the project is to make available operating spaces in terms of workshops and sales outlets including technology production in all districts.
The World Economic Forum characterizes the Fourth Industrial Revolution (4IR) as the fusion of technologies that is blurring the lines between physical, digital and biological spheres. As such technologies are quickly becoming the driving force for the 4IR, there is thus, the increasing need for the adoption of IP as more companies and even countries embrace creativity and innovation. The role of Intellectual Property Rights (IP) as determined by the World Intellectual Property Organization (WIPO) is pivotal in businesses as it safeguards and rewards groundbreaking effort to modernization.
After being re-admitted into the Southern African Development Community (SADC) region in August 2008, Seychelles has been active in intensifying its efforts for regional development and cooperation. One recent mechanism put in place for such purpose is the SADC Industrialization Strategy and Roadmap (SISR) which sets out areas of cooperation at regional level to build diversified and globally competitive industrial base and economies.
Building on this Strategy and Roadmap is the development of the regional Protocol on Industry which is expected to strengthen Seychelles economy and ensure that it is driven by industrial development and not based on exports of raw materials solely.
In order to achieve the objectives of the Protocol, Member States have to cooperate on industrial matters by developing prioritised emerging regional value chains, promoting value addition of goods and process within the region and jointly mobilising resources to support industrialisation.
The Cabinet of Ministers approved for the signature of the Protocol in October 2019, and the Seychelles National Assembly in May 2020. The below poster outlines the key benefits for Seychelles and its businesses from the SADC Protocol on Industry.