The bilateral investment promotion and protection agreement (BIPA) with India will give a strong fillip to investment in a range of sectors in the Seychelles economy, said Seychelles President James Alix Michel, who is on a three-day tour to India.
Besides inking the agreement on investment, Michel and Prime Minister Manmohan Singh also had discussions on a wide range of bilateral issues, including expanding collaboration in anti-piracy operations.
Security and defence collaboration were the focus area of discussions between the leaders as Seychelles faces persistent threat of piracy that has adversely affected its tourism-centric economy.
The visiting leader said with an improvement in the balance of payments position and the signing of the investment protection treaty, investment opportunities had opened up for India in offshore oil exploration, fisheries, marine and aqua culture projects; renewable energy, eco-tourism projects; spare parts shops and construction material supplies; IT and ICT business and specialised restaurants. There is also scope for collaboration in higher education institutions in Seychelles with Indian universities, he said.
In order to enhance the air transportation connectivity and more frequent business exchanges between the two countries there was an urgent need to establish flights between Indian cities like Delhi, Mumbai and Chennai and Mahe, the President said .The negotiations later this month on the Bilateral Air Services Agreement will lead to greater people to people contacts and tourism.