Seychelles is entering a new phase of economic development, with the blue economy emerging as a major frontier for investment, diversification, and sustainable growth, according to Hon. Wallace Cosgrow, Minister of Fisheries, Agriculture, and Blue Economy. In this exclusive interview, Cosgrow reflects on Seychelles’ economic evolution, the growing importance of fisheries and agriculture, and the opportunities available to investors as the country seeks to make greater use of its natural resources while protecting its fragile environment.
From a Traditional Economy to a Modern, Service-Oriented Nation
As Seychelles reflects on five decades of independence, Cosgrow sees a country that has undergone significant economic transformation. The economy has evolved from one that relied heavily on agriculture and fisheries into a more diversified, service-oriented economy in which tourism, fisheries, and financial services all play important roles.
“Seychelles has grown and has been able to achieve economic stability, economic development through an evolution of the economic sectors that have become more important over the years,” he explains.
For Cosgrow, this evolution has also been accompanied by an ability to adapt to technological change. Seychelles may be a small country, he says, but it has developed into a modern society prepared to embrace new technologies and new ways of doing business.
That capacity for adaptation is increasingly important as the country looks beyond its established economic pillars and toward new opportunities for growth.
The Blue Economy as Seychelles’ Next Frontier
Tourism remains the cornerstone of the Seychelles economy, but Cosgrow believes the blue economy represents the country’s next major frontier.
“The blue economy represents the next frontier, the future for Seychelles. Fisheries value addition in fisheries processing, aquaculture, big, big opportunities for Seychelles. We already have the legal framework. We already have the policies.” Hon. Wallace Cosgrow, Minister of Fisheries, Agriculture, and Blue Economy
One of the defining characteristics of the blue economy is its cross-cutting nature. Rather than representing a single sector, it connects fisheries, tourism, environmental management, maritime activities, and other areas of the economy.
For Seychelles, this connection is particularly important because economic development must be balanced with environmental sustainability. As a small island nation with a fragile natural environment, protecting the resources that underpin the economy is essential to maintaining the country’s long-term attractiveness to investors and visitors.
“The sustainable development of the economy, sustainable development of the different sectors are very, very important for us,” Cosgrow says.
Fisheries: Moving Beyond Raw Resource Exports
Fisheries already represent an important part of Seychelles’ economy, but Cosgrow believes the country has not yet captured the full value of the resources it harvests.
A major opportunity lies in increasing local processing and value addition. At present, he explains, only around 25% to 30% of what is caught within the region is processed locally.
That creates an opportunity to develop more domestic processing capacity rather than sending fish abroad for processing.
“The opportunities are there to, instead of shipping it to other countries or the factories or the other processing areas, to process it locally,” he says.
The objective is not simply to increase production, but to retain more economic value within Seychelles. By processing and adding value to fish locally, the country can generate additional revenue, create employment, and build new economic activities around an existing natural resource.
For investors, this represents one of the clearest areas of opportunity within Seychelles’ blue economy strategy.
Aquaculture and New Blue Economy Opportunities
Beyond traditional fisheries, Cosgrow identifies aquaculture and fisheries processing as areas with significant growth potential.
“Aquaculture, big, big opportunities for Seychelles,” he says, pointing to sectors where investment could help expand the country’s economic base.
The government has already established the legal and policy foundations needed to support development in these areas, he explains. The next step is attracting investment and translating those frameworks into productive economic activity.
“We already have the legal framework. We already have the policies. And we are ready to invite investors to come in and do business in Seychelles.”
This investment-oriented approach reflects the Ministry’s wider objective: creating the conditions that allow private capital to participate in sectors that can contribute to both economic diversification and national development.
Agriculture and the Challenge of Food Security
Agriculture represents another important part of Seychelles’ strategy, particularly when it comes to food security and food sovereignty.
Although the country faces obvious limitations in terms of available land, Cosgrow believes Seychelles can use technology and innovation to increase domestic food production.
“We have opportunities to at least secure our food security and our food sovereignty,” he says.
The focus is increasingly on new technologies capable of producing the fruits, vegetables, and other foods consumed by the local population. This has an additional strategic importance because Seychelles’ tourism industry creates demand far beyond the needs of its resident population.
Cosgrow notes that the tourism sector represents a population demand that can be several times larger than the country’s resident population. Increasing local production could therefore benefit not only households, but also hotels, restaurants, and the wider tourism economy.
The challenge is creating the right investment environment to make that possible.
“We need to relook at the framework, the investment framework, the policies to ensure that we attract the right investment in those areas,” he says.
Building the Policy Framework for Investment
For Cosgrow, attracting investment into fisheries, agriculture, and the blue economy cannot happen automatically. It requires appropriate legislation, policies, and institutional frameworks.
The Ministry is therefore working to reshape its policy environment around the next stage of development.
“We realize that the opportunities that exist in those sectors will not automatically benefit the people of Seychelles if we don’t put the right legislations, the right policies to attract the investment in those areas,” he explains.
This policy work is intended to ensure that investment produces broader benefits for the country, including employment, economic opportunities, food security, and increased domestic value creation.
The goal is therefore not investment for its own sake, but investment that strengthens Seychelles’ productive capacity and contributes directly to national development.
A Roadmap for the Blue Economy
Because the blue economy spans so many areas of the economy, coordination is another major priority.
Cosgrow says the government is working with various partners on Seychelles’ blue economy roadmap and is currently assessing the progress made so far, while considering how the country can coordinate and expand its efforts over the next five, six, and ten years.
This process includes reviewing existing achievements, reshaping policies, and reassessing the legal and institutional environment in which blue economy activities operate.
The aim is to create a more coordinated approach to the different activities taking place across the blue economy, ensuring that fisheries, tourism, environmental protection, maritime activities, and other areas can develop in a complementary way.
For Seychelles, this long-term perspective is essential. The blue economy is not being treated as a short-term initiative, but as a central part of the country’s future economic model.
Turning Natural Resources Into Jobs and Economic Opportunity
Looking toward the next five to ten years, Cosgrow’s ambition is straightforward: make the most of the opportunities available to Seychelles while ensuring that the benefits reach its people.
His vision combines economic development with food security, employment creation, and greater investment.
“What I would want to see in the next five, ten years is that we make the most of the opportunities that are available to us as a country, as a nation, as a people, and attract the majority of investment that we can to develop these sectors,” he says.
The objective is for fisheries, agriculture, and the blue economy to do more than supply food. They should become engines of employment and economic activity while contributing to the broader growth of the country.
For a small island state, maximizing the value of available resources while maintaining sustainability could prove particularly important as Seychelles seeks to diversify beyond its traditional economic pillars.
An Open Invitation to Investors
Cosgrow closes with a direct message to international investors and other global stakeholders: opportunities exist in Seychelles, and the government is ready to support those willing to participate.
“My message is very, very simple,” he says. “Opportunities here exist in Seychelles for both local and foreigners to invest, to do business here in Seychelles.”
For investors interested in fisheries, agriculture, aquaculture, food production, processing, and other blue economy activities, the Ministry sees significant potential for partnerships that can generate value both for businesses and for the Seychellois population.
“My ministry is ready to assist. Opportunities are there. Make the most of it. And everybody is welcome to do business here in Seychelles.”
As Seychelles looks toward the next decade, the blue economy is increasingly positioned not simply as an environmental concept, but as a platform for investment, diversification, food security, employment, and sustainable economic growth.
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