Seychelles has built a strong economic foundation over the past five decades, but its next chapter will depend on how effectively the country supports business growth, embraces digitalization, attracts investment, and protects the environment and culture that make it unique. According to Iouana Pillay, Secretary General of the Seychelles Chamber of Commerce & Industry (SCCI), the country has an opportunity to build on its achievements while identifying a select number of sectors where it can create sustainable, long-term growth.
In this exclusive interview, Pillay discusses the evolution of Seychelles’ private sector, the continued importance of tourism, the potential of the blue economy and tuna value addition, the need for digital transformation, access to land and affordable capital, and the role of collaboration between government, businesses, international partners, and the country’s young population.
From Family Businesses to a Growing Private Sector
Looking back over Seychelles’ development, Pillay highlights the transformation of the country’s business community.
“Seychelles has come a long way in various dimensions, but precisely in the business sector,” she says, pointing to the growth of businesses across different industries and the emergence of small, medium, and large enterprises.
Fifty years ago, much of the private sector was characterized by family-owned businesses. Over time, however, successive generations have expanded those businesses, while entrepreneurs have increasingly formed partnerships with foreign investors.
This evolution can be seen across a wide range of industries, including hotels, fisheries, agriculture, and retail.
For Pillay, the transformation demonstrates the capacity of Seychellois entrepreneurs to grow beyond traditional family businesses and participate in a much broader and increasingly international business environment.
Tourism Remains the Economic Stronghold
Tourism remains the strongest pillar of the Seychelles economy, but Pillay emphasizes that its importance can be seen across different scales of business.
The country has everything from small boutique hotels and Airbnb-style accommodation to major five-star and luxury properties, creating opportunities across the spectrum.
Many of the smaller boutique establishments are owned by Seychellois, which Pillay sees as an important achievement for the domestic private sector.
She also credits government support for helping the tourism industry develop, while stressing the need to continue improving what Seychelles already offers.
The next challenge, she argues, is not simply to attract more visitors, but to ensure that the tourism product continues to evolve alongside changing consumer expectations.
The Blue Economy and Tuna Value Addition
Alongside tourism, the blue economy remains a crucial area for Seychelles, particularly through its fisheries industry.
“Seychelles, in a nutshell, is a growing economy,” Pillay says, before highlighting fisheries as another major component of the country’s economic base.
Seychelles exports tuna around the world, making the industry strategically important. But Pillay believes there is significant room to capture more value locally by developing additional processing and value-added activities.
“An area where we would like to push and expand is into value addition with our tuna” Iouana Pillay, Secretary General of the Seychelles Chamber of Commerce & Industry (SCCI)
That could create an opportunity for investors to participate in activities beyond the export of raw or minimally processed products, allowing Seychelles to retain a greater share of the economic value generated by its fisheries resources.
For the Chamber, this represents an area where domestic capabilities and international investment could potentially complement one another.
Digitalization Is No Longer Optional
Digital transformation has emerged as another defining issue for Seychelles’ business community.
Pillay says businesses have increasingly recognized the importance of selling, trading, communicating, and marketing online, while digitalization has become particularly important in areas such as banking and payment systems.
“Digitalization plays a very big role,” she says, warning that failing to move forward could create a significant gap between Seychelles and the rest of the world.
Payment platforms are a particular priority. The private sector has been working closely with government to advance these systems and ensure that they are available to businesses and consumers.
But technology alone is not enough.
Pillay stresses the importance of bringing government entities, businesses, and the wider population along with the digital transition so that people can actually use and benefit from the new systems.
The objective is to ensure Seychelles does not fall behind in areas ranging from payments to online advertising, marketing, and communication.
Upgrading the Tourism Product
Digitalization is not the only area where Pillay sees a need for renewal. She also believes Seychelles must continue upgrading its tourism offering.
The country’s tourism industry is already strong, but global demand and visitor expectations are changing.
“We are very strong in tourism, but it’s also the time for us to upgrade our services because the demand has changed,” she says.
For Pillay, this does not necessarily mean abandoning what Seychelles has already built. Instead, the country should strengthen and modernize its existing offer, effectively giving established products and services “a new face, a new look.”
This could also create opportunities for external expertise to contribute to the next stage of development.
The challenge is therefore one of evolution rather than reinvention: preserving the strengths of Seychelles’ tourism brand while making it more relevant to changing international markets.
Choosing the Right Sectors for Growth
As Seychelles celebrates 50 years of independence, Pillay believes the country must look forward rather than simply celebrate its past achievements.
“We need to look forward,” she says, emphasizing the importance of determining how much further growth the country wants and where that growth should come from.
Seychelles cannot realistically expand across every possible economic sector. Instead, Pillay argues that the country needs to identify areas where it can build genuine excellence.
Among the priorities she highlights are tourism, aquaculture, the broader blue economy, and digitalization.
This selective approach is particularly important for a small island economy with limited resources. Rather than attempting to compete everywhere, Seychelles can focus on sectors where it already has advantages and where additional investment can generate sustainable economic returns.
Empowering a Digital Generation
One of the country’s greatest assets for this next stage, Pillay argues, is its young population.
Young Seychellois are increasingly engaged with digitalization and emerging technologies, creating an opportunity to make youth participation a central part of the country’s economic development.
“We have a population of young people that are coming up and they are very much involved in digitalization,” she says.
For Pillay, empowering this generation is essential.
The future of Seychelles’ economy will not depend solely on infrastructure or investment capital. It will also depend on whether the country can equip its people with the skills, opportunities, and entrepreneurial environment needed to participate in emerging industries.
In that sense, digitalization represents both an economic challenge and an opportunity to build a more future-oriented workforce.
The Private Sector as the Driver of the Economy
The Seychelles Chamber of Commerce & Industry has itself been part of the country’s economic story for more than five decades.
Established in 1970, the Chamber represents businesses ranging from small enterprises to medium-sized companies and larger organizations.
Its role, Pillay explains, is closely tied to collaboration with government.
“We do highlight that the private sector is the driver of the economy and the government is the facilitator,” she says.
That relationship is central to the Chamber’s approach. Rather than seeing government and business as separate forces, Pillay advocates for a partnership in which the private sector creates economic activity while government establishes the conditions in which businesses can operate and grow.
Land, Legislation and the Cost of Doing Business
For Seychelles’ private sector, access to land is one of the most important practical issues affecting expansion.
Pillay explains that land is crucial for businesses that want to grow, develop new operations, or expand existing activities.
The Chamber has also been working with government on legislation and regulatory processes, with the goal of making the business environment more streamlined.
“For the private sector, time is money, so we need to make things as smooth as possible,” she says.
Efficient processes matter not only to local entrepreneurs but also to international investors considering Seychelles.
Pillay believes that when investors enter the country, the process should function smoothly for both foreign businesses and local enterprises. A more efficient environment can ultimately support investment, employment, and wider economic activity.
Foreign Talent and Affordable Capital
Seychelles’ business environment also benefits from international participation.
Pillay notes that expatriate workers have contributed to the country’s economic growth and says their presence is valued by the local business community.
At the same time, she identifies access to affordable capital as another important requirement for the expansion of small and medium-sized enterprises.
Many businesses may begin successfully on a small scale but eventually reach a point where additional financing is necessary to grow.
That growth could take place through partnerships with foreign investors or through expansion within the domestic market.
“Affordable capital is available for the expansion of businesses,” she says, emphasizing the importance of ensuring that businesses have the financial resources necessary to move to their next stage.
Connecting Seychellois Businesses With the World
The Chamber’s international role is another important part of its work.
Pillay describes SCCI as being connected with international organizations and partners, including institutions across Africa, while also maintaining relationships with ambassadors and visiting dignitaries.
These connections help create opportunities for business-to-business engagement and international networking.
The Chamber participates in B2B events abroad, connecting Seychellois businesses with potential partners around the world while also bringing international expertise into Seychelles.
Consultants and specialists can contribute knowledge and experience, helping local businesses explore new approaches and develop new ideas.
For Pillay, these international relationships are not simply about attracting investment. They are also about learning, exchanging expertise, and finding ways for Seychelles to develop new capabilities.
Seychelles’ Unique Investment Proposition
Pillay believes Seychelles offers investors something that goes beyond traditional economic considerations.
“It’s a very unique destination, and it’s not just for business,” she says.
The country offers a favorable climate, a secure environment, a growing economy, and a distinctive cultural identity shaped by different nationalities and communities.
Its international character is reinforced by the large number of tourists who visit the islands, creating an environment that Pillay describes as both vibrant and welcoming.
But she argues that these qualities must be protected.
Seychelles’ natural beauty, culture, people, and environment are not separate from the country’s economic proposition. They are fundamental to it.
Investment With Seychelles at Heart
For Pillay, attracting investors is important, but the type of investment matters just as much as the amount.
“We need investors that have Seychelles at heart as well, not just for money making,” she says.
She calls for investment that preserves the country’s environment and culture while contributing to sustainable, long-term development.
This means creating growth that benefits the wider population rather than focusing exclusively on short-term returns.
The sectors she identifies tourism, aquaculture, the blue economy, and digitalization, all have the potential to contribute to this model if they are developed responsibly.
Seychelles, she argues, should position itself not simply as another destination for international capital, but as a preserved island where investment operates within a framework of sustainability and respect for the country’s identity.
Building the Next Five to Ten Years
Looking toward the next five to ten years, Pillay describes Seychelles as a country that already possesses a strong foundation.
“We have a foundation, we have a strong base,” she says.
The task now is to build upon it by adding the right “pillars”, prioritizing sectors capable of generating sustainable revenue while empowering Seychellois people.
That means being strategic about where the country directs investment, expertise, infrastructure, and policy attention.
For Pillay, the next phase of Seychelles’ development should therefore combine economic ambition with sustainability, ensuring that growth strengthens rather than undermines the qualities that have made the country successful.
A Collective Vision for Seychelles
Ultimately, Pillay sees Seychelles’ future as a collective project.
The private sector, government, international investors, development partners, and citizens all have a role to play in shaping the next chapter.
“It’s not a one-man show,” she says. “It should be everyone coming together, the private sector, the government, even the international partners working together for the betterment of the country.”
That collaborative approach captures the broader message of her outlook: Seychelles has already built a strong economic foundation, but the next stage will require deliberate choices about where to grow, how to attract investment, how to empower its people, and how to preserve the environment and culture that underpin its international appeal.
For the Chamber, the opportunity is not simply to make Seychelles’ economy larger, but to make it stronger, more diversified, more digitally connected, and sustainable for generations to come.
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