Speaking on the opening day of the Executive Council, Seychelles Minister for Foreign Affairs and the Diaspora, Ambassador Barry Faure, warned of the mounting economic pressure of the war in the middle east and called for urgent implementation of the Multi-dimensional Vulnerability Index (MVI) and the need for diversified trade routes.
On the matter of economic activity and trade, Seychelles reported that the country’s tourism arrivals significantly fell by 40% in the first week of the conflict at the height of the disruptions. Several months following this development arrivals remains down by 12.5% compared to the same period last year. Minister Faure further emphasized that this challenge is further being compounded by rising shipping costs, fuel surcharges, all of which have direct impact on the Seychellois people. Minister Faure therefore, highlighted the need for stronger connectivity between the continent and its island and coastal states through regional shipping lines as a means to increase intra-african trade.
While the World Bank ranks Seychelles as having the highest GDP per capita in Africa, Minister Faure urged the Council not to measure resilience by wealth alone, stressing that a population of just 100,000 leaves it with a far narrower margin to absorb global shocks, and calling for greater recognition of the particular vulnerabilities faced by small island states though the implementation of the Multidimensional Vulnerability index (MVI) in any assessment of economic resilience.
The Republic of Mauritius, a fellow small developing island state which is also encountering similar challenges arising from the conflict in the Middle East, in their intervention extended their support towards the implementation of the MVI, a testament to the solidarity between the two countries.
Minister Faure is being accompanied by Mr. Conrad Mederic, Ambassador of the Republic of Seychelles to the Federal Democratic Republic of Ethiopia and Permanent Representative to the African Union, Ms. Trisha Hoareau, Second Secretary in the Embassy, and Mrs. Nisha Chengo, Second Secretary in the Ministry.
Distributed by APO Group on behalf of Ministry of Foreign Affairs and the Diaspora, Republic of Seychelles.
