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 Tourism is the mainstay of the Seychelles' economy, accounting for over 20 percent of both employment and GDP per capita. In 1999, the total number of visitors was 125,000, staying for about 129,000 nights and spending about SR583 million on the island.
In order to preserve and protect the environment, the number of hotel beds on the island is strictly controlled. High standards have been set for new hotels or guesthouses. The Ministry of Tourism and Civil Aviation is also encouraging existing establishment to upgrade and renovate the facilities to bring it up to the required standard. All the tourist accommodation on the archipelago is privately owned or managed. Those hotels, which remain under the ownership of the State, are to be privatized and the government is open to offers from interested parties.
To maintain and promote high accommodation standards, the Investment Promotion Act provides incentives for establishment with a minimum four-star rating. Significantly, more incentives are provided to establishments with a five-star rating. The incentives include tax concessions on the importation of capital and operating equipment, concessions on the payment of social security contributions, business tax credits and accelerated depreciation up to 150 percent on assets over the first five years.
IPA also encourages investment in the Seychelles-based cruises sector. In 1993, harbor dues for large super-yachts were cut in order to attract more of these to Seychelles while locally incorporated live-aboard vessels are being encouraged through concessions and incentives.
Although much has been achieved in the development of infrastructure and the tourism product, the Ministry of Tourism is encouraging a number of investments classified as Special Growth Areas to which attractive tax concessions and incentives will be granted under the IPA.
In order to achieve a high-quality work force in the industry, training programmes have been initiated by the Ministry of Tourism jointly with the private sector. Plans for expanding the facilities and curriculum of the Seychelles Hospitality and Tourism Training College have been formulated by the Ministry of Tourism.
Private sector proposals for investment and technical assistance from local and foreign partners are being solicited.
Besides the spectacular beaches, Seychelles offers many other tourist attractions with activities such as mountain hikes, water sports and big game fishing. Tourism initiatives are designed to promote activity led in a high-class, exclusive, environmentally friendly destination.
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