Seychelles economy was once based on the production and exportation of cinnamon, vanilla and copra, which provided employment for about 3% of the population of Seychelles. 1971 marked a turning point in Seychelles economy due to the opening of the international airport.
Tourism grew in importance in the Seychelles economy as remains the case today, with agriculture contributing only about 4% to Seychelles economy. Hotels create several jobs in Seychelles economy and have helped opening other auxiliary sectors within the tourism sector. Seychelles economy benefits from the foreign exchange generated by the wide range of hotels found across the Seychelles islands. Seychelles economic expansion have given rise to a series of 6, 5, 4, 3, 2 star hotels.
Seychelles economy with regard to tourism has gained a lot from the unique product that Seychelles offer. Tourist accommodation in addition to hotels includes renovated historical plantation homes, resorts, and guesthouses which provide personalized services.
To diversify and encourage Seychelles economy, efforts were made by the government to develop the hotel sector of the Seychelles economy as well as manufacturing and fishing to help Seychelles economic development. Tuna fishing plays an important role in Seychelles economic development. The fishing sector has branched into various areas in Seychelles economy, to include canning of fish, refrigeration and processing for exportation.
Seychelles economy has looked to being established as a hub for foreign direct investments. Various incentives are thus provided within the Seychelles economy to offer tax breaks and concessions to investors. These incentives aim to make Seychelles economy attractive. Financial services have also been introduced into the economy of Seychelles. Seychelles economy now offers a series of offshore financial services which are regulated by the Seychelles International Business Authority (SIBA).offshore companies, like Seychelles company, banking, special license companies and offshore trusts and insurance are among the services provided in these segments of Seychelles economy. International gambling and aircraft registration are other interesting services in Seychelles economic.
Despite its ups and downs and the negative effects of the global downturn, Seychelles economy is continuing to forge ahead.