SEYCHELLES is so much more than sun, sand and exclusive resorts.

A welcoming, idyllic paradise set in the heart of the Indian Ocean, Seychelles has an interesting and surprising story that is waiting to be told.

Because, as well as being a secluded getaway for the jet set for decades - Seychelles was chosen as the exclusive setting for the Duke and Duchess of Cambridge's own honeymoon just over a year ago - the African country boasts a wealth of other attractions that are drawing business investors in from far and wide.

Abundant tuna supplies and an increasingly sophisticated banking sector have set Seychelles on a new course toward sustainability and economic buoyancy - which will see this bridge between Africa, the Middle East and Asia become a serious contender within global markets. China, as a major investor in the country's infrastructure and a long-term partner, will play a pivotal role in the success that has been forecast.

An economic reform package, implemented in November 2008 in cooperation with the International Monetary Fund and World Bank, was the catalyst that drew Seychelles back from the brink to become what has been hailed a "miracle" economy.

While most of the developed world has been blighted by recession and austerity measures, Seychelles has achieved growth and development and laid all the foundations for a solid future.

The President of the Republic of Seychelles, Hon. James Alix Michel, explains his strategy. "Since the reform package was implemented, the black market has been eliminated and outdated obsolete governmental structures replaced with modern, efficient bodies.

"Ease of doing business, particularly for the Seychellois and international investors, was a top priority for us. I am pleased to say that we have seen many Seychellois become successful entrepreneurs."

The government has retained its role as a facilitator and regulator.

"At the same time, we began talks with our bilateral partners, China and the Paris Club, to restructure and reduce our international debt to ensure sustainability. Today, our debt ratio has fallen from 180 percent of GDP to 76 percent, and we intend to bring it down even further."

Tourism, which last year increased by 11 percent and for the first time surpassed the government target of 190,000 visitors, was a major focus of the reforms. Despite the global downturn and falling numbers of tourists from certain European countries, Seychelles managed to increase the overall number of visitors. Now, the president has pledged to diversify tourism markets as a priority, with the new visitors, particularly from China, expected to fill the gaps and fuel growth.

The financial sector is also flourishing. "The reform package has created more international confidence in the country and the economy," President Michel, who has governed the country since April 2004, says proudly. "We hope this will attract more international banking institutions. We have seen a rise in enquiries from international investors, in particular, with regards to our offshore sector."

China has been investing substantial amounts in infrastructure, housing, hospitals and schools, which has removed a great deal of pressure from the government and allowed it to develop the economy. The resulting stability, peace, unity, transparency and accountability have strengthened Seychelles' image as a liberalized economy.

"China and Seychelles are historical partners and have been collaborating since the establishment of diplomatic relations many years ago," Michel says. "The Chinese have invested in our social infrastructure, as well as provided us with various types of loans and grants.

"More recently, with the scourge of piracy in the region, we called on all nations of the world for assistance. I personally wrote to many world leaders asking them to come together to reach a sustainable solution for Somalia. Piracy is no longer a Seychellois problem: it has become a global problem due to its effect on global trade, shipping, fisheries and tourism. Many countries responded positively, including China.

"I would like to take this opportunity to reiterate that Seychelles will welcome assistance from any nation in the world in the fight against piracy."

There is plenty of good news in Seychelles. A new submarine fiber-optic cable will soon equip the country with high-speed Internet, and transform the economic landscape.

"Fast communication is essential in today's technologically advanced world," the president says. "Being politically and economically stable, Seychelles is the ideal location for the Chinese to set up a headquarters from which they can operate in Africa. Financial services are expected to become a major player in our future. The double-tax avoidance agreement that we have with China will further increase our appeal to their companies."



An enviable location

Seychelles benefits from an enviable location midway between the largest trading and manufacturing blocks of Asia and Europe. Port Victoria lies at the heart of the Seychellois economy, with two deepwater berths, extensive space for container handling and modern cargo handling equipment. The country has a well-developed infrastructure network.

The government is capitalizing on recently improved air links. Etihad Airways, the United Arab Emirates' flagship carrier, bought a 40 percent stake in Air Seychelles last year, which has increased access to the islands exponentially. "From 2013, we will have a direct air link to Beijing that will greatly decrease travel time," the president says. More improved links are in the pipeline.

In the meantime, tourism officials are working hard to put together a product that will appeal to Chinese visitors, with brochures, menus, a tourism website and other tourism paraphernalia available in Mandarin, and the president is encouraging Chinese investors to get involved in China-friendly ventures.

The prospect of oil is also encouraging investors to take a closer look at Seychelles appeal. Seismic surveys conducted over the last six years suggest the country's exclusive economic zone could be sitting on vast reserves of oil and gas to compare with those of Saudi Arabia. By the end of this year, an American-Australian consortium will conduct the first test drilling in order to confirm these results.

"I encourage our friends from China to collaborate and partner with us in the field of responsible and sustainable oil exploration and hopefully, extraction."

The president is also committed to empowering local people: "I want to prepare the younger generations of Seychellois to be able to actively contribute to the development of our country and put a great deal of emphasis on the education and training of our younger citizens," he says.

"I want Seychelles to remain a progressive, stable and rapidly developing nation. I also want to leave a legacy of Seychelles as a leader among small island states, and a strong player on the global stage. It is a jewel that will continue to shine."