Market Research in Seychelles, Africa
Seychelles is a beautiful 115-island country. It’s located in the Somali Sea off the coasts of Kenya and Madagascar. Despite being an island nation, Seychelles is a member of the African Union.
Seychelles used to be agrarian. It is now a thriving tourism-based country. In fact, tourism provides most of the country’s revenue. As a result, Seychelles has the highest nominal per capita GDP in Africa.
The tourism sector is also a large employer. In addition, it adds to total foreign earnings. Most of the tourists come from Europe.
The fishing industry supplies both local and foreign markets. Another benefit of this industry is that it boosts food security. In addition, it provides income. Seychelles exports high-quality fish to Europe, Japan, France, and Germany. It also targets countries like the United Kingdom and Mauritius.
The government of Seychelles is trying to reduce food imports. Still, agriculture accounts for only a fraction of the country’s Gross Domestic Product.
The manufacturing sector of the country is also growing. This sector has several food processing plants. In addition, Seychelles has chemical and furniture making industries.
Victoria is the capital of Seychelles. It is on the northeastern coast of Mahe Island. Since it is the country’s only port, all exports leave from there.
The capital is also the seat of the national government. The State House, which is the Office of the President, is also in the capital. In addition, the capital is the nation’s cultural business center. One of its landmarks is the Clock Tower. This tower has stood the test of time, ticking since 1903.
Anse Boileau is another district on the west coast of Mahe. This beautiful spot is at the foot of a mountain. It has an array of streams, mini-forests, creeks, and ponds. Anse Boileau houses a police station, grocery stores, and shops. The beach is easy to access by vehicle or foot. It is also suitable for swimming and snorkeling thanks to its small waves and shallow waters. Visitors can also enjoy lovely sunsets.
Managing the COVID-19 virus remains a prime concern. In fact, the government gives extra funding to the sectors which need it most.
Budget spending has shifted towards:
- Healthcare to contain and combat the virus
- Food security during the crisis
- Ensuring that private-sector employees keep their jobs and get paid
- Social protection to ensure the safety of those most at risk
- More measures to prevent crime during the downturn
- Investments to support growth
Benefits and Strengths in the Seychelles Market
The pandemic caused growth to decline due to reduced tourism.
On the other hand, the fishing industry continues to do well. Thus, Seychelles can survive. The industry has three main components. They are:
- The artisanal fisheries, done by local fishers using small motorboats.
- The semi-industrial fisheries, also owned by locals. They fish in the open seas, using long lines.
- The industrial fisheries, made up mainly of foreign-owned fleets. This is the backbone of the fishing industry and it targets tuna species.
Despite the growth in Seychelles, poverty is still widespread. This is due to unequal wealth distribution among its population.
Reasons to Grow Your Business in the Seychelles Market
The government is putting several measures in place to support local farmers and fishers. It is assisting them in the production of meat, vegetables, and fish.
Seychelles’ borders remain closed. In fact, we’ve seen that the tourism sector is in a slump. Thus, the country needs to branch out. It needs to reduce its over-dependence on the tourism sector. In doing so, the government must also preserve its people’s standards of living. It also has to remain stable.
That’s why it’s important to attract new investors. Once a business starts marketing its products it can boost the growth of the country.
About Market Research in Seychelles
Focus groups play a crucial role in protecting investors. That’s why it’s important to conduct surveys on the country. Such research is necessary to understand the market. Qualitative and Quantitative research will also help business owners. Investors can determine if investing in Seychelles will benefit them.
Strategy research is also essential. It tells the investor what will work best in Seychelles.
Are you thinking of investing in Seychelles? We are happy to provide your Market Research. We want to help you decide. Contact us now!