(Seychelles News Agency) - The Seychelles President James Michel has said that there is a lot of potential to develop the economic partnership between India and the Indian Ocean archipelago, citing renewable energy, ICT, agro-processing industries, eco-tourism, biotechnology, tourism, financial services and the Blue Economy as new and emerging areas of cooperation.

Michel who was on a three-day State Visit to India earlier this week was speaking during a business meeting held in Delhi.

The meeting was attended by representatives of the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI).

In a press statement issued on Saturday, State House said that Michel used his address to call on the Indian private sector to consider investing in Seychelles.

“Seychelles is not just a place for holidays, but also a great place for investment. With the successful transformation of our economy over the past years, Seychelles has positioned itself as an ideal place for wealth creation and an excellent location for global and regional corporate positioning,” he said in the statement.

The Seychellois Head of State also called for partnerships between the business community in India and the private sector in Seychelles.

“The convergent interests of our two countries and close strategic partnerships are bolstered by the vibrant Indian community in Seychelles and Seychellois of Indian descent who are an integral part of our history and who play a key role in the development of our economy.”

Michel was accompanied on his third State Visit to India following the ones in 2005 and 2010, by government ministers and other high level officials in various fields as well as members of the business Community in Seychelles including the Seychelles Investment Board, the Seychelles Chamber of Commerce and Industry.

This was also an opportunity to meet with their Indian counterparts from the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) to discuss ways to improve their relations.

Michel’s visit to India was at the Invitation of the Indian Prime Minister Narendra Modi and followed Modi’s visit to Seychelles in March this year.

Bilateral discussions between the two sides concluded with the signing of five agreements, which the Seychellois Head of State has said will further spur economic exchanges between the two countries.

This includes an information exchange agreement with respect to taxes, a Memorandum of Understanding for the supply of a Dornier aircraft, an air services agreement, a protocol on framework of cooperation in the field of the blue economy and a Memorandum of Understanding relating to agriculture research and education.

The Indian Prime Minister also announced the gifting of one more Interceptor Coastguard boat to Seychelles, in addition to the Dornier aircraft that was announced in March, during his visit to the Indian Ocean archipelago.

India and Seychelles established diplomatic relations in 1976.