Minister Hassan's delivers statement at 15th session of UNCTAD

October 12, 2021

Minister Naadir Hassan has delivered an opening statement at the 15th session of the United Nations Conference on Trade and Development, which was held between 03rd and 07th October 2021, in Barbados.

Minister Hassan delivered his statement virtually.

The 15th session of UNCTAD was organised under the theme 'From Inequality and Vulnerability to Prosperity for All.'

In his speech, Minister Hassan focused on the impact of the COVID 19 pandemic, on a country, heavily reliant on the tourism industry.

"This had a cascading effect on other sectors; such as the agricultural sector, which depends heavily on the tourism industry. As pressure rose on the country’s foreign exchange reserves, naturally; prices rose, imports were thus significantly costlier making the costs of living much higher than pre-pandemic. The decline in foreign currency reserves created pressure on the economy and temporary measures had to be implemented to reduce foreign currency demand."

He noted that the pandemic has threatened the many gains the country has achieved throughout the years.

At the same time, he pointed out that the pandemic has forced many to adopt new ways of doing business and trade.

"Despite the pandemic being a major threat to trade, it has paved ways for development of opportunities setting out new trajectories for trade." 

He reiterated that more than ever before, the need to transform and diversify the economy is even more important, but still not to neglect the sectors which already have a foundation.

"Seychelles and the World have to build back better."

Have a listen to Minister Hassan's statement.

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