Cultural and Creative Tourism Development

Cultural and Creative Tourism Development

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Cultural and Creative Tourism Development
Cultural and Creative Tourism Development
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SectorMost major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Services
Hospitality and Recreation
Business Model Description

Develop cultural infrastructure for creative tourism services, such as by re-developing and operating tangible heritage sites (e.g., museums and historical places). Integrate intangible heritage, including oral traditions, festivals, music, traditional crafts, and community-based tourism activities based on the shared Creole and African culture, plantation history (such as cinnamon, copra, and coconut) and nature in Seychelles.

Expected Impact

Safeguard national heritage and shared prosperity from services sector by improving access to resources and generate higher tourism income by diversifying offerings and promoting longer stays.

How is this information gathered?
Updated: 6 Jul, 2023 Date of Production: 1 Feb, 2023
Seychelles
Indicative ReturnDescribes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
> 25% (in GPM)
Investment TimeframeDescribes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Short Term (0–5 years)
Market SizeDescribes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
< USD 50 million
Average Ticket Size (USD)Describes the USD amount for a typical investment required in the IOA.
< USD 500,000
Direct ImpactDescribes the primary SDG(s) the IOA addresses.
Decent Work and Economic Growth (SDG 8) Sustainable Cities and Communities (SDG 11) Responsible Consumption and Production (SDG 12)
Indirect ImpactDescribes the secondary SDG(s) the IOA addresses.
Quality Education (SDG 4) Reduced Inequalities (SDG 10) Partnerships For the Goals (SDG 17)

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Sector Sources
  • 1) UNDP. 2022. The impact of the war in Ukraine on sustainable development in Africa. https://www.undp.org/africa/publications/impact-war-ukraine-sustainable-development-africa 2) UNDP. 2020. An Assessment of the Socio-Economic Impact of COVID-19 in Seychelles. https://www.undp.org/africa/publications/assessment-socio-economic-impact-covid-19-seychelles 3) Department of Economic Planning Ministry of Finance, Trade, Investment and Economic Planning. Seychelles National Development Strategy. 2019-2023. http://www.finance.gov.sc/uploads/files/Seychelles_National_Development_Strategy_2019_2023.pdf 4) World Economic Forum. 2019. The Travel & Tourism Competitiveness Report 2019. https://www3.weforum.org/docs/WEF_TTCR_2019.pdf 5) Ministry of Finance, Trade, Investment & Economic Planning. Voluntary National Review. 2020. Republic of Seychelles. https://sustainabledevelopment.un.org/content/documents/26382VNR_2020_Seychelles_Report.pdf 6) Department of Economic Planning Ministry of Finance, Trade, Investment and Economic Planning. Seychelles Vision 2023: Towards Sustainable and Inclusive Future. http://www.finance.gov.sc/uploads/files/Vision_2033.pdf 7) Government of Seychelles. 2019. Seychelles Tourism Master Plan II. Destination 2023: A Strategy for Sustainable Tourism Growth. http://www.tourism.gov.sc/lib/TOURISM_MASTER_PLAN_PART_2_TOURISM_SECTOR_STRATEGY_DESTINATION_2023.pdf 8) Seychelles Investment Board. 2022. Tourism - Taxes and Incentives. https://investinseychelles.com/investors-guide/investor-resources/seychelles-tax-guide/tourism-taxes-and-incentives 9) Government of Seychelles. 2022. Budget 2022. https://www.statehouse.gov.sc/uploads/cabinet_downloads/126_SXUXuA3m.pdf 10) National Bureau of Statistics. 2020. Employment earnings 2020. https://www.nbs.gov.sc/downloads/economic-statistics/employment-earnings/2020 11) Government of Seychelles. 2018. Seychelles Tourism Master Plan. Part 1: Situational Analysis for a Sustainable and Responsible Tourism. http://tourism.gov.sc/wp-content/uploads/2019/07/SEYCHELLES-TOURISM-MASTER-PLAN_PART1-SITUATIONAL-ANALYSIS.pdf 12) Ministry of Fisheries and Blue Economy. 2018. Seychelles Blue Economy: Strategic Policy Framework and Roadmap Charting the future (2018-2030). http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf
IOA Sources
  • 13) Malbrook, Julia. 2018. After a modern facelift, Seychelles National Museum of History reopens to public. Seychelles News Agency: Victoria. http://www.seychellesnewsagency.com/articles/10141/After+a+modern+facelift%2C+Seychelles+National+Museum+of+History+reopens+to+public 14) UNDP Project Team stakeholder consultation undertaken with a public department and an agency in May 2022. 15) UNDP Project Team stakeholder consultation undertaken with a cultural tourism enterpise in June 2022. 16) CAPA Centre for Aviation. 2022. Seychelles tourist arrivals decline 37% in Dec-2021 compared to Dec-2019, 182,849 tourists in 2021. https://centreforaviation.com/news/seychelles-tourist-arrivals-decline-37-in-dec-2021-compared-to-dec-2019-182849-tourists-in-2021-1113804 17) World Bank. 2017. The Republic of Seychelles Systematic Country Diagnostic. Washington, DC: World Bank. https://openknowledge.worldbank.org/handle/10986/27559 18) Karapetyan, Salifa. 2022. Seychelles' tourism minister calls for more opportunities for cultural tourism spending. http://www.seychellesnewsagency.com/articles/17032/Seychelles%27+tourism+minister+calls+for+more+opportunities+for+cultural+tourism+spending 19) Seychelles Planning Authority. 2015. Victoria Masterplan 2040. http://www.spa.gov.sc/sites/default/files/documents/Victoria%20Masterplan%20-%20Chapter%200%20to%202.pdf 20) Republic of Seychelles. 2019. Tourism Development Act. http://tourism.gov.sc/wp-content/uploads/2016/07/Tourism-Development-Act_2019.pdf 21) World Tourism Organization (UNWTO). 2018. Tourism and Culture Synergies. UNWTO, Madrid, DOI: https://doi.org/10.18111/9789284418978 22) SeyLII. Tourism (Incentives) Act 2003. https://seylii.org/sc/legislation/act/2003/7 23) WIPO Lex. 2014. Licences Act, 2010. https://wipolex-res.wipo.int/edocs/lexdocs/laws/en/sc/sc020en.html 24) FAOLEX. 2022. Seychelles Heritage Foundation Act, 2006. https://www.fao.org/faolex/results/details/en/c/LEX-FAOC071756/#:~:text=Seychelles%20Heritage%20Foundation%20Act%2C%202006,provides%20for%20its%20internal%20organization 25) Development Bank of Seychelles. 2020. COVID-19 Relief Scheme. http://www.dbs.sc/product-loans/covid-19-relief-scheme 26) The Ministry of Finance, Trade, Investment and Economic Planning. 2020. Policy Paper on Economic Activities Reserved for Seychellois. https://www.investinseychelles.com/component/edocman/reserved-economic-activities-policy-reap-_april-2020/download?Itemid=0 27) Ministry of Investment, Entrepreneurship, and Industry. 2022. Seychelles Investment (Economic Activities) Regulations, 2022. https://www.gazette.sc/sites/default/files/2022-07/SI%2076%202022%20-%20Seychelles%20Investment%20%28Economic%20Activities%29%20Regulations%202022.pdf 28) Bhanderi & Co Chartered Certified Accountants. 2019. Report of the Directors and Financial Statements for the Year Ended 31 December 2019 for L'Union Estate Company Limited. https://www.pemc.sc/_files/ugd/e104cb_4260a1c5795f443da03b1251b185b121.pdf 29) Bonnelame, Betymie. 2022. Seychelles' tourism minister calls for more opportunities for cultural tourism spending. http://www.seychellesnewsagency.com/articles/17032/Seychelles%27+tourism+minister+calls+for+more+opportunities+for+cultural+tourism+spending. 30) National Bureau of Statistics. 2023. Statistical Bulletin December 2022. https://www.nbs.gov.sc/downloads/dec-2022-tourism/viewdocument. 31) UNDP Project Team stakeholder consultation undertaken with Seychelles MSP Initiative in July 2022.