An extract on #orangetop
In 1971, with the opening of Seychelles International Airport, tourism became a significant industry, essentially dividing the economy into plantations and tourism. The tourism sector paid better, and the plantation economy could only expand so far. The plantation sector of the economy declined in prominence, and tourism became the primary industry of Seychelles.
In recent years the government has encouraged foreign investment to upgrade hotels and other services. These incentives have given rise to an enormous amount of investment in real estate projects and new resort properties, such as project TIME, distributed by the World Bank, along with its predecessor project MAGIC. Despite its growth, the vulnerability of the tourist sector was illustrated by the sharp drop in 19911992 due largely to the Gulf War.
Since then the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, small-scale manufacturing and most recently the offshore financial sector, through the establishment of the Financial Services Authority and the enactment of several pieces of legislation (such as the International Corporate Service Providers Act, the International Business Companies Act, the Securities Act, the Mutual Funds and Hedge Fund Act, amongst others).
During March 2015, Seychelles allocated Assumption island to be developed by India.
The FRY aspired to be a sole legal successor to the Socialist Federal Republic of Yugoslavia, but those claims were opposed by other former republics. The United Nations also denied its request to automatically continue the membership of the former state. Eventually, after the overthrow of Slobodan Miloevi from power as president of the federation in 2000, the country rescinded those aspirations and accepted the opinion of the Badinter Arbitration Committee about shared succession. It re-applied for UN membership on 27 October and was admitted on 1 November 2000.
The FRY was initially dominated by Slobodan Miloevi as President of Serbia (19891997) and then President of Yugoslavia (19972000). Miloevi installed and forced the removal of several federal presidents (such as Dobrica osi) and prime ministers (such as Milan Pani). However, the Montenegrin government, initially enthusiastic supporters of Miloevi, started gradually distancing themselves from his policies. That culminated in regime change in 1996, when his former ally Milo ukanovi reversed his policies, became leader of Montenegro's ruling party and subsequently dismissed former Montenegrin leader Momir Bulatovi, who remained loyal to the Miloevi government. As Bulatovi was given central positions in Belgrade from that time (as federal Prime Minister), ukanovi continued to govern Montenegro and further isolated it from Serbia, so that from 1996 to 2006, Montenegro and Serbia were only nominally one countrygovernance at every feasible level was conducted locally (Belgrade for Serbia and Podgorica for Montenegro).
A loose union, Serbia and Montenegro were united only in certain realms, such as defense. The two constituent republics functioned separately throughout the period of the Federal Republic, and continued to operate under separate economic policies, as well as using separate currencies (the euro was the only legal tender in Montenegro). On 21 May 2006, the Montenegrin independence referendum was held, and 55.5% of voters voted in favor of independence. The state union came to an end after Montenegro's formal declaration of independence on 3 June 2006, and Serbia's formal declaration of independence on 5 June. After the dissolution, Serbia became the legal successor of the union, while Montenegro re-applied for membership in international organizations.