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Le Cap Vert: Gateway de l'Afrique de l'Ouest

Ambassadeur José Brito

Au Forum Francophone des Affaires

Montreal, Canada30 Mai 2003

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Gateway de l’Afrique de L’Ouest

Cap Vert: Un cas de succés en Afrique De l’aide à l’investissement Les moteurs de la croissance Pourquoi investir au Cap Vert? Les Opportunités d’investissements Les premiers pas pour investir au Cap Vert

Plan de la Présentation

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An African success story

• An emerging solid democracy

• Good economic management

• Good economic, social and human indicators

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An African success story Governance Indicators in 2002 (percentile rank 0- 100)

0

10

20

30

40

50

60

70

80

Voice

& A

ccou

ntabilit

y

Politic

al S

tabilit

y

Gov

ernm

ent E

ffect

ivene

ss

Regulat

ory

Quality

Rule o

f Law

Contro

l of C

orru

ptio

n

Cape Verde

Low Middle IncomeCountries

Sub-Saharan Africa

Source: World Bank

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An African success story Ability to Control Corruption in 2002 (percentile rank 0- 100)

Source: World Bank

72.267.5 66

57.753.1

46.442.8

19.114.9

7.2

0

10

20

30

40

50

60

70

80

MAURIT

IUS

SOUTH AFRIC

A

CAPE VERDE

BURKINA F

ASO

SENEGALM

ALI

GHANA

UGANDA

MOZA

MBIQ

UE

ANGOLA

Series1

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An African success story Rule of Law in 2002 (percentile rank 0- 100)

78.4

60.3 59.853.6 52.6

34.5 34 29.921.1

3.1

0102030405060708090

Source: World Bank

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An African success storyPolitical Stability in 2002 (percentile rank 0- 100)

83.274.1

63.8

42.7 42.2 41.6 41.133.5

11.4 9.2

0102030405060708090

Source: World Bank

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An African success story Freedom Index, 2002

0

1

2

3

4

5

6

7

Political Rights

Civil Liberties

Average Rating

Source: Freedom House

1 - 2.5 ~ Free3 - 5.5 ~ Partly Free5.5 - 7 ~ Not Free

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An African success story Human Development Index 2002

00.10.20.30.40.50.60.70.80.9

MAURIT

IUS

CAPE VERDE

SOUTH A

FRICA

GHANA

UGANDA

SENEGAL

ANGOLAM

ALI

BURKINA F

ASO

MOZAM

BIQUE

Source: UNDP

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The basis of success

• Democratic governance

• Generous development assistance

• Remittances of Cape Verdian emigrants

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Where do we go from here?

Development AIDEmigrationRemittances

Business as usual precipitating social and economic decline

Sustained AID & remittances; continued economic growth but no transformation

Significant change and rapid transformation based on exploiting & building our competitive advantage

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Engines of Growth: Building on comparative advantages

and our strengths

Location

Sea

Climate

GoodGovernance

Network strategic Partners

Gateway to Africa and to the World

(6 hours from New York)Marine Resources

Exclusive Economic ZoneEnergy from the Sea

Sun, Sea, MountainsMalaria Free

Renewable Energies

Stability/ PeaceCorruption Free

Sound Management

Diaspora and Market AccessECOWAS/PALOP/ CPLP

Europe/Americas

HumanResources

Diversify & Rich CultureUniversal primary education

Fast learners

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Engines of Growth

Remittances

AIDTourism

Light Industries

e.g. Textiles

SEA

AIR

OffshoreServices

Today Short & Medium Term Long Term

Open Economy Reform

InvestmentCapabilitiesInfrastructures

InvestmentCapabilitiesInfrastructures

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Light Industries

Apparels & TextilesShoes

Tourism

Adventure

Cultural

Conferences

Ecological

Hotel, Water, Energy, Health, Airlines, Airports, Shipping, Inter-Island Ferry, Conference Facilities, Assembly/Manufacturing facilities; Market access (AGOA)

Engines of Growth Short to Medium Term

Health

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Engines of Growth Medium & Long Term

SEA

Shipping/Trans-shipment

Sea FarmingAgriculturee.g. OTEC Technology

Regional FishingProcessing zone

Research/Knowledge Park

Registry

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Regional Fishing Hub• Industry trade council• Transportation• Financial Services (banking, insurance)• Marketing• Packaging• Cooling Systems• Freezing Plants• Value added seafood products - processing

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Engines of Growth Medium & Long Term

AIR

Passenger and Air Cargoi.e. Regional Hub

Duty free shopping zone (Dubai modele)

Hypermarket

Regional services zone for aviation

Data Processing

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Engines of Growth Medium & Long Term

Offshore Services

Banking

InvestmentFunds

Research/Knowledge

Insurance

Company Registration

Cyber City

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REASONS TO INVEST IN CAPE VERDE

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REASONS TO INVEST IN CAPE VERDE

Political, social and economic stability Optimal geographic location:

• Halfway between the Americas and South Africa and Europe.

Access to more than 500 million consumers:• Preferred access of national products in some regions: West Africa

(ECOWAS); Europe (Lome Convention); United States (AGOA, SGP).

• Privileged relationships with African Portuguese speaking countries (Angola, Mozambique..)

A corruption-free country with good governance Existing of One Stop Shop (PROMEX) to serve the investors

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REASONS TO INVEST IN CAPE VERDE

Fiscal Incentives• Tax exemption on dividends during the first 5 years of operation

• Tax exemption on dividends when reinvested

• Tax exemption on amortization and interests

Guaranties to the investors:• Protection of investor’s rights and property

• Free expatriation of dividends and income

• Direct operation of foreign currency accounts

Fiscal, customs, financial and administrative tax incentives to exportation

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INVESTMENT OPPORTUNITIES

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INVESTMENT OPPORTUNITIES

Tourism: Resort Hotels; Executive Hotels; Sport Fishing and Diving; Yacht marinas; Windsurf; Rock-climbing; Golf courses; Leisure spaces with restaurants; Time-sharing complex and “chalets”

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INVESTMENT OPPORTUNITIES

Services: Knowledge Park, Registry of ships, Duty-free zones

Teleport (data processing, telecommunications)

Banking off shore

International shipping

Fishery and Marine Resources (industrial fishing, fish processing, aquaculture, seaweed…)

Cultural Industry (music..)

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INVESTMENT OPPORTUNITIES

Industry: Exported oriented industries (textile and apparel..); assembling industries; Traditional food products for the immigrant communities, Marine salt industry, Ornamental stones industry, Porcelain production, Carpentry/Joiner, packing, furniture etc

Agriculture: floriculture, fruits, decorating plants

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INITIAL INVESTMENT STEPS

1. Contact PROMEX, Center for Tourism, Investment and Promotion. P.O. Box: 89-C, Praia, Republic of Cape Verde Tel: (238) 62 27 36/ 2621/ 2689; Fax: (238) 622657 Email: promex@cvtelecom.cv Website: www.promex.org

2. Contact the Embassy of Cape Verde to the U.S.A.: 3415 Massachusetts Ave, NW, Washington, DC, 20007. Tel: (202) 965-6820; Fax: (202) 965-1207 Email: ambacvus@sysnet.net Website: www.capeverdeusaembassy.org

3. Visit Cape Verde

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THANK YOU