1 / 34

INVESTMENT IN CAPE VERDE

INVESTMENT IN CAPE VERDE. CAPE VERDE ISLANDS. COUNTRY PROFILE. COUNTRY PROFILE. Cape V erde: an archipelago of the West Coast of Africa - 10 islands; Land Area: 1.557 sq miles ( 4.033 sq Km ); Population: 434.812 ( June 2000 census ); Main Towns: Praia ( capital ) and Mindelo

jennifer-wiggins
Download Presentation

INVESTMENT IN CAPE VERDE

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. INVESTMENT IN CAPE VERDE Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  2. CAPE VERDE ISLANDS COUNTRY PROFILE Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  3. COUNTRY PROFILE • Cape Verde: an archipelago of the West Coast of Africa -10 islands; • Land Area: 1.557 sq miles (4.033 sq Km); • Population: 434.812 (June 2000 census); • Main Towns: Praia (capital) and Mindelo • Language: Portuguese, Creole • Time: 1 hour Behind GMT Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  4. COUNTRY PROFILE • Republic of Cape Verde since July 5th, 1975; • Legislative Branch: Unicameral Parliament (National Assembly); • President: Elected Head-of-State for 5 year term; • Executive: Prime Ministry and Cabinet; • Judiciary System: Supreme Court of Justice and courts of first appeal; Court of Audit, Fiscal and Customs Courts; Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  5. COUNTRY PROFILE • Fiscal Year: January 1st – December 31th • Currency: Cape Verde escudo (CVE); • Exchange rate (2001) 1 EURO = 123,52 CVE 1USD = 112,27 CVE (source: BCV) Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  6. COUNTRY PROFILE Tourism Product • Beautiful sceneries, impressive landscapes, as valleys, green mountains. Santo Antão, São Nicolau, Brava and Santiago island are the destination for those who love trekking, hiking expedition and other adventures . • Golden sand beaches with crystal clear water perfect for those who love nautical sports, scuba diving, fishing (Sal, Boavista and Maio islands). Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  7. COUNTRY PROFILE Tourism Product • Strong culture, handicraft, rich gastronomy, music festivals, religious activities in all islands. Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  8. INVEST IN CAPE VERDE Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  9. POLITICAL CONDITIONS • Political System: Democratic (multi-party) system of government (universal suffrage); proportional representation through electoral districts; • Consolidated Democracy:multi-party elections have been held on a regular basis since 1991. Cape Verde already has experienced two peaceful political transfer of power (in 1991 and 2001). Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  10. ECONOMIC CONDITIONS • Economic System: Private Sector oriented; • Inflation Rate: 3,5% (2001); • Major trading Partners: EU (Portugal, France, Holland, Germany, Spain and Italy); • Excellent relationship with the World Bank and IMF. Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  11. ECONOMIC CONDITIONS • Natural Resources - Marine resources, salt, limestone, wind and solar energy • Industry: Fish and sea products, salt,construction, building materials, ship repair, clothing, shoes, furniture, metal products, beverages Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  12. ECONOMIC CONDITIONS • Exports:electronic components, shoes,fish,pharmaceutical products, clothing, services. Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  13. INFRASTRUCTURAL CONDITIONS • One international airport with daily connections to Europe and the USA • Latest, competitive communication technology (including optical fibbers linking all the islands) • Availability of two industrial parks • Fish processing and storage space available • Availability of shipping related services as naval repair and ports with modern facilities Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  14. ECOLOGICAL CONDITIONS • Sahelo – Saharan climatic Zone: Dry and tropical, rainfall is erratic and there are long periods without rain, average temperature 20–27 ºC • Volcano in Fogo: last eruption in 1995, altitude 2829 meters • High environmental protection standards Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  15. REASONS TO INVEST IN CAPE VERDE • Optimal geographic location: Halfway between the Americas, South Africa and Europe. • Access to more than 500 million consumers: Preferred access of national products in some regions: West Africa (ECOWAS) Europe (Cotounou agreement); United States (AGOA,SGP) privileged relationships with African Portuguese speaking countries (Angola, Mozambique) Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  16. 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 Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  17. REASONS TO INVEST IN CAPE VERDE • Guaranties to the Investors: • Protection of investor’s rights and property; • Free repatriation of dividends and income; • Direct operation of foreign currency accounts; • Hiring of foreign workers without restrictions; • Fiscal, customs, financial and administrative tax incentives to exportations Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  18. INVESTMENT OPPORTUNITIES • Tourism: • Resort Hotels, Executive Hotels, Sports fishing and diving, yacht marinas, windsurf, rock-climbing, golf courses,leisure spaces with restaurants, time-sharing complex and “chalets” Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  19. INVESTMENT OPPORTUNITIES • Industry: • Export 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, decoration plants Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  20. INVESTMENT OPPORTUNITIES • Services: registry of ships, duty-free zones; • Teleport (data processing, telecommunications) • Banking off shore • International shipping • Fishery and Marine resources - industrial fishing, fish processing, aquaculture; • Cultural Industry – music, arts & crafts, others Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  21. INVESTMENT OPPORTUNITIES Privatization • ENAPOR - Ports • CABNAVE – Ship repair Services • EMPA - Trading • EMPROFAC – Import and distribution of pharmaceutical products • TACV - Airline Transportation • INTERBASE – Seafood Conservation Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  22. GOVERNMENT GUARANTEES • No discrimination equal rights for all; • Protection of investor´s rights and property ; • Free expatriation of dividends and income; • Foreign currency accounts • Hiring of foreign workers, protecting their rights and guarantees Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  23. SPECIAL CONDITIONS FOR EXTERNAL INVESTORS • Settlement Agreements – Exceptional conditions for activities with strategic interest Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  24. LIMITS TO INCENTIVES Do not apply to: • External investment and economic activities mainly oriented to internal market. • External investment applicable to the financial sector, once this sector is regulated by a specific law Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  25. CONDITIONING FACTORS • High cost of factors • Lack of professional training; • Limited internal market. Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  26. EXTERNAL INVESTMENT TREND(‘000 USD) Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  27. ORIGIN OF CAPITALyear 2001 Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  28. EXTERNAL INVESTMENTS AUTHORISED PROJECTSYear 2001($USD) Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  29. GROWTH OF LODGING INFRAESTRUCTURES Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  30. ECONOMIC INDICATORS • GDP – 3,5% (2001) • Unemployment Rate – 15,9%(4º trim. 2001) • Inflation– 3,7%(2001) (source: BCV) Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  31. ECONOMIC INDICATORS Tourism Indicators (2001) • Incomes – 39,5% • Contribution to GDP – 9,5% • Contribution to Balance of Payments – 41,1% (source: BCV) Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  32. ECONOMIC INDICATORS Tourism Demand (structure in % 2001) • Italy – 35,9% • Portugal - 24,9% • Germany – 13,9% • France – 8,8% • Holland e Belgium – 1,7% • Other countries – 14,8% (source: BCV) Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  33. PERSPECTIVES • MACROECONOMIC STABILITY • PRIVATE SECTOR SUPPORT • REFORMS • TRAINNING • PUBLIC SECTOR Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

  34. Ladies and Gentlemen Thank You for Your Attention Promex - Centre for Tourism, Investment and Export Promotion of Cape Verde - July 2002

More Related