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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

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INVESTMENT IN CAPE VERDE

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  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

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