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Cabo Verde reinforces openness to foreign investment

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Thursday, 30 March 2017

Cabo Verde reinforces openness to foreign investment

Cabo Verde (Cape Verde), the Portuguese-speaking African country with the highest level of development and greatest political and economic stability, is preparing a set of measures to further open up the archipelago to foreign investment, according to a recent publication. Among the main trends identified in Cabo Verde for the coming months are privatisation, pending the presentation by the government of a programme that includes the management of ports and airports, energy and water, ship repair, air transport, production and sale of drugs and the financial restructuring of public enterprises, in particular airline TACV and real estate company Imobiliária Fundiária e Habitat (IFH), which is in a weak financial situation due to the risks of its largest housing project (House for All). Other trends identified include improving the business climate “one of the government’s big short term goals,” as the “reduced margin for public investment” means the private sector, especially when related to foreign investment, “has to assume a more prominent role as a driver of growth and employment, based on the considerable expansion of infrastructure in recent years.” “The tax reform package is ambitious, as are the aims of creating conditions to promote financing of the economy. Similarly, measures are expected for greater flexibility of the labour market and education and training initiatives, to further reduce a mismatch of skills, which affects productivity,” says the report. The second half of the year will be also marked by regionalisation, mooted in January, including a “government” and a deliberative assembly on each island as well as the deepening of relations with the European Union.

Source: Macauhub.com