CAPE VERDE:ON TRACK

Cape Verde formally the Republic of Cabo Verde, is an island country crossing an archipelago of 10 volcanic islands in the central Atlantic Ocean. Located 570 kilometres (350 miles) off the coast of Western Africa, the islands cover a mutual area of slightly over 4,000 square kilometres (1,500 sq mi).

Cape Verde's economy has been progressively mounting since the late 1990s, and it is now officially measured a country of average development, being only the second country to have achieved such transition, after Botswana in 1994.

Cape Verde's prominent economic growth and enhancement in living conditions despite a lack of natural resources has reaped international recognition, with other countries and international organizations often providing development aid. Since 2007, Cape Verde has been categorized as a developing nation.

Cape Verde has few natural resources. Only four of the ten main islands (Santiago, Santo Antão,São Nicolau, Fogo, and Brava) normally support significant agricultural production, and over 90% of all food consumed in Cape Verde is imported. Mineral resources include salt, pozzolana (a volcanic rock used in cement production), and limestone.

Its small number of wineries making Portuguese-style wines have traditionally focused on the domestic market, but have recently met with some international acclaim. A number of wine tours of Cape Verde's various microclimates began to be offered in spring 2010 and can be arranged through the tourism office. The economy of Cape Verde is service-oriented, with commerce, transport, and public services accounting for more than 70% of GDP. Although nearly 35% of the population lives in rural areas, agriculture and fishing contribute only about 9% of GDP. Light manufacturing accounts for most of the remainder.

Fish and shellfish are plentiful, and small quantities are exported. Cape Verde has cold storage and freezing facilities and fish processing plants in Mindelo, Praia, and on Sal. Expatriate Cape Verdeans contribute an amount estimated at about 20% of GDP to the domestic economy through remittances. In spite of having few natural resources and being semi-desert, the country boasts the highest living standards in the region, and has fascinated thousands of immigrants of different nationalities.

Investment Opportunities in Cape Verde

Fishing

 Cape Verde’s waters are opulent in under-exploited marine resources, forming a countless potential for investments in the fishing industry. The fishing industry is budding and backs to a large portion of the country’s exports. However, Cape Verde has fishing potential yet to be fully exploited. Two foremost international fishing grounds border the islands, which are spread across

Tourism

Presently the islands of Sal (alone, 65% of tourism activities in the country), Boa Vista, Sao Vicente and Santiago are desired there is growing need for modern accommodation facilities on other islands as well

Transport Sector

 One of the main significances in the transport sector area is to transform Cape Verde into a shipping support podium and a regional air transportation hub.

Sea Cluster

As far as a Sea Cluster is apprehensive, the Government is now endorsing the Island of S. Vincent as a Regional Center for processing, marketing and export of marine resources. Investments are greeted in cold storage, ship repair and maintenance, transshipment and Bunkering and handling facilities, along with major public-private partnerships for the construction and management of a new deep sea Port and of a Cruise Terminal in the Island of S. Vincent.

Air Cluster

Investments are very much greeted into an Air Cluster, mainly in the privatization of the national air carrier – TACV. The government is aiming at a strategic partnership for the development of synergies on traffic and economically profitable activities and operations with African, European and South and North American markets/ destinations, along with major opportunities in the concession of the four major international airports operations and services. A niche of opportunities exists within this cluster for aircraft maintenance and handling and air navigation services.

Energy Sector

Cape Verde’s determined growth plans in the energy sector is to have 50 percent of electricity come from renewable energy sources by 2020 which will necessitate big investments in power and water infrastructure, and their use of alternative energy presents great opportunities. Cape Verde has one of the best wind regimes in the World (18m/s) and a great potential for solar energy with a ratio of 6-8 kWh/m²/day.

Information and Communication Technology

 Another priority area is in Information and Communication Technology, which is set to play a lead role in the economic expansion of the country in the medium and long terms.