Cape Verde
eBizGuides Cape Verde
Ideal place for business
Le guiaré a lugares increíbles
The concept of eBizguides
eBizguides aims to provide on-the-ground information about the country economic performance, the main investment opportunities and acute business intelligence research about who are the leaders and influencers of the country and which are the top 100 companies. All you need to know about doing business in a country and in a unique publication that also includes a small tourism guide. eBizguides are the world's leading business intelligence guidebooks. Click to read more.
Economic reforms
Economic reforms launched in 1991 were aimed at developing the private sector and attracting foreign investment to diversify the country’s economy, with the government taking the role of promoter and regulator of
economic activities. Since then, successive governments have pursued the objectives of attracting foreign investors and creating a favourable atmosphere for business through the simplification of the diverse fiscal and customs procedures as well as a far-reaching privatization programme. Top development priorities are the promotion of a market economy, the development of tourism, light manufacturing industries and fisheries, and the development of transport, communications and energy.
economic activities. Since then, successive governments have pursued the objectives of attracting foreign investors and creating a favourable atmosphere for business through the simplification of the diverse fiscal and customs procedures as well as a far-reaching privatization programme. Top development priorities are the promotion of a market economy, the development of tourism, light manufacturing industries and fisheries, and the development of transport, communications and energy.
Economic growth
Since In 1998, Cape Verde signed a cooperation agreement with Portugal, which allowed the implementation of a fixed exchange rate with the Portuguese escudo, and subsequently with the euro, and this agreement remains in effect. Along with greater freedom in the flow of foreign currency, this policy has promoted the economic confidence. Together with the reform of the tax system, such as the introduction of Value Added Tax (IVA – Imposto sobre o Valor Acrescentado) and a higher rigour in the collection of Income Tax (IUR – Imposto Único sobre o Rendimento), as well as the reforms of the 90s, this has enabled an economic growth rate of 9% in the past decade.
INVESTMENT
As one of the major stops along the ancient Portuguese trade route, Cape Verde’s business history runs parallel with its development as a nation. However, people are discovering that business opportunities in the Cape Verde islands today are much more diverse, and the country has even been known as one of the ‘best-kept secrets’ of West Africa. It’s never been a better time to do business in Cape Verde. Cape Verde has a stable political and socioeconomic environment. Since 1991 there has been a parliamentary political system of free elections, with no ideology-driven conflicts, and no ethnic or religious rifts. There have been far-reaching macroeconomic changes and improved social indicators, as well as a pegged exchange rate regime (which ties the local currency to the euro). Strategically located at the crossroads of four continents – North America, South America, Africa and Europe – the geographical position of the islands creates easy access by regular shipping lines and air routes. Cape Verde’s outward-looking economy also plays a role in making it an ideal place for business. Preferential trade agreements favour products made in Cape Verde, offering easy access to the European Union, ECOWAS and United States markets. The labour market is also readily and freely available to businesses establishing themselves in Cape Verde. The workforce is easy to train and highly productive. Good public facilities and infrastructure assure high standards for business expansion.
Partner Companies
Cape Verde
Although there are some references to the passage of Romans, Arabs and Greeks to Cape Verde, as well as the supposition that some African populations had some contact with the islands, at the time considered by many historians as the official date of discovery of the archipelago, that is 1460, it was not inhabited. It is widely accepted that in 1460 the Genovese and Portuguese navigators António di Noli and Diogo Gomes, both in the service of the Portuguese Crown, discovered and registered the first five islands of the archipelago. In 1462, the navigator Diogo Afonso would discover the other islands. At this date, the settlement of the archipelago started with free Europeans and slaves from the African coast. The island of Santiago was the first one to be colonized and recognized. In the beginning, the settlement of the islands was very difficult due to the poor natural resources and the unfavourable climate conditions. The Portuguese Crown offered a number of benefits so that settlement would be more appealing, a decision that proved right as Cape Verde became an important commercial slave post with the expansion of the commercial routes.
