Portugal to promote “Business and Investment Days” on Guinea Bissau

21 June 2006

Bissau, Guinea Bissau, 21 June – Portugal is planning to promote, in the last quarter of the year, in Lisbon, “Business and Investment Days” on Guinea Bissau, an initiative that will be organized
by export promotion agency ICEP, Guinea’s Economy Minister told Portuguese news agency Lusa.

Issufo Sanhá said that ICEP had said it was “totally available” to provide the support needed for the events, which were requested by the Minister in November 2005.

“We are setting up all the conditions to carry out the “Days” which will be attended by Guinean and Portuguese businesspeople as well as others that have successfully invested in Guinea Bissau,” Sanhá said, adding that the project could become a, “sort of Investment Fair.”

The Minister highlighted Guinea Bissau’s recent enrolment in the Multilateral Investment Guarantee Agency (MIGA) and the African Fund for Guaranteeing economic Cooperation (Fagace), two institutions which would ensure the stability of business in the country.

According to Sanhá, eight “priority actions” are already underway, with particular focus on the revision of the country’s Investment Code, which has already been sent for approval by the Cabinet and which will then be sent on to Parliament.

The fourth measure has also already been sent to the Cabinet, which is the regulation of the Land Law, and the OHADA Work Code which is expected to be adopted by the end of the year.

Sanhá also highlighted the efforts made, with the support of the World Bank, to set up a Commercial Court, which already has facilities and whose judges are already being trained, which is also the case with the country’s Arbitration Center.

The eighth measure is opening up a “Citizen’s Store” to provide facilities to obtain official documentation and certificates under one roof, and which will be set up in the Ministry of Commerce in Bissau.

Another “important” step is drawing up the Status of Export Companies, the financing for which is being provided by the Spanish government and which will be supported by consultants from the Canary Islands.

Sanhá concluded by saying that his Ministry was also drawing up legislation on “BOT” (Building Operate Transfer), in order to ease the entry of the private sector into the area of infrastructure construction, creating a “more specific law” than the existing general one. (macauhub)