Foreign investment in Cape Verde expected to total US$7.8 billion by 2011

18 September 2007

Praia, Cape Verde, 18 Sept – Foreign investment in Cape Verde is expected to reach US$7.8 billion between 2007 and 2011, according to figures from the archipelago’s foreign investment promotion agency.

Investment is expected to increase continuously, from US$711.8 million this year to US$2.7 billion by 2011, allowing for the creation of 31,882 jobs, according to Cabo Verde Investimentos (CVI).

There area projects worth US$2.99 billion already approved, which will create some 16,715 jobs.

According to Portuguese news agency Lusa, the figures from CVI were told to a mission of 22 Portuguese businesspeople, which was analyzing investment opportunities in the archipelago.

According to CVI’s projections, the main destination for investment on the archipelago will be Santiago Island, which will likely receive a third of total investment.

The next destination will be Sal Island, the capital of Cape Verdean tourism followed by Sao Vicente, Sao Nicolau and Santo Antao.

In the last six years, the archipelago has received around US$1 billion in foreign investment, a figure which has grown since 2001.

The sectors to benefit most from this investment are tourism, banking and finance, real estate and construction.

Cape Verde is the African country in which the service sector has the greatest weighting in the economy (74 percent), with agriculture accounting for just 9 percent of the gross domestic product (GDP).

Last year, GDP rose by 5.8 percent, which was one of the highest levels in West Africa. (macauhub)