Cape Verde is African state with most foreign investment

16 October 2007

Praia, Cape Verde, 16 Oct – Cape Verde is the African country that attracts most overseas investment, the archipelago’s economy minister, José Brito, said Monday.

After a cabinet meeting on economic affairs, Brito said Praia aims to improve investment in Cape Verde by speeding up structural reforms in the country.

The latest figures from Cape Verde’s CVI investment agency show that foreign investment in the islands from 2007 to 2011 is expected to total US$ 7.8 billion.

This investment is set to rise progressively from US$ 712.8 million this year to US$ 2.7 billion by 20111 to create nearly 32,000 new jobs.

Cape Verde has already approved projects worth US$ 2.99 billion that will result in more than 16,000 new jobs.

In the past six years, the islands have received almost US$ 1 billion in overseas investments, mainly in the sectors of tourism, banking and finance, real estate and construction, and this trend is set to increase for the next four years.

Cape Verde’s service sector is Africa’s biggest in percentage terms (74 percent) and its farming sector accounts for just 9 percent of GDP.

Last year, the West African archipelago’s economy expanded by 5.8 percent of GDP, one of the region’s highest growth rates. (macauhub)