Cape Verde: Cape Verde has potential to create small and medium-sized manufacturing and assembly companies – OECD

9 June 2008

Lisbon, Portugal, 9 June – Cape Verde has potential to create small and medium-sized manufacturing and assembly companies, namely in the information technology sector, the spokesman for the Organisation of Economic Cooperation and Development (OECD) Development Centre, Com Foy said Friday in Lisbon.

“I think that the future of Cape Verde is the creation of small and medium –sized manufacturing companies, for example in Information Technology, computers and other electronic products, to be manufactured and assembled. There is a perfect climate for create of delicate products,” said Colm Foy, on the day he presented the OECD report on economic prospects for Africa, in Lisbon.

Saying he was satisfied with the “good figures” for Cape Verde, Colm Foy told Portuguese news agency Lusa that the Portuguese-speaking country had a “good programme of public investment, development of the private sector, growth of domestic investment, a very balanced political system and focus on training.”

Despite this, Cape Verde has some problems, such as poverty and unemployment, which in 2006 totalled 18 percent.

Colm Foy noted that Cape Verde would this year have annual growth of the same as 2007 – 6.6 percent – and 7 percent next year.

“Cape Verde has one of the best places on the index of Perception of Corruption in Africa, in which it is in third place, and in 49th amongst 180 countries, in the International Transparency Report. It was also considered by Freedom House as the freest country, in terms of political and civil rights, in the whole of Sub-Saharan Africa and is a very open country,” he noted.

According to Colm Foy, the government of Cape Verde should seek solutions for “citizens to move from dependence to independence,” and extended this recommendation to all African governments.

The spokesman recommended, therefore that focus was given to infrastructure, economic diversification, rationalisation of imports and exports, preservation of income from oil exports and transparency in the use of export revenues. (macauhub)