Cape Verde: Foreign investment almost doubles in 2008

7 January 2009

Praia, Cape Verde, 7 Jan – Cape Verdean investment agency, Cabo Verde Investimentos (CVI) approved 19 investment projects in 2008, as compared to 13 projects in 2007, representing an increase of 46 percent year on year, CVI said in a statement issued in Praia.

The statement said that the amount of foreign direct investment (FDI) in 2008 almost doubled against 2007, from 1.149 billion euros in 2007 to 2.639 billion euros last year.

Tourism remained the sector to attract most investment, accounting for 99 percent of total FDI in 2008 as compared to 97 percent the previous year.

Cabo Verde Investimentos said that by country of origin, there was a clear predominance of investment from northern European countries as compared to southern Europe.

Until 2006 investments mainly arrived from Portugal, Spain and Italy, but in the last few years the United Kingdom, Ireland, Sweden and Belgium have gained in importance.

Investments approved in 2008 from Ireland accounted for 47 percent of the total.

The islands of Sal (19.3 percent) and Santiago (68 percent), are the islands to attract most investment in2 008, whilst in 2007 Sal (42 percent), Boavista (38 percent) and S. Vicente (18 percent) accounted for almost all the investments approved.

In 2009 Cabo Verde Investimentos expects that several projects will be launched, including Baía das Gatas Resort, Salamansa Sands, Fortim, Cesária Resort in S. Vicente, Porto da Murdeira, Calheta Bay, Murdeira Beach and others on Sal, as well as other that have already been approved. (macauhub)