Cape Verde and Sao Tome and Principe seek to improve business climate

18 November 2010

Praia, Cape Verde, 18 Nov – Cape Verde and Sao Tome and Principe plan to create mechanisms to allow for the development of businesses and creation of companies that can serve the two archipelagos, the prime ministers of the two Portuguese-speaking countries agreed.

The decision was made during a visit by Sao Tome Prime Minister, Patrice Trovoada, to Cape Verde, at the invitation of his Cape Verdean counterpart, José Maria Neves, who said that the two States were working to improve the business climate, allowing for a rise in bilateral trade.

In the oil exploration sector, Trovoada said that, at the moment this was in an exploratory phase but that, later, business opportunities would likely emerge in the services sector of Cape Verdean could take advantage.

Another area on which the two prime ministers focused was the financial sector, and they agreed they would cooperate in macroeconomic terms.

Neves said that both Cape Verde and Sao Tome and Principe had a foreign exchange cooperation agreement with Portugal, with the two currencies “tied” to the euro and there are common goals of macroeconomic management and monetary stability, and thus it made sense to cooperate and share good practices in this sector.

As part of the cooperation between Cape Verde and Sao Tome and Principe in the education sector, places will be made available in Cape Verde’s universities and professional training schools for Sao Tome students, as well as the 68 Sao Tome university students already studying in Cape Verde.

The meeting also led to the decision to raise the Cape Verdean Consulate General in Sao Tome to embassy status, and an ambassador is due to be nominated soon. (macauhub)