Cabo Verde International Fair to be managed by private entities

13 November 2018

Cabo Verde’s (Cape Verde’s) chambers of commerce and tourism will take over the management of the Cabo Verde International Fair with the purchase of the state’s 80% stake, said the secretary general of the Sotavento Chamber of Commerce, Industry and Services.

José Luís Neves said that the 80% share will be distributed evenly by the Barlavento and Sotavento chambers of commerce and the Chamber of Tourism, with the remaining 20% ​​held by Cabo Verde TradeInvest.

The process of divesting the state’s shares began in 2017 with the signing of a memorandum of understanding between the government and the Chambers of Commerce and Tourism and will be implemented Wednesday.

The signing of the direct purchase and sale agreement is scheduled for the inauguration of the 22nd edition of the Cabo Verde International Fair, which will take place in Praia, with the participation of 230 domestic and foreign companies, according to the Inforpress news agency.

FIC was created at the end of the 1990s, by government initiative and in 2000 became a public limited company that is part of the state business sector with the mission of organising international fairs and exhibitions, as well as to promote and manage free trade zones.

In addition to the annual multisector fair, which is already in its 22nd edition, the company has promoted and organised other sector events, such as Expotur (Tourism Fair), the automobile fair (Expoauto), the fair for economic activities related to the sea (Expomar) and International Fair of Construction and Housing (FICH), among others. (macauhub)