Cabo Verde wants to be one of the best countries in the world to do business

31 January 2020

The “Doing Business” Action Plan, presented on Thursday in Praia by the Government of Cabo Verde, aims to ensure that within five years the archipelago is on the list of 50 countries with the best business environment and achieve 95th place in 2021, reported the Cape Verdean press.

The plan, which was presented by Deputy Prime Minister and Minister of Finance, Olavo Correia, has an estimated cost of €7 million, of which 2 million comes from the State Budget for 2020 and the remaining 5 million is financed by the European Union and paid out in partnership with the United Nations, according to the Inforpress news agency.

Correia said that putting the archipelago in the group of 50 best countries in terms of business environment, while it currently stands in 137th place, will be a crucial issue and it will be important to count on everyone’s commitment for Cabo Verde to be among the best countries by investment climate on a global scale.

He said that to achieve this challenge the government already has a team working on the various indicators, ranging from the opening of businesses, the payment of taxes, issuing permits, the protection of monetary interest and access to finance, within the framework of an action plan focused on institutional leadership.

All of these steps are focused on Cabo Verde improving it business environment and investment climate, in a country which, he noted, for many years was anchored to the State and public aid, and public investment, and so he considered it to be important for the entire system to be better prepared to provide improved services to citizens and businesses.

“We are growing more, above 5%. The macroeconomic framework for tax purposes is good, the monetary framework is stable, investments are on the increase, but we need to improve the business environment, through the promotion of an agenda of ongoing reforms, governance and improving the training of human resources,” he concluded. (macauhub)