The implementation of the African Continental Free Trade Area (AfCFTA), which includes the Portuguese-Speaking countries, enhances the attractiveness of the continent for industrial investment from China, according to Jeremy Stevens, chief economist of the South African Standard Bank responsible for China.
Cabo Verde’s 2020 State Budget (OE), approved on 29 November, forecasts an acceleration of economic growth and a continuation of the fall in the country’s high debt burden, one of the main weaknesses of the Cape Verdean economy.
Portuguese-speaking countries in Africa are “a hotspot for investor interest”, says Mateus Magala, Vice-president of the African Development Bank. According to the Mozambican national, “the time is now” to invest in these countries, because of economic reforms, a burgeoning middle class and regional diversity against the background of the new African Continental Free Trade Area.
Chinese group Huawei will increase its support for StartUP Portugal, the public company responsible for boosting young technology-based companies, under a partnership agreement recently signed in Lisbon.
Brazil and Cabo Verde were among the countries to introduce the most reforms throughout 2018 to improve their business environment, although this was not enough to prevent their decline in the World Bank benchmark index.
Macau has an important role to play as a “knowledge centre” in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) project, according to some of the leading Sino-Lusophone researchers.
Bringbuys Web Technology will help promote Cabo Verde in Asia through a new portal to be developed following a protocol signed at the Macau International Fair (MIF 2019), said Ana Lima Barber, president of the Cape Verdean trade and investment promotion agency.
Cabo Verde is among the most attractive tourist markets in West Africa at a time when the continent is increasingly attracting tourism investment, according to an assessment released by Hospitality and Tourism International (HTI) Consulting.
Chinese telecommunications group Huawei is involved in the launch of 4G and 5G mobile network technologies in Mozambique and Cabo Verde, which are expected to help boost the economies of both countries.
Most Portuguese-speaking countries have fallen in the index of the recently published Travel and Tourism Competitiveness Report, with the exception of Portugal and Angola.
The Sovereign Private Investment Guarantee Fund (FSGIP) approved by the Government of Cabo Verde is expected by 2025 to have a capitalisation of US$500 million as a result of the participation of private entities.
Most African countries, including the Portuguese-speaking ones, have been facilitating the entry of Chinese citizens in their respective territories, the aim being to increase investment and tourism, indicates a study by the Migration Policy Institute
Cabo Verde’s new Commercial Code and Commercial Companies Code will come into force on 21 October, replacing colonial legislation that is over a century old and introducing new types of contracts.
The São Tomé Trade and Investment Promotion Agency (APCI) will follow up on potential deals that resulted from the meeting of entrepreneurs from China and Portuguese-speaking countries, said the director of the São Tomé and Príncipe agency.
Art has been around for at least 10,000 years. It has taken many forms, from paintings on cave walls to dead sheep suspended in formaldehyde. But, whatever the medium, age and location, one thing is for sure: you can tell a lot about a culture when you look at its art. As the late anthropologist Claude Lévi-Strauss said, objects matter.
The diversification of Macau’s economy centred on relations with Portuguese-speaking countries is essential if the territory is to find its place in the Greater Bay Area, said the chief executive of Banco Nacional Ultramarino (BNU).
With Huawei already a key player in Cabo Verde’s IT sector, Macao-based tech company Bringbuys Web Technology is taking firm strides to establish itself in the archipelago, which has ambitious plans for e-governance. The Macao company’s own ambitions extend to other Portuguese-speaking countries, both in the region and beyond.
Air and maritime transports have long been identified as a major bottleneck for economic growth and development of Cabo Verde. Flying to Lisbon, Portugal, is often cheaper than flying between islands, and moving goods internally is also expensive for local companies. A revamp of air and maritime transports, a priority for the local Government, is finally taking form, but with mixed prospects.
China is involved in eight port projects, which have either been completed or announced in Portuguese-speaking countries, as a construction company or through funding, according to a recent survey by the Center for Strategic International Studies (CSIS).
Visitor numbers to Cabo Verde are continuing to grow year-on-year but there are fears that the focus on all-inclusive hotels restricts the development of local restaurants, cafes and other tourist sector businesses.