Business in Cape Verde, Praia

The aims of the subject “Foreign Trade and Business in Cape Verde” are the following:

1. To analyse the Cape Verdean Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in Cape Verde
3. To explore the Cape Verdean trade relations with the country of the student
4. To know the Cape Verdean Free Trade Agreements
5. To develop a business plan for the Cape Verdean Market

Cape Verdean Preferential trade agreements:

1. Cape Verde and the West African Economic Area
2. Economic Community of West African States (ECOWAS)
3. African Continental Free-Trade Area (AfCFTA)
4. Community of Sahel-Saharan States (CEN-SAD)
5. African Growth and Opportunity Act (AGOA)
6. European Union-Cape Verde:
   1. Africa-European Union Strategic Partnership
   2. Generalised System of Preferences (GSP)
   3. Special Partnership Agreement (SPA) with the EU

Trade Facilitation Programs

1. World Trade Organisation (WTO)
   1. WTO General Agreement on Trade in Services (GATS)
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
   3. WTO Agreement on Technical Barriers to Trade (TBT)
   4. WTO Agreement on Preshipment Inspection (PSI)
   5. WTO Agreement on Safeguards (SG)
   6. WTO Trade Facilitation Agreement (TFA)
2. World Customs Organisation (WCO)
   1. Revised Kyoto Convention (RKC)

African Trade and Economic Organisations. Cape Verde is a member of:

1. African Development Bank (AfDB)
2. Economic Commission for Africa (ECA)
3. African Union (AU)
   1. African Union Development Agency (AUDA-NEPAD)
   2. Comprehensive Africa Agriculture Development Programme (CAADP)
   3. African Union Convention on Preventing and Combating Corruption (not signed)
4. Africa-Asia Strategic Partnership (NAASP)
5. Forum on China-Africa Cooperation
6. Africa-India Framework for Cooperation
7. Africa-BRICS (Brazil, Russia, India, China, South Africa)
8. Africa-Turkey Partnership
9. Afro-Arab Cooperation
10. Arab Bank for Economic Development in Africa (BADEA)
11. Africa-Korea Partnership
12. Africa-Japan Cooperation (TICAD)
13. Africa-South America Summit (ASA)

Global Organisations

1. World Customs Organisation (WCO)
2. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD)
   2. International Trade Centre (INTRACEN)
   3. World Intellectual Property Organisation (WIPO)
3. World Bank (WB)
4. World Trade Organisation (WTO)
5. International Monetary Fund (IMF)

The Republic of Cape Verde:

1. Archipelago formed by ten Islands (Atlantic Ocean)
2. Capital of Cape Verde: Praia
3. Area of Cape Verde: 4,033 square kilometres
4. Cape Verdean population: 491,000 inhabitants
5. Life expectancy: 70 years
6. Cape Verdean Official language: Portuguese
7. Cape Verdean language: Creole
8. Politics: Democratic Semi-Presidential with multiparty system
9. Nearest countries (by sea) to Cape Verde: Senegal, the Gambia, Guinea Bissau, Mauritania, and Spain (Canaries)
10. Independence of Cape Verde: 1975 (Portugal)

More information about Cape Verde (EENI African Portal).

Main religions in Cape Verde:

1. Christianity - Catholicism (90% of the Cape Verdean population).
2. African Traditional Religions

Cape Verde belongs to the West African Economic Area (African Civilisation).

Economy of Cape Verde (Africa):

1. Leading in civil liberties, political rights, and stability in Africa (Freedom House Report)
2. Uncorrupt bureaucracy
3. Service oriented economy
4. The main sectors of the Cape Verdean economy are services (70% of the GDP, mainly tourism), agriculture (bananas, potatoes, sugar-cane, coffee, and peanuts), fish, and textiles
5. Industry sector: 8% of the Cape Verdean GDP
6. Informal sector: 70% of jobs/25% of the GDP
7. Cape Verdean GDP growth: 3.1%
8. Inflation in Cape Verde: 1.8%
9. Main trade partners of Cape Verde: Euro-Zone countries (mainly Portugal)
10. Currency of Cape Verde: the Cape Verdean Escudo (peg to the euro)
11. Special regime for SME
12. Existence of Free-Zone Enterprises
13. Open to Foreign direct investment (FDI)
14. 90% of the food is imported