A Service Platform in the Mid-South Atlantic

Transcription

1 { A Service Platform in the Mid-South Atlantic

2 Strategic Location Privileged market access in terms of quota-free and duty-free entry into the West Africa (ECOWAS), the European Union (SGP+) and The USA (AGOA) markets

3 Economic Infrastructure 4 international airports ports, 2 deep water ports Modern Telecom infrastructures London United Kingdom Intercontinental fiber optic cables - Atlantis & WACS Telecom infrastructure connected Portugal Canary Islands Cape Verde Nigeri a Cameroon Congo Togo DRC Ivory Coast Ghana Angol a by fiber optic cables Namibia South Africa

4 ECONOMY AT A GLANCE GDP (2012)= US$ 1,880 billion GDP per capita (2012) = US$ Real GDP Growth (2012) = 4.6% Population ( 000) = 505 The Service sector is the backbone of the national economy accounting for over 75% of GDP 45% of the employment are assumed by tourism and transatlantic platform functions of transport and communication services

5 Cape Verde s Business Climate: Stable Macroeconomic and Political environment Most sectors are open and foreign investment receives the same treatment as domestic investment No restrictions on ownership by foreign investors who are allowed to recruit foreign personnel to the country Predictable Public Fiscal Framework Predictable Investment Legal and Regulatory Frameworks Supportive Investment Facilitation Mechanism

6 Drivers of Cape Verde s Economy o Rule of law - Anchored on good governance, transparency, accountability, zero tolerance on corruption o Commitment to creating Enabling Business Environment - Stable Democratic System - Infrastructure re-engineering and expansion - Well developed Financial and Insurance sector - Business Entry procedures simplified and streamlined - The Public Service reform removal of bureaucratic huddles

7 Investment Opportunities (I) Tourism/Hospitality Resorts and luxury tourism; Resorts for second buyers: Retirement Homes; Thalassotherapy > Health Tourism PPP s for development of Special Tourism Zones (ZTE) with prime location land in most of the Islands Services ICT: Development of an IT Oriented Economic Sector > Development & management of a Technologic Business Parks > High Tech Equipment Assembling for Export to the Regional market Banking & Financial services Bunkering Waste Management & Treatment

8 Investment Opportunities (II) Manufacturing Cold Storage & Fish processing facilities Pharmaceuticals, High Value Textiles & Garments Electric and electronic products Salt production and processing Agriculture & Agro Allied Infrastructure Power Generation, Renewable Energy (Wind and Photovoltaic) > PPP for Renewable Energy Parks development & management > Equipment manufacturing (solar panels and wind mills) for export to the Regional markets Transportation Maritime > inter-island and Regional connections Privatization of the National Air Carrier (TACV) Strategic partnership > synergies on traffic & economically profitable activities and operations Aero business Aircraft maintenance (MRO) Air hub (passengers & cargo) as a Getaway to and from the West African Sub-region

9 Fiscal Incentives To Investment Prevailing Corporate Income Tax is 25% per annum (except for the IBC CV especial fiscal regime) Tax credit (50%): to be deducted annually from IUR ( Corporate Income Tax ) applied to investments in tourism, renewable energies and transport-related services 30% for the remaining sectors Exemption from IUP ( Net Worth Tax ) as specified in the Law Exemption from customs duties Easy transferability of profit, dividends, etc. Contractual Tax Benefits (Convention of Establishment): may take the form of contractual exemption, deduction from the taxable amount and tax credits, accelerated depreciation and amortization and reduction of rates

10 Special Fiscal Regime (IBC CV) Free Industrial and Trade Zone with a scope of activities from fish processing and food products to cosmetic and electronic goods, medicals and pharmaceuticals to manufacturing, textiles and apparel Reduced Corporate Tax 5% to entities with five (5) or more dependent workers; 3.5% to entities with twenty (20) or more dependent workers; 2.5% to entities with fifty (50) or more dependent workers. All types of service-oriented companies can be licensed with also full access to a preferencial tax regime depending on the creation a mininmum of two (2) employments: Corporate Tax: 2.5% Exemption from withholding tax on dividends and interest payments made to non - resident shareholders. Additionaly, entities licensed to operate in the IBC CV benefit in general from VAT exemptions.

11 Cape-Verdean Investment Promotion Agency A ONE - STOP SHOP INVESTMENT CENTER Co-ordinate, promote and facilitate domestic and foreign investments into Cape Verde Support and provide necessary assistance and guidance to foreign and domestic investors in Cape Verde Develop and implement innovative, focused and effective Investment promotion strategies Target & attract investment into the economy Advise government on policy matters, fiscal and non-fiscal measures designed to promote investment and sustain the enabling environment

12 Come and Invest with Us! Thank you! José Armando Duarte President & CEO Cape Verde Investment Promotion Agency Telf.: (+238) /11 - (+238) (Dir) Mobile: (+238) 55716