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Business Promotion in Ivory Coast
The Ivory Coast's Economy
Despite the political instability of generations gone by, the Ivory Coast economy is now not only stable but thriving. The Ivorian economy, the strongest of the Economic Community of West African States, remains a preferred destination for foreign investors in the region. Investments are mainly oriented towards extractive industries and finance, but there’s plenty of scope for investing or running a business in this part of the world. Here’s what you need to know.
Ivory Coast Agriculture
This agricultural region is rich in cocoa and coffee, tropical fruit, tropical wood, palm oil, rubber, gas and oil. Being surrounded by rich and fertile seas, fish is another common export. The economy is very sensitive to fluctuations in international prices for these products and to weather conditions. The problem with agriculture being the Ivory Coast’s main source of income is that there are no guarantees for a good growing season, despite attempts by the government to diversify the economy, it is still largely dependent on agriculture and related activities. After several years of slowed performance, the Ivorian economy began making its comeback in 1994, mainly due to the devaluation of the CFA franc (originally Franc of the French Colonies in Africa) and improved prices in non-traditional primary exports.
Ivory Coast Infrastructure
The Ivory Coast has an outstanding infrastructure in place, particularly when you look at it in comparison to other developing nations. There is a network of paved roads, modern telecommunications services, cellular phones and Internet access and two active ports. The rail is the most modern in West Africa, with the rail links being in the process of being upgraded. On top of this, there’s regular air service within the region and to and from Europe, with real estate developments for commercial, industrial, retail, and residential use. All of these things make the Ivory Coast an attractive place for potential investors and business owners, as the foundations are already there.
Ivory Coast Tourism
the Ivory Coast represents one seriously huge slab of West Africa, From the soaring grass-clad mountains of Mount Nimba in the north to the lagoons and roaring Atlantic waves of the south, the mist-topped rainforests where chimps live in the west to the sweeping plantations of cocoa and plantains in the east there’s plenty of reasons that outsiders would want to come to this part of the world. The Ivory Coast's tourism industry has developed significantly since the early 1970s, and as of 2018, a $5.8bn tourism plan was put in place to transform tourism in this region. Again, these are things that are seriously attractive to future investors as it’s a place people are interested in visiting and spending money in. The Ivory Coast is considered a safe place to visit which also goes in your favour, although a vaccination certificate for yellow fever is required from all foreign visitors.
Rich natural resources and very fertile agriculture, low interest rates and a willingness of the government to improve the business climate all make doing business in the Ivory coast an attractive option as a business owner.
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