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Executive Report on Strategies in Cape Verde
ICON Group International, June 2007, Pages: 383
How to Strategically Evaluate Cape Verde
Perhaps the most efficient way of evaluating Cape Verde is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
Latent Demand and Accessibility in Cape Verde
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Cape Verde. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Cape Verde:
Openness to Trade in Cape Verde
Openness to Direct Investment in Cape Verde
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Cape Verde. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Cape Verde over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Cape Verde when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Cape Verde as an area of dominant influence in Africa and, potentially, the world.
As a whole, this report presents a strategic assessment of Cape Verde by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN CAPE VERDE
Economic Fundamentals and Dynamics
The country won independence from Portugal in 1975, and, since first holding multiparty elections in 1991, it has been characterized by peaceful democratic transitions. In spite of all the difficulties Cape Verde faces, the government has made a great effort over the past eleven years to promote a market-oriented economic model aimed at private sector development, foreign investment and integration of Cape Verde into the global economy. New financial and economic legislation has shifted the government’s role in the economy from that of a direct economic agent to one of a major promoter and regulator of economic activity. These policies have received the endorsement and support of the World Bank, the IMF and many multilateral and bilateral donors, including the U.S.
To date, several former statal and parastatal companies, including the national telecommunications company, have been sold to foreign and local investment groups. Other companies sold to private investors include financial institutions (banks and insurance) and the utilities company. In all cases the investors have come from Portugal. The next major enterprises slated for privatization are the national airline TACV and the port authority ENAPOR.
The government has taken several other aggressive steps including a foreign exchange cooperation accord with Portugal. The foreign exchange accord links the Cape Verdean Escudo (CVE) to the Portuguese Escudo and therefore the Euro, at a fixed exchange rate. The rate of exchange is 1 Euro to 110.265 CVE. Other measures include the establishment of an offshore Trust Fund to hold and manage domestic debt deposits; the approval of the Budget Law, prohibiting internal credit to the government beyond 3 percent of GDP and a 60 percent of GDP ceiling for short and medium term public loans; and the creation of a stock market.
The services sector continues to be the backbone of Cape Verde’s economy accounting for about 63.3 percent of GDP. The secondary or industrial sector accounts for approximately 21.9 percent and the primary 14.8 percent.
Balance of Payments Issues
Several features characterize Cape Verde’s balance of payments: a very large structural imbalance in the trade account, a substantial surplus in the services account, significant net private transfers, and considerable net overseas development assistance. Modest merchandise export earnings, significant service exports, and high merchandise imports all are major elements of the foreign trade component.
Traditionally Cape Verde’s most substantial earnings have come from non-factor services to international transport. These earnings have increased recently as a result of rising services to international air traffic.
Infrastructure Development
Transportation
Given the country’s geographic location at the crossroads of three continents, transport and related services can be an important source of development activity. However, limited port and airport facilities, and infrequent and costly air and maritime transport have been serious constraints to the development of an outward-looking economy.
In an attempt to overcome those constraints, the transport sector was the subject of a World Bank study subsequently updated in the context of an $87 million transport and infrastructure project promoted and co-financed by the World Bank.
There are two deep waters ports - Porto Grande, in Mindelo, Sao Vicente and the Port of Praia, in the capital city - serving international traffic. Distribution of imported commodities throughout the islands is via these ports.
The largest airport (with the second longest runway in Africa) is on the island of Sal, which is able to accommodate the very largest intercontinental aircraft (including, if necessary, the space shuttle). A new airport is under construction in Praia and will accommodate mid-sized jet aircraft. There is also a modernization project underway for Sao Vicente’s airport. Other islands too will see their airport facilities upgraded.
Cape Verde Airlines (TACV) provides domestic and international air transportation. Domestically, TACV services all of the islands except Brava (which has no airport). TACV’s international destinations include Amsterdam, Bergamo, Boston, Dakar, Fortaleza, Lisbon, Madrid, Munich, Paris and Zurich-Basel.
Telecommunications
There is one telecommunications services supplier in the local market providing a diversity of services, including fixed and mobile telephone, telegraph and calling card services, as well as electronic and internet services. Cabo Verde Telecom, S.A. (CVT) is a privately controlled enterprise owned by Portugal Telecom International (40 percent) and a number of Cape Verde public and private investors. Under a 25-year concession agreement with the Government of Cape Verde, CVT holds monopoly rights to the provision of fixed network services. Value-added services (e.g., mobile phones and internet services) are open to all providers.
A USD 7 million fiber optic project was recently implemented connecting all the islands. In 2000, CVT invested about USD 16 million in new telecommunications services including cable television, multimedia and video-conferencing after the successful introduction of cellular telephones in 1999. Another major investment was CVT’s USD 10 million participation in the Atlantis 2 project, the international system of fiber optic submarine cables connecting South America, West Africa and Europe.
Political Risks
With historic links dating back hundreds of years, Cape Verde and the U.S. enjoy excellent relations. This relationship has been enhanced by the emergence of a stable multi-party system in 1991.
Cape Verde has a mixed presidential/parliamentary system of government. Day to day authority for government policy and implementation rests with the Prime Minister, his cabinet and the national assembly. The people directly elect the President of Cape Verde who serves as head of state but his powers are relatively modest. He shares the constitutional responsibility for foreign affairs and defense matters, but must consult closely with the government on these issues. The judiciary in Cape Verde generally operates independently and free of outside influence. The Supreme Court, headed by a president, is spearheading the effort to broaden the concept of the rule of law and the proper role of an independent judiciary in a democratic society.
By all indications, corruption is far less prevalent and on a smaller scale than elsewhere in the region. Nevertheless, opposition political parties and businessmen with no connections to the governing party have accused the MPD of favoritism in the awarding of contracts. In particular, they allege that companies with ties to cabinet ministers, including the Prime Minister, have won too many government projects and contracts for services. There is also growing criticism that the process by which the government is privatizing statal and parastatal enterprises is insufficiently transparent.
Marketing Strategies
Distribution Channel Options
There is great receptivity for American goods and services in the Cape Verdean market. In the past, U.S. products have reached the Cape Verdean market either through bilateral cooperation projects, or informally through small personal shipments by members of the Cape Verdean community in the U.S.
Distribution and marketing facilities are not yet well developed and the principal methods of selling are: retail outlets, an agent or distributor, selling through established wholesalers and selling directly to the government.
A limited number of agents currently conduct business with foreign firms and some have been inquiring about representing American firms. Agents and distributors commonly represent several product lines. It is advisable that a company attempting to break into the market retain a person resident in Cape Verde who should be fluent in Portuguese. If the exported product requires servicing, qualified personnel and a reasonable inventory of spare parts must be considered. European competitors inevitably market their geographic proximity as a competitive advantage; they are often able to provide a technician or part on short notice. However, Cape Verdeans remain largely unaware of the difference between the American tradition of backstopping a product sold retail, and the European tradition of only supporting newly purchased wares as a money-making sideline.
Many of the products sold in Cape Verde pass through wholesale organizations. Most of the wholesale establishments and modern retail outlets are concentrated in the two main urban centers: Praia and Mindelo.
Private sector enterprises can purchase goods directly or through an agent, while public sector companies are required by law, to make their purchases through procurement tenders. The procurement is typically financed by a multilateral lending institutions such as the World Bank or the African Development Bank.
Therefore, numerous profitable opportunities exist for companies willing to develop their own marketing, distribution and maintenance networks.
Forms of Business Organizations
Branches of foreign companies may not be established until they are registered with the registrar of companies.
Joint ventures are allowed and encouraged in many sectors, namely in fisheries, the airline business and telecommunications.
The most common forms adopted by businesses in Cape Verde include: 1) branch of a foreign company; 2) joint-venture; 3) limited liability company and 4) stock (publicly owned) corporations. Other business forms include regional offices, sole proprietorships, local agency or distributorship arrangements, and state or partially state-owned companies.
Franchises are not a factor as yet in the Cape Verdean business environment.
Advertising and Trade Promotion
Advertising is done mainly through newspapers, television and radio. There are two widely read weekly private publications and an official one. Television is government controlled and it broadcasts six hours a day. National television also has special agreements with French and Portuguese channels allowing them to be broadcast in Cape Verde. There is a state-owned radio station with headquarters in Praia, the capital, and four private ones.
Radio and television spots are the most common forms of advertising. Trade fairs are sporadic but nevertheless a popular means of reaching the Cape Verdean buyer. Packaging is important to the Cape Verdean consumer. Eye-catching, colorful designs, and small, reusable containers appeal to the public.
Major Newspapers
“Horizonte”
C.P. 40-A
Praia, Cape Verde
Tel: (238) 62 24 47/ 62 24 81
Fax: (238) 62 32 69/ 62 43 11
E-mail: jornal_horizonte@hotmail.com
“A Semana”
C.P. 36-C
Praia, Cape Verde
Tel: (238) 62 98 60/ 7/ 8/ 9
Fax: (238) 62 86 61
E-mail: asemana@cvtelecom.cv
“Terra Nova”
C.P. 166
S.Vicente, Cape Verde
Tel: (238) 32 24 42
Fax: (238) 30 02 77
E-mail: antoniofidalgo_2000@yahoo.it
“Expresso das Ilhas”
C.P. 666
Praia, Cape Verde
Tel: (238) 61 98 07/8
Fax: (238) 61 98 05
E-mail: jornal@expressodasilhas.cv
Import and Export Regulation Risks
Valuations on Imports
The Brussels Definition of Value serves as the basis for calculation of customs duties and other customs charges. This system is scheduled for overhaul in connection with Cape Verde’s application to join the World Trade Organization (WTO).
Licenses Required for Imports
Cape Verde applies three distinct licensing procedures for imports, depending on whether goods are destined for commercial, tourism or industrial use. The General Directorate of Commerce and Competition is the agency responsible for administering licensing procedures. For commercial enterprises, an automatic licensing scheme for both imports and exports is applied. A prospective importer applies to the Chamber of Commerce for a license to be an importer.
Controls on Exports
Because of the significant structural deficit of the trade balance, there are no controls on exports. On the contrary, a law passed in 1993 provides a variety of incentives to exports. Although not a signatory to the Washington Convention (International Convention on Endangered Species of Flora and Fauna), Cape Verde prohibits the exportation of endangered flora or fauna.
Documentation Required for Trade
Commercial Invoice: Two copies of the commercial invoice, in both Portuguese and English, should accompany the shipment. The invoice should give an accurate and specific description of the goods, together with FOB value and an itemized description of expenses. The document must show the shipper’s name and address as well as that of the consignees.
Pro-Forma Invoice: May be required by the importer to obtain an import license.
Bill of Lading/Air Waybill: There are no regulations specifying the form or number of bills of lading required for any particular shipment. A bill of lading customarily shows the name of the shipper, name and address of consignee, port of destination, description of goods, listing of freight and other charges, number of bills of lading in full set, and the date and signature of the carrier’s official acknowledging receipt on board of the goods for shipment. The information should correspond to that shown on the invoices and packages.
Insurance Certificate: The government requires that transport insurance on imports be placed with the state insurance company whenever goods are under the ownership of a Cape Verdean national.
Declaration of Import/Import License: It is also required that four copies of the declaration of importation for liberalized goods and six copies of the import license for controlled goods accompany the shipments.
Phytosanitary Certificate: Plants, seeds and animals, and vegetable and animal products should be accompanied by a sanitary certificate issued in the country of origin and may be subject to inspection at the port of entry.
Certificate of Origin.
Certificate of Payment for services rendered.
Temporary Entry of Goods
Temporary entry is authorized for cooperation projects, diplomatic missions and to temporary foreign workers.
Restrictions on Imports
There are no quantitative import restrictions, or quotas currently in effect in Cape Verde. However, there are special rules that apply to certain essential goods, i.e. rice, sugar, corn, wheat, wheat flour, tobacco and tobacco products, chemical and pharmaceutical products, fuels, and lubricants. The importation of armaments and munitions is reserved solely for the national defense and security services. Narcotics are prohibited.
Local Standards
Cape Verde uses 220 v 50 cycles for electricity and the metric system of measurement. Operating standards usually follow the Portuguese or European norm.
Free Trade Zone Options
In 1998, Cape Verde passed a law authorizing the establishment of Commercial Free Zones (CFZ), defined as a duty free import and export area. Any legally established national or foreign enterprise that produces and commercializes goods or provides services exclusively for export or for sale to other free enterprises installed in Cape Verde are eligible for the status of free enterprise. Entrepot activities can be undertaken, such as the storage of goods without payment of duties, with storage periods ranging up to four years.
Adherence to Free Trade Agreements
Cape Verde is a member of the Economic Community of West African States (ECOWAS) and it benefits from the U.S.Generalized System of Preferences and the African Growth and Opportunity Act, as well as the Lomé Convention, thus providing investors with preferential access to West Africa, the United States and Europe. It has applied to join the World Trade Organization (WTO).
Investment Climate
Cape Verde’s major policy objectives on investment are to promote and encourage a transparent and fair business environment for both domestic and foreign investors, and to increase the role of the private sector in Cape Verde’s development process. Since 1989, the economy of Cape Verde has become increasingly open. The government is committed to integrating the country into the global economy primarily through foreign investment in export-oriented activities. Cape Verde offers foreign investors substantial advantages in areas such as light manufacturing, tourism, fisheries, transportation and communications. In light manufacturing, for instance, foreign investors can benefit from Cape Verde’s market access and underutilized quotas for Cape Verdean products sent to the European and the U.S. markets. Furthermore, Cape Verde enjoys a remarkable peaceful stability based on its democratic political system and market-based economic development, as well as the total absence of ethnical divisions in the society.
The positive attitude of the government toward foreign investment has its firm base in the legislation passed in the early 90s. The incentive package is very competitive. The latest law regulating foreign investment simplified the process of foreign investment authorization and made the Center for Tourism, Investment and Exports Promotion (PROMEX) operate as a one-stop-shop for foreign investors. The export law created a set of fiscal and customs incentives designed to encourage business activities in all sectors and to direct services and goods towards exports. The law establishing free zones enterprise provides a package of highly advantageous incentives for companies oriented exclusively to exports.
Openness to Foreign Investment
In Cape Verde, the government looks to private investment as the engine for the country’s future economic growth. It seeks to attract investment that will modernize the country’s economic structure and stimulate any and all business activities. The greatest emphasis is placed on export-oriented industries and tourism.
More recently, the government refined the laws and related regulations in order to expedite approval for new investments destined to start up new ventures or expand existing ones. Under the new law all sectors of activities are now open to foreign investment. However, in keeping with existing special arrangements such as preferential access agreements with Europe, the ECOWAS and the U.S., low wages and the high availability of unskilled workers, and moderate tropical climate, the sectors enjoying highest priority are light manufacturing, tourism and fishing.
Foreign investment in the ongoing privatization of state-owned enterprises has been a major objective of the privatization effort. The majority of public companies privatized to date has been acquired by Portuguese investors. In some instances, however, the Government of Cape Verde reserves shares for Cape Verdean investors. The government encourages joint ventures with local investors.
Conversion and Transfer Policies
The government gives foreign investors important guarantees such as privately managed foreign currency accounts which can be credited only in foreign currency from abroad or from other foreign accounts in Cape Verde. In addition, it allows undisputed repatriation of dividends, profits and capital from foreign investment operations.
The regulatory legislation specifies that for the initial five years of operation, dividends may be freely expatriated without tax, and that for the next fifteen years dividends may be expatriated with a flat tax of ten percent. Incentives for outward investment in developing countries are not included in the legislation but they have been provided on an ad hoc basis.
Current law permits a foreign investor to request the Bank of Cape Verde to transfer loan repayments, revenue/profits, and capital gains overseas within 30, 60, and 90 days, respectively. The Bank of Cape Verde will pay interest on all transfers with waiting periods of more than 30 days, starting on the 31st day. Timely transfers may not always be possible when requests cover large sums and affect Cape Verde’s balance of payments; in such instances, the government will order that the transfer be made in installments, generally every three months over a period of no longer than two years.
Significant devaluation is not likely to occur over the next year.
Expropriation and Compensation
In the event of expropriation, or acquisition of privately owned property by the government for the public’s interest, the government will compensate the owner fairly, on the basis of prevailing market prices, or the actual market value of the property on the day of expropriation. Compensation will be prompt and may be repatriated at the exchange rate in effect on the day of expropriation.
The embassy is not aware of any specific case of expropriation of private property by the government in the recent past. Given the almost complete repudiation by the voters of the total control of the economy under a previous regime, it is very unlikely that any government would adopt confiscation of private property as a policy.
Dispute Settlement
Disputes between foreign investors and the government will be settled either by recourse to a single referee or an arbitration commission. Referees may be foreigners. If so, they may not have the same nationality as the parties involved in the dispute. Should there be difficulty in reaching an agreement over the nomination of the referees, referees may be appointed by a recognized national body or international organization, with the ultimate authority being the International Center of Settlement of Investment Disputes (ICSID). Generally, the arbitration will be carried out in Cape Verde and in Portuguese, unless the parties agree on another site and language. The decision of the single referee or the arbitration committee is final and there is no appeal.
The embassy is not aware of any foreign investment disputes over the past few years.
Cape Verde has a functioning judiciary, which appears to operate independently and free of outside influence.
Performance Requirements and Incentives
The government offers local and foreign investors the same incentives. The incentives do not carry performance requirements. Instead, the government favors investments that are either export-oriented or diversify geographically and technologically the country’s industrial base.
Through existing international agreements, exporters have preferential access to the markets of Europe, West Africa and the United States. Incentives to firms that export their entire output (free-zone enterprises) are the most generous, but all foreign firms investing in Cape Verde, regardless of the location of their markets, can benefit from the following incentives:
A 100 percent tax exemption on all dividends during the first 5 years of operation (after 5 years the tax rate is 10 percent)
Tax exemption on dividends and income when reinvested
Tax exemption on amortization and interest
In addition, all foreign investments benefit from the following guarantees:
Protection of investor’s rights and property
Free expatriation of dividends and income
Direct operation of foreign currency account
Enterprises producing goods and services exclusively for export (free-zone/export processing enterprises) also benefit from:
Total exemption from income tax during the first 10 years of operation (after 10 years, the combined tax rate will be no more than 15 percent)
Tax exemption on dividends and profits paid to shareholders for the first 10 years of operation (after 10 years, the maximum rate will be 15 percent)
Exemption from indirect taxes
Duty-free imports
No export taxes
Export incentives apply to export and re-export operations. They do not apply to fuel or export of free-zone enterprise activities. They include:
Deduction of income tax during the first 5 years (this period my be extended up to 10 years, as long as the enterprise begins producing 50 percent of its exports or re-exports in Cape Verde by the fifth year of export operations)
Duty free imports
No export taxes
The following sectoral incentives apply to enterprises, except free-zone enterprises, involved in a specific sector:
Industry: Exemption from income tax for 3 years; tax deduction on income reinvested; and duty free imports.
Tourism: Duty free imports; exemption from income tax for 5 years; exemption from property transfer taxes; interest subsidy, loans and guarantees.
Fisheries: Duty free imports; interest subsidy, loans and guarantees; subsidy for training.
Cape Verde has recently signed a treaty with Portugal to avoid double taxation.
Right to Private Ownership and Establishment
The right to private ownership and establishment is guaranteed under the constitution.
Protection of Property Rights
Property rights are recognized and guaranteed in several Cape Verdean laws, as well as by the constitution. There is a legal entity that records secured interests in property, both chattel and real. There is also a legal system that protects and facilitates acquisition and disposition of all property rights. Since 1990 Cape Verde has had copyright laws, although it has not yet ratified international agreements on intellectual property rights. It has recently signed several treaties that provide protection for intellectual property rights. Details, however, are not yet available.
Transparency of the Regulatory System
The current Cape Verdean government has taken a number of steps to improve the climate for foreign investment and to encourage a more transparent and competitive economic environment. The basic Cape Verdean legislation affecting foreign investment is contained in the external investment law and the law of industrial development. These laws establish the principle of equal treatment for foreign investment, affirm the government’s commitment to a dynamic business environment. The industrial development statute regulates the granting of incentives and simplifies the investment approval process.
Recently approved laws on the promotion of exports, on incentives to exports and on free-zone enterprises stress the commitment of the government to encourage investment in export-oriented industries.
Bureaucratic procedures have been simplified in a number of cases. The investment approval process has been expedited with the revision of the external investment code. The Center for Tourism, Investment and Export Promotion, PROMEX, has become a one-stop shop for external investors who still complain of the services provided. In general, external investment operations are subject to prior authorization from the minister in charge of economic affairs. An application is submitted to PROMEX, and within thirty days the investor should get a reply. If government action is not forthcoming, within 30 days, approval is automatic.
In order to benefit from incentives regarding capital transfers, external investment operations must be registered at the Bank of Cape Verde.
Capital Market Risks
There is no capital market as yet in Cape Verde. The World Bank has been assisting the government of Cape Verde in restructuring the financial sector. The first step in this process was the division of the Bank of Cape Verde into a central and a commercial bank.
The financial sector comprises one central bank, four private commercial banks, two insurance companies and a venture capital company created to promote the development of the private sector.
Bank credit is available to foreign investors under the same conditions as for national investors. The private sector has access to some credit instruments such as loans, letters of credit and lines of credit. The legal guidelines for accounting systems are clear but are not totally consistent with international norms.
Portfolio investment in Cape Verde is extremely limited and depends on the limited ability of the Bank of Cape Verde. Even social security funds are kept in non interest bearing accounts because the Bank of Cape Verde is unable to effectively lend and guarantee the proper interest return to the accounts.
Political Violence
One of Cape Verde strengths lies in its political and social stability. There have never been any political, or religious conflicts. In recent years there have been some cases in which labor unions opposing the ruling party h
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