Foreign investment in Cabo Verde rises 5.7% through June, boosted by Portugal

According to the latest monthly statistical report from the Bank of Cabo Verde (BCV), the archipelago attracted more than 4,904 million escudos (US$44.1 million) in foreign investment from January to June this year – mainly in the tourism sector – compared to nearly 4,639 million escudos (US$41.8 million) in the same period of 2021.

Foreign direct investment in Cabo Verde was again led by Portugal in the first half of the year, with almost 984 million escudos (US$8.9 million).

However, it was still a step down from the 1,107 million escudos (US$10 million) that Portuguese entrepreneurs invested in the archipelago in the first six months of 2021.

Lusa previously reported that foreign direct investment in Cabo Verde in 2021 increased 38.2 percent year-on-year to more than US$85 million, with the growth strongly driven by Portugal.

Foreign direct investment in Cape Verde, which includes equity investments, reinvested earnings, and other capital, was again led by Portugal in 2021, with more than 2,681 million escudos (US$24 million), which also went mainly to the tourism sector, doubling from the previous year.

In contrast, FDI from Spain in Cape Verde decreased from 1,226 million escudos (US$11.1 million) in 2020 to 244.6 million escudos (US$2.2 million) in 2021.

In the history of foreign direct investment in Cape Verde, Portugal and Spain led the way for several years.

According to the Portuguese Investment and Foreign Trade Agency, the Portuguese community in Cabo Verde is active in trade, food and beverage, hotels and restaurants, construction, and metalwork, among other sectors.

Spanish investments in the archipelago mainly relate to the fishing and hospitality sectors.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error