A recent UK-Côte d'Ivoire Trade & Investment Forum held in London was a showcase for the emerging business opportunities available to investors

Hosted by DMA in London, the event successfully brought together over 400 delegates consisting of senior government ministers from both the UK and Côte d'Ivoire, key members of the business and donor communities and potential investors in Côte d'Ivoire

The day consisted of both plenary sessions and round table meetings with presentations to the delegates by HE Prime Minister Daniel Kablan Duncan, Prime Minister of the Republic of Côte d'Ivoire, who outlined the positive impact that the day's meetings would have on his country and discussed amongst other matters his government's National Development Plan

Opening the forum, HE Claude Bouah-Kamon, Ambassador of Côte d’Ivoire to the United Kingdom, outlined the huge potential for business between the two counties, pointing to the high-level governmental and business delegation present that was open to exploring new partnerships across sectors including finance, mining, hydrocarbons, energy and infrastructure.

Mark Simmonds MP, the UK Minister for Africa, highlighted how, in his view, British businesses can help Côte d’Ivoire to develop and grow, bringing benefits to both, particularly in extractive industries and infrastructure. He made reference to the high level partnership launched in Abidjan in July 2013 to form links between the two countries and their private sectors and to encourage investment back into the UK.

After France, the UK is the second largest foreign investor in Côte d’Ivoire and the country is now the third largest economy in ECOWAS and the fourth largest exporter. The country is part of the UK’s strategy of focusing on widening trade links and partnerships with African countries, and British companies such as Tullow Oil, Standard Chartered and Aggreko are already operating there.

Côte d’Ivoire gained independence in 1960 and today has a population of 23 million.  Agriculture and agribusiness offer the greatest potential for investment; the country is the largest producer of cocoa and has also diversified into palm oil, cashew nuts, rubber and other food crops.

The country is intent on reclaiming its role as a power hub in the West African region and currently generates 200,000 cubit feet of gas per day. Industrialisation lies at the heart of the country’s growth strategy, with SMEs growing across a range of financial and non-financial services.

The government has launched a number of large infrastructure projects and, in key sectors, is fostering private/public partnerships to implement these. With agencies like CEPICI, the country’s investment promotion desk, and commercial courts set up to settle commercial disputes, as well as a high-profile fight against corruption, the speed of doing business has greatly improved. Côte d’Ivoire is ranked among the top 10 most reformed in the world in the Ease of Doing Business rankings and 10% GDP growth is predicted for 2014.

The country’s Vision 2020 is a plan that sees it aim to be an emerging market in six years.  In his address, the Prime Minister of Côte d’Ivoire, HE Daniel Kablan Duncan, highlighted the importance of his country’s role in ECOWAS, to which it contributes 40% of the economic zone’s GDP

Côte d’Ivoire is also the largest economy in the West African Monetary Union and the 2020 Vision aims to maximise the country’s utilisation of its vast natural resources.

“The government has taken vigorous measures to achieve an enabling environment for private investors,” he said, stressing the importance of governance and transparency in public procurement processes and citing the country’s compliance with transparency in the extractive sector.

The Prime Minister outlined the improvements in the business registration process, saying the aim was to enable the creation of a business within 48 hours. The government has also set up a one-stop shop for external trade to rationalise import and export procedures and reduced real estate fees and transfer taxes from 10% to 7%.

The country is targeting double digit growth by 2014, said the Prime Minister, and the government’s objective is to halve poverty between now and 2015.  The country’s strong growth, he said, has been spurred by investment, which rose to 18% of GDP in 2013 from 8.2% in 2011.  The aim is for investment to account for 25% of GDP by 2015.

At the same time, the country’s economy has become more diversified and the inflation rate has been curbed, he said.

“To maintain this requires a peaceful social and political environment,” said Kablan Duncan. “Government is taking steps to improve this and most of the embassies and multinationals that relocated outside are returning,” he added, citing the decision by the African Development Bank to return to Abidjan.

The Prime Minister laid out the priority areas for his government as Agro-business, renewable energy and sustainable development. Investment in Côte d’Ivoire also opens the door to the sub-region of over 300 million inhabitants, including Nigeria

The government of the Côte d’Ivoire has made a very strong commitment to improve the country’s business environment, said Jean-Claude Brou, the country’s Minister of Industry and Mining. He spoke of a committee set up by the Prime Minister that meets monthly to review all issues relating to this and to ensuring improvements in the system.

The 2012-2015 National Development Plan has, as its focus, improving the business environment and incentives for investment, said Emmanuel Essis Esmel, the Director-General of the Centre de Promotions des Investissements en Côte d’Ivoire (CEPICI).  In his presentation, he highlighted opportunities in agriculture, palm oil, coffee, rubber and cashew nuts, as well as projects in mining, oil and gas.

CEPICI acts as a one-stop shop providing business services and documentation and assisting with shortening business processes and keeping the associated costs down. Essis Esmel touched on some of the incentives for business, including free zones offering reduced and tax free opportunities.

Endorsing the efforts of the government of Côte d’Ivoire, IFC’s Cassandra Colbert, enthused about the opportunities open to investors, stating categorically that “You couldn’t have a better investment in West Africa.”

The banking sector is firmly in recovery mode was the key message from Roland Greenfield of Diamond Bank, which is established in both London and Côte d’Ivoire

“The opportunities in Côte d’Ivoire are very clear to see,” he said.  “Clear progress is being made in structural reforms, debt is manageable and the markets agree.”

Despite its enormous physical resources, said the Prime Minister, “the real wealth lies in the people of the country.”
“We devote 40% of the budget to education and health in Côte d’Ivoire,” he said. In 2012, $260 million was invested to upgrade the University of Côte d’Ivoire. “We have built 36,000 schools and 3 universities because our human resources are the future of Côte d’Ivoire.”

The Prime Minister touched on the issue of his country’s diaspora population, many of whom left the country during its crisis years between 2000 and 2010.  His government plans to conduct a census of Ivoirians outside the country, and particularly in the USA, France and the UK, to better understand the composition of its diaspora.

“We have a Minister in charge of Diaspora and African Integration to make contact between government and the diaspora,” he said.  “We want to help those who want to return and those who want to remain outside, to invest in Côte d’Ivoire.  The diaspora is now an important factor in Côte d’Ivoire and we have to work with the diaspora to make the link between the diaspora and government.”

Other human development projects outlined included a programme by the IFC in partnership with the Ministry of Vocational Training to make the link between education and business.  The ‘E for E’ programme will provide education for employment, and pilot programmes will be launched in 2014 to provide employability skills.

“Employment is one of the challenges government has to face,” said Prime Minister Kablan Duncan. “We had ten years of a difficult period in Côte d’Ivoire.  If we want double digit growth, we need to address this.  Government is committed to creating one million jobs between now and 2015,” he said, pointing out that the employment challenge was not only for the youth, but also for women.

“Banking, telecoms, IT, and the industrial sector provide a significant level of employment in the country,” he said, with over 3000 people employed in the mining sector.  “As that sector grows, so will employment opportunities.”

“There is much to be positive about,” says Prime Minister Kablan Duncan. “Côte d’Ivoire was once the thriving, economic heart of West Africa and it is my strongly held view that it will be so again.  President Ouattara vowed to make rebuilding the economy his government’s first priority and, after two short years, we are already witnessing signs of an economic recovery underway. It will be important to spread the wealth, while continuing to ensure an enabling environment that promotes a thriving and vigorous private sector, comprising both large and small-scale enterprises.

“We feel that through hard work, enterprise and governance for all, we can create a better future for our people and we invite you to share in this vision today.”