Cote d’Ivoir delegation here for Independence and forging biz links

A delegation led by Ambassador Eric Camille N’dry from the embassy of the Republic of Côte d’Ivoire in New Delhi will be visiting Sri Lanka from January 31 to February 7 to attend the Independence celebrations, present credentials and participate in a conference of African Heads of Mission with the president, a news release issued in connection with the visit said.

Mr Sheran Fernando, Honorary Consul represents Côte d’Ivoire in Sri Lanka,The release said the delegation will also be holding business meetings with a view to building collaboration and partnerships between Sri Lanka and Côte d’Ivoire.

The Republic of Côte d’Ivoire is a West African country bordering Guinea, Liberia, Mali, Burkina Faso and Ghana and is the powerhouse of the economy of French-speaking West Africa and the gateway to the vast market of 15 West African States.

It has recorded good economic and social performances since 2012, with an average growth rate of 8% in real Gross Domestic Product (GDP) between 2012 and 2019 and 7.4% in 2021 within a reliable macroeconomic environment characterized by an inflation rate remaining permanently below the community threshold of 3%, the release said.In line with its liberal policy, the Ivorian Government has made the private sector as the privileged actor of the economic growth and investments expected from the private sector represent 74% of the funding for the 2021-2025, it added.

“Côte d’Ivoire has undertaken significant reforms to improve its business environment in order to promote the development of a dynamic and internationally competitive private sector,” the release said.

Côte d’Ivoire is the world’s largest exporter of cocoa beans and the fourth largest exporter of rubber in the world. It’s also the world’s top producer and exporter of cashew nuts, third largest coffee and cotton producer in Africa and the fourth largest palm oil producer in Africa and also plays a key role in transit trade for neighbouring land locked countries.

Its financial sector is the largest in the West African Economic and Monetary Union (WAEMU). It currently has 28 commercial banks, two specialized financial institutes, 53 microfinance institutions, four mobile operators of which three offer money market products and 21 insurance companies as well as a very attractive Investment Code which grants tax advantages to investors.

“As such, there is no limitation on investors’ access to foreign currency and the transfer of investment-related assets is permitted, provided that it is always compliant with tax regulations,” the release added.

A stable country with a growing economy, from 2012 to 2021, the economy grew to post the second-fastest rate of economic growth in Africa and fourth-fastest rate in the world. (IMF.The release said Côte d’Ivoire could be a gateway into the African continent for Sri Lankan businesses looking to break into the region. It’s trade agreements with the U.S, EU and U.K and the market access it provides makes it a country ripe for investment.