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Investing in Sustainability: Unlocking Opportunities in Cabo Verde’s Blue Economy
Cabo Verde is poised to capitalize on its unique geographical location, rich marine biodiversity, and growing tourism industry to become a hub for sustainable economic growth. The country’s blue economy has enormous potential to drive development, create jobs, and improve the quality of life for its citizens.
A Level Playing Field for Private Investment
To achieve this vision, Cabo Verde must create a level playing field by removing regulatory barriers that hinder private investment. Strengthening institutional capabilities will foster market contestability, allowing businesses to compete globally in terms of prices and quality. The government’s significant role as regulator and market player needs recalibration to allow private entry and competition.
Unlocking the Potential of Transportation and Logistics
Air and maritime transportation infrastructure play a crucial role in Cabo Verde’s economic performance. The country is well-connected to the European container feeder market, but the number of operators remains limited. Modernizing port cargo handling equipment and implementing digital solutions will streamline import procedures. Interisland maritime connectivity faces challenges that need to be addressed, while domestic interisland air connectivity requires rehabilitation and runway expansion.
Sustainable Infrastructure Development
Investments in climate-friendly airport upgrades, such as Vinci Airports’ 40-year concession, are a positive step towards private sector involvement in infrastructure development. Additionally, the rehabilitation of postharvest centers, reliable maritime transportation, and sufficient cold-storage capacity will improve the supply chain for perishable products.
Conclusion
Cabo Verde’s blue economy has immense potential to drive sustainable economic growth and create jobs. To unlock this potential, the country must create a level playing field by removing regulatory barriers, strengthening institutional capabilities, and investing in sustainable infrastructure development. By doing so, Cabo Verde can become a hub for private investment, driving innovation, and improving the quality of life for its citizens.
Recommendations
- Strengthen institutional capabilities to foster market contestability
- Recalibrate the government’s role as regulator and market player to allow private entry and competition
- Invest in climate-friendly airport upgrades and sustainable infrastructure development
- Improve transportation and logistics infrastructure, including air and maritime connectivity
- Enhance supply chain efficiency for perishable products
By implementing these recommendations, Cabo Verde can unlock its potential and become a leader in sustainable economic growth in the region.