Some twenty businessmen from the United Arab Emirates, who are in Cote d’Ivoire as part of an Africa tour, participated in an economic forum dubbed ‘New horizons: Doing business with Cote d’Ivoire on the banks of the Ebrié lagoon on Monday.
“This forum will strengthen economic relations between the two countries,” said Ivorian Tourism Minister Siandou Fofana, representing Trade and Industry Minister Souleymane Diarrassouba, in a speech at the opening of the event.
The forum, which features business-to-business meetings, follows a business meet in Dubai on June 15, where Emirati technical, financial and economic partners were briefed on the economic opportunities and potential of Cote d’Ivoire.
“Since last year, we have grown by 12 percent with a turnover of more than $280 million, and we continue to trade with Cote d’Ivoire,” said Mohammad Ali Rached, President of the Dubai Chamber of Commerce.
Key sectors identified
“We have already identified a number of sectors, such as agriculture and construction, and we also want to invest in sectors that are developing rapidly at the moment,” said Mohammad Ali Rached.
According to him, there are opportunities to be explored for the development of both countries.
He said that Africa features in plans for the future by the Dubai Chamber of Commerce which is looking to open more than 50 offices in the continent by 2030.
This week, he added, “we were able to see the 7th (Dubai Chamber of Commerce) office opened in Africa.”
Trade between Abidjan and Dubai was worth more than 37 billion CFA francs in 2015 and is expected to rise to more than 159 billion CFA francs by 2022.
Today, Cote d’Ivoire is one of the most dynamic and reform-oriented economies in the world.
This is thanks to bold economic policies and structural reforms, as well as sustained, diversified growth.
Building partnerships
The Dubai Chamber of Commerce and Industry has signed a Memorandum of Understanding with the Cote d’Ivoire Chamber of Commerce and Industry to strengthen their economic ties. Touré Fama, President of the Cote d’Ivoire Chamber of Commerce and Industry, said his institution found it useful to provide a framework for these economic relations.
“We expect to increase our investments and the rate of transactions in Cote d’Ivoire,” said Ali Yousef Alnuaimi, Ambassador of the United Arab Emirates to Cote d’Ivoire. He also invited the Ivorian private sector to invest in the UAE.
The UAE has a dynamic economy, with growth expected to reach 4.6 percent by 2022. The country applies a 5 percent tax on exports and zero tax on income, all aimed at attracting investors.
Carole Versteeg, deputy director general of the Cote d’Ivoire Investment Promotion Center (CEPICI), said the Emirati delegation included companies from the healthcare, logistics, agriculture, tourism, hotel, ICT and water sectors.
Driving growth
This is the first time that the Dubai Chamber of Commerce was visiting Cote d’Ivoire. For Ms. Carole Versteeg, CEO of CEPICI, Cote d’Ivoire’s one-stop investment shop “is an extraordinary step forward.”
For her, this interest in the Ivorian market on the part of the Emirati private sector reflects a move towards building “real partnerships,” as “our investors also need visibility,” which will allow Ivorian nationals to use channels to penetrate markets in Asia.
With a contribution of almost 40 percent to the GDP of the West African Economic and Monetary Union (UEMOA), i.e. over 43,000 billion CFA francs in 2022, Cote d’Ivoire recorded an average growth of 8.2 percent from 2012 to 2019; 2 percent in 2020 following the COVID-19 pandemic; 7.4 percent in 2021 and 6.7 percent in 2022.
With the implementation of the National Development Program (PND 2021-2025), with a total portfolio of 59,000 billion CFA francs, more than 60 percent of which is dedicated to the private sector, the Ivorian government expects a GDP per capita of 3,480 US dollars in 2025, compared to 2,286 US dollars in 2020.
This business forum, organised by the Dubai Chamber of Commerce and Cote d’Ivoire in partnership with CEPICI, presents a joint opportunity for economic operators from both countries to establish fruitful partnerships.
AP/lb/as/APA