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ECIC L TRADE and INVESTMENT OPPORTUNTIES in AFRICA: COTE D’VOIRE 1 TRADE and INVESTMENT OPPORTUNITIES in AFRICA

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ECIC L TRADE and INVESTMENT OPPORTUNTIES in AFRICA: COTE D’VOIRE 1 TRADE and INVESTMENT OPPORTUNITIES in AFRICA ECIC l TRADE AND INVESTMENT OPPORTUNTIES IN AFRICA: COTE d’VOIRE 1 TRADE AND INVESTMENT OPPORTUNITIES IN AFRICA COUNTRY FOCUS: COTE D’IVOIRE JUNE 2015 By: Ben Fugah and Tsidiso Disenyana 1 MANDATE To facilitate and encourage South African export trade by underwriting export credit loans and investments outside South Africa, which will help contractors win international capital goods and service contracts. VISION To be leaders in the medium- and long-term export credit and investment insurance business, focusing on project finance underwriting, customer needs, and prudent portfolio and risk management. MISSION To provide export credit and investment insurance solutions in support of South African Capital goods and services by applying best practice risk management principles. The ECIC’s role in South Africa The ECIC provides insurance that enables South African exporters to offer their services and products on the international market, with a particular focus on emerging markets in Africa that are considered too risky for conventional insurers. Its overarching goal – and its mandate from the South African government as its sole shareholder – is to make South African exporters attractive to international buyers to attract foreign income, stimulate local economic growth and create local jobs. 1 Respectively Head of Political, Economic Analysis and Research Unit and Senior Economist at ECIC 2 ECIC l TRADE AND INVESTMENT OPPORTUNTIES IN AFRICA: COTE d’VOIRE TABLE OF CONTENTS LIST OF ACRONYMS..............................................................................................................................................3 1. INTRODUCTION........................................................................................................................................5 2. COTE D’IVOIRE MACROECONOMIC ENVIRONMENT AND POLICY.......................................6 2.1 ECONOMIC STRUCTURE.......................................................................................................................9 2.2 RECENT ECONOMIC TRENDS..............................................................................................................9 2.3 MACROECONOMIC POLICY FRAMEWORK..................................................................................11 2.3.1 DEVELOPMENT PLAN..........................................................................................................................12 2.3.2 FISCAL POLICY........................................................................................................................................12 2.3.3 DEBT POLICY...........................................................................................................................................13 2.3.4 EXTERNAL BALANCES.........................................................................................................................14 3. INVESTMENT ENVIRONMENT...........................................................................................................16 3.1 OVERVIEW................................................................................................................................................16 3.2 LEGAL CONSIDERATIONS...................................................................................................................17 3.2.1 OWNERSHIP REQUIREMENTS...........................................................................................................17 3.2.2 CURRENCY CONVERSION AND TRANSFER RESTRICTIONS...................................................17 3.2.3 EXPROPRIATION/NATIONALISATION/CONFISCATION...........................................................17 3.2.4 BREACH OF CONTRACTUAL OBLIGATIONS AND DISPUTE SETTLEMENT .....................18 3.2.5 PROTECTION OF PROPERTY RIGHTS.............................................................................................18 3.2.6 PERFORMANCE REQUIREMENTS....................................................................................................19 3.3 FISCAL CONSIDERATIONS.................................................................................................................19 3.3.1 TAXES.........................................................................................................................................................19 3.3.2 INCENTIVES..............................................................................................................................................19 4. TRADE ANALYSIS...................................................................................................................................21 4.1 COMPOSITION AND DIRECTION OF TRADE................................................................................21 4.2 TRADE BETWEEN SOUTH AFRICA AND COTE D’IVOIRE.........................................................23 5. INVESTMENT TRENDS..........................................................................................................................25 5.1 COMPOSITION AND DIRECTION OF FOREIGN DIRECT INVESTMENT..............................25 5.2 SOUTH AFRICAN INVESTMENT FOOTPRINT IN COTE D’IVOIRE..........................................26 6. KEY INVESTMENT SECTORS..............................................................................................................28 6.1 NATURAL RESOURCES........................................................................................................................28 6.1.1 OVERVIEW................................................................................................................................................28 6.1.2 POLICY AND REGULATORY FRAMEWORK...................................................................................30 6.1.3 KEY SECTOR CHALLENGES AND RISKS.........................................................................................30 6.1.4 UPCOMING PROJECTS AND OPPORTUNITIES...........................................................................31 6.2 INFRASTRUCTURE - ELECTRICITY....................................................................................................32 6.2.1 OVERVIEW................................................................................................................................................32 6.2.2 POLICY AND REGULATORY FRAME WORK..................................................................................35 6.2.3 KEY SECTOR CHALLENGES AND RISKS........................................................................................36 6.2.4 UPCOMING PROJECTS AND OPPORTUNITIES...........................................................................36 3 ECIC l TRADE AND INVESTMENT OPPORTUNTIES IN AFRICA: COTE d’VOIRE TABLE OF CONTENTS 6.3 INFRASTRUCTURE – TRANSPORT...................................................................................................38 6.3.1 OVERVIEW................................................................................................................................................38 6.3.2 POLICY AND REGULATORY FRAMEWORK...................................................................................39 6.3.3 KEY SECTOR CHALLENGES AND RISKS.........................................................................................41 6.3.4 UPCOMING PROJECTS AND OPPORTUNITIES..........................................................................43 6.4 INFRASTRUCTURE – WATER AND SANITATION.........................................................................43 6.4.1 OVERVIEW................................................................................................................................................43 6.4.2 POLICY AND REGULATORY FRAMEWORK...................................................................................43 6.4.3 KEY SECTOR CHALLENGES AND RISKS.........................................................................................44 6.4.4 UPCOMING PROJECTS AND OPPORTUNITIES...........................................................................44 6.5 INFRASTRUCTURE – INFORMATION AND COMMUNICATION TECHNOLOGIES...........45 6.5.1 OVERVIEW................................................................................................................................................45 6.5.2 POLICY AND REGULATORY FRAMEWORK...................................................................................47 6.5.3 KEY SECTOR CHALLENGES AND RISKS.........................................................................................48 6.5.4 UPCOMING PROJECTS AND OPPORTUNITIES...........................................................................48 6.6 INFRASTRUCTURE – REAL ESTATE..................................................................................................49 6.6.1 OVERVIEW................................................................................................................................................49 6.6.2 POLICY AND REGULATORY FRAMEWORK...................................................................................49 6.6.3 KEY SECTOR CHALLENGES AND RISKS.........................................................................................50 6.6.4 UPCOMING PROJECTS AND OPPORTUNITIES...........................................................................50 6.7 TOURISM...................................................................................................................................................55 6.7.1 OVERVIEW................................................................................................................................................52
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