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The WTO wonder of Cape Verde

11th July 2008 | back to article listings BACK    print this article PRINT

At present, the World Trade Organisation (WTO) has 152 members, but on July 23rd a 153rd will join. The accession of the Cape Verde islands, agreed in December 2007 and ratified by the Cape Verdean government last month, will complete a major step forward in the economic development of a country where the property scene has consistently been described as one of the more exciting emerging markets.

Pascal Lamy, director-general of the WTO, said: "WTO membership will enable Cape Verde to participate more fully in the global economy and will provide the country with a predictable and stable basis for growth and development."

Such a thought should be of great interest to investors in property, overseas investment firm London International Property has stated. Director John Farrelly said the growth in trade and the economy was likely to have a clear impact on the prospects for the sector.

He commented: "It's like the chicken and the egg. If you get more overseas investment in, you get more overseas workers, you get more investment. I think this can only help."

Mr Farrelly added: "A lot still needs to be done to the infrastructure of Cape Verde, there's still a long way to go. There are a lot of opportunities for investors and that's why a lot of people have got in quite early."

So while those looking to invest now may not be able to gain as much as those who were first in, it seems there is plenty of room for growth as well as the potential.

If further infrastructure expansion is central to the process, then the latest development at Praia could play a role in this. While airports have been the focus of much recent expansion, this sea port will, Macauhub reported this week, see modernisation and expansion as part of a series of infrastructure projects for which the country has been granted $110 million (£55 million) via its Millennium Challenge Account overseas aid scheme. Work will begin next October. Macauhub noted that Cape Verde is only the second country in the world to benefit from this new aid scheme.

Thus while investors may indeed look to see further infrastructural and economic development taking place to ensure their property investments in Cape Verde grow in value, the fact that the US government is helping to bankroll this aim is one sign that major contributions are rolling on from overseas, to which one may suspect private sector investment from the US will follow. So while Cape Verde is keen to come to join the world, it seems the world is keen to come to Cape Verde, all of which may make now a very opportune time to invest.

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