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Cape ambition

21st November 2008 | back to article listings BACK    print this article PRINT

Over the last few years Cape Verde has built its economic growth on the back of some significant foreign investment. Some of this has come from private companies, others from European banks and the European Union itself. Much of it has focused on the growing tourist trade, with other elements having the function of supporting this.

Such other elements include infrastructure, be it power, roads and of course - most importantly - airports. But with this must come accommodation, a fact that has helped the growth of construction and the explosion of the property industry. Some visitors may stay in large, plush hotels, but holiday villas let out by investors are another alternative.

All this has seen Cape Verde's economy grow rapidly and tangible evidence of its advancement came when it joined the World Trade Organisation in July this year. Yet the target is for yet more advancement.

Speaking at the London Tourism Fair this week Antonio Tavares Silva, the chief executive of Cabo Verde Investimentos, noted that the country had seen a record tourist influx of 312,000 visitors last year. While this year's numbers are still awaited, he targeted half a million in 2009, reports Macauhub.

He said: "We have to focus on construction of more roads and international airports, despite the country already having four international airports on Sal, Praia, Sao Vicente and Boa Vista and it is also necessary to resolve difficulties in distributing water, electricity and sanitation."

All this, of course, will involve wider and broader investment - the sort where canny property investors might be willing to get involved in collaborative projects to ensure that new developments are given the resources to develop good utility services, something that may help provide better facilities to visitors and locals alike.

For there to be more tourists, there also need to be more air flights. Direct routes from Britain have been running for two years now. But the American market could be set to become a significant area of growth.

This is due to an announcement earlier this month that Delta Airlines is to fly a number of new routes to African destinations from its base in Atlanta. From June a number of flights will serve Cape Verde's Sal Airport en route to destinations to the African continent. Thus flights setting off from the US city heading for Abuja in Nigeria, Luanda in Angola and Equatorial Guinea will be among the services that will create a connection between the US and the islands.

By opening up a new and affluent market, Delta may help make a major contribution towards Mr Silva's target. Moreover, British investors in buy-to-let on the island will have more English-speaking tenants to rent to. With developments like this, the number of tourists in Cape Verde may keep on growing and growing.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4502.html. Alternatively, please see our full press release archive.

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