Foreign Investment Bouncing Back in Ivory Coast

ABIDJAN— Ivory Coast inaugurated a huge new shopping mall, a sign that the former economic jewel of West Africa may be regaining its sparkle. The mall includes the first regional stores by French retailer Carrefour and American fast food chain Burger King. These are just the latest examples of foreign investments in the country, whose economy is bouncing back five years after post-election unrest that claimed the lives of 3000 people.

Direct foreign investment made up an estimated 69% of the total investment in Ivory Coast during 2015, said Essis, Center for the Promotion of Investment in Ivory Coast’s general manager.

The country has regained its position as the world's leading cocoa producer, and the government has been investing in big infrastructure projects and implementing reforms trying to improve the business environment, including the adoption of a new investment code.

According to the IMF representative in Ivory Coast, the economic recovery is also due to a sense of relief after years of crisis. Nevertheless, the next challenge for Ivory Coast is to sustain that momentum. The IMF has forecast that Ivory Coast's GDP will grow again this year, by 8.6 %.
 

Source: Voice of America
Posted on: 21 January 2016

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