CEPICI is an integral part of Côte d'Ivoire's economic landscape. Could you please indicate the historical background of the centre since its creation?
After devaluation of the CFA francs in January 1994, it was important for Côte d'Ivoire to seize all the opportunities made possible by this devaluation. Following this financial readjustment operation, a series of supportive measures were implemented by the Government: adjustment and reforming of the macro economic framework, realignment of Government the activities, greater openess in favour of the private sector. It is within this context that the investment promotion activities of CEPICI started with a view to revitalising private sector investment in Côte d'Ivoire within a more competitive macro economic framework.
One of the priorities of the Government and the President is to make Côte d'Ivoire a newly industrialised country in this generation between 25 to 30 years. Could you please indicate the evolutionary trends of investments since the creation of CEPICI?
Lets say that CEPICI does not have to know about all investments taking place in Côte d'Ivoire. The investments we take advantage of are the investments we mobilise ourselves through our various promotion activities in Côte d'Ivoire and abroad. Most of these investments benefit from the incentive package in the Investment Code. In contrast, the investments in the petroleum, mining, financial and construction sectors are not processed by CEPICI. It is the same for the works of the Elephant of Africa which are public-interest projects to be handed over to the private by the Government.
The investments mobilised by CEPICI are from two sources: foreign and national investments. In 1997 CEPICI mobilised investments worth CFA F 266 billion, in 1998 we did CFA F 206 billion worth of investments. This year, our objective is to mobilise between CFA F 250 and 300 billion investments and we hope to attain this objective. CEPICI, since its creation mobilise on the average CFA F 200 billion worth of investments per year. We could then assert that this promotion tool is high-performing and adequately meets the expectations of the Government.
One of the objectives was to attain by the year 2000, US$ 1 billion worth of foreign investments.Will this objective be attained?
We hope to attain this objective and we are working towards it. Today, as I said earlier, CEPICI mobilises on its own, an average of CFA F 200 billion worth of investments representing only one-third of private investments in Côte d'Ivoire. We can then estimate the level of private investments to about CFA F 750 billion that is, the global volume of private investments in Côte d'Ivoire taking all sectors into account.
The Government has great ambitions and great projects. It hopes to mobilise for example big investments for the works of the Elephant of Africa. The privatisation programme is another big project through which a high number of investments are in the making.
Meanwhile, there are also the burgeoning sectors such as Mining, Oil and Gas where from exploration to exploitation, Côte d'Ivoire is fast becoming a potentially dynamic country in these sectors. We also have processing activities in the agro-allied industry. The ambition of the government is to process 50% major raw materials produced in the country by 2005. If investments are made in the all these sectors, the target of US$ 1 billion worth of investments does not seem unrealistic.
Some business circles predict a stagnation of investments as the electoral campaign approaches. Could you confirm this remark?
To confirm it for economic operators who have their
own thinking logic, that would be difficult, but
I would say that it is behaviour though a funny
one. It is a ritual especially when it comes to
investing in Africa. Here we have the chance in
Côte d'Ivoire to be known as a stable country.
We have been stable for the past fifty years. This
ofcourse is a considerable asset in the decision-
making process of investors. For my part, this hesitation
you mentioned could exist but it does not last more
than six months. |
For the reception of foreign investors, CEPICI applied certain measures especially the one-stop shop. Could you give us some specific information concerning the processing of investment documents?
CEPICI's one-stop shop is one of our major tools aimed at making life easier for the investor and we strive to improve this tool day by day. It functions to the satisfaction of investments who contact us. In fact, on behalf of the investor, the one-stop shop accomplishes formalities for the incorporation of companies. This ranges from the registration of company Statutes to the tax assessment formalities for new companies. The one-stop shop manages the Investment Code procedure as well as matters relating to the allocation of lands for industrial purposes.
Concerning the Investment Code, it is important to note that it offers two options: the Declaration scheme and the Authorisation scheme. According to the legislation, the first scheme stipulates a response deadline of 48 hours following the reception of project documents by the one-stop shop. The second option imposes a maximum deadline of 45 working days. At this level, it is noteworthy that the one-stop shop practises half day and 30 days operations for the first scheme and the second scheme. This rapidity in the processing of the project documents is substantial time-saving procedure for the investor and a factor for luring private investments into the country.
All African countries have by and large the same objectives, thus Côte d'Ivoire has to be as attractive as possible. What are the great advantages of Côte d'Ivoire in terms of investment opportunities?
Most countries offer the same promotion tool: Investment Code, reforms of the macroeconomic framework(structural adjustment). It then the responsibility of the country which hopes to mobilise more investments to be highly imaginative not only on the tools but also on how to improve its distinctive assets.
First, concerning the tools in addition to what we have: Investment Code, One-stop shop etc, we tried to put in place a variety of more specific tools( Investment targeting " on the fringes of economic intelligence " ).
At the level of assets, Côte d'Ivoire occupies a reasonable position in sub-Saharan Africa in terms of the quality of its infrastructures (Telecommuncations, road networks, international airport, deep water harbours), they only need to better publicised.
What was your greatest satisfaction since you took office at CEPICI?
My greatest satisfaction is to have found an already functional tool. We only needed to strengthen some institutional aspects to render the centre more efficient in the implementation of newly identified projects.
What is your message to our readers?
I would like to tell them that they will have no regrets in investing in Côte d'Ivoire. Opportunities do abound. The Government took the appropriate measures at macro economic and sectorial levels. The enabling environment is incentive-packed, protective and secure for investments. The investors and their properties are secure and they are sure of a good profitability rate. |
