|Basic Information||Cape Verde is located in the middle of the Northern Atlantic and it is at the crossroads connecting the three major continents – America, Africa and Europe and as a transit hub between South America and Central Europe. The land area is 4,033 square kilometres, accommodating a population of about 562,000. The capital Praia is the political, economic, cultural and financial centre of the country. Other economic centres include S. Vincente, Sal and Boavista islands cities.|
Cape Verde has stable political situation and high transparency on policies. The per capita income and quality of life are among the highest in the Africa. Moreover, the tourism, renewable energy and textile industries have also good opportunities for co-operation in some of the country’s islands.
The Cape Verdean economy is dominated by service sector, which accounts for about 75% of GDP, mainly including tourism, transportation, business and public services. Among them, the tourism is the main source of economic growth and employment which attracted foreign direct investment accounting for 85% in the whole country’s foreign direct investment. In addition, agriculture and fishing industry play an important role in economy position. The country has an exclusive marine economic zone of 734,000 square kilometres. The fishery resources are relatively rich, which has not yet been fully developed and utilised.
According to the “2021 World Investment Report” published by the United Nations Conference on Trade and Development (UNCTAD), at the end of 2020, Cape Verde has attracted US$2.46 billion on stock of inward direct investment. According to statistics from the Ministry of Commerce of China, at the end of 2020, the stock in direct investment of China in Cape Verde was US$2.82 million. The main projects in investment co-operation are construction, alluminum alloys, communication and TV media.
|Trade in Goods|
In 2020, the main export destinations of Cape Verde include Spain, Portugal, Italy and the United States. The main export goods are fish and crustaceans, clothes, and shoes. Main import origins include Portugal, Spain, China and the Netherlands. The main imported goods include mineral goods, automobiles and machines.
In 2020, China’s exports to Cape Verde include fish products, TV receiver and data processing units. China’s imports from Cape Verde mainly include refined copper.
Strategic positioning of Cape Verde