Besides services provided by the public sector, Praia already counts on a well-established business sector. The country’s main industries and the majority of services are concentrated in this capital city. Let alone the increasing business specialization occurring on the islands of Sal, Boa Vista and, partially, on the Island of São Vicente.
For example, the capital is currently the seat of the most crucial stone extraction and transformation industries, due to the strong dynamics of the construction sector, moved by a significant investment in the capital’s infrastructures. It also has emerging industries, such as the production of pharmaceuticals, etc., which are increasingly exporting to Mainland Africa countries and, exceptionally, foodstuffs for the diaspora. The city also accommodates companies’ headquarters in the maritime transport sector that are increasingly taking over transportation to Europe and, recently, to Africa.
Characterized by small production units, Praia’s trade sector comprises around 6 thousand of the 24 thousand existing informal companies in the country, prevailing in the trade (57%), industry (21%), and service (21%) sectors. Over 80% of these companies have only one employee each.
Fishing is one of the most critical activities of the city, not only because of its contribution to GDP, but also in terms of creating jobs.
Regarding artisanal fishing, official statistics data show an average annual catch equivalent to 2200 tons and an average productivity per fisherman of around 2.9 tons in the last five years.
Fishing, both artisanal or industrial, plays a vital role in the city’s economy through supply for consumption and job creation.
It should be noted that, in relation to tourism, the fastest growing sector in the country, the contribution of the City of Praia is still very incipient.
The country’s capital benefits from short-term tourism that is more business-oriented. This vocation has been used very consistently, having even boosted investment in establishments and services that support this activity.
Source: National Association of Cape Verdean Municipalities