Cabo Verde´s Special Economic Zone Authority Launched

 

Cabo Verde’s Sao Vicente Special Maritime Economic Zone Project, for which the Government is seeking Chinese investors, has a new Authority, that will promote the project internationally.

The headquarters of the Authority of the Special Maritime Economic Zone (AZEEMSV) was opened this week in Sao Vicente island, with the presence of the Prime Minister, Ulisses Correia e Silva, who highlighted the long-term impact of the Project.

“It is not the short term, today, that counts, but building with a strategic sense so that we can, in an integrated, coherent, consistent way, make the blue economy and the maritime economy a factor of growth and development in Cabo Verde that later has an impact on the entire national territory”, Correia said, quoted by the local press.

“It is structuring for the development of São Vicente and for the promotion and diversification of the country’s economy”, he added.

Under the law creating the ZEEM, promulgated by the President of the Republic in July 2020, the Authority is responsible for the management of the Integrated Tourism Development Areas of the island, its local International Business Center and the management of the Lazareto Industrial Zone.

The project is the result of a “strategic partnership” between Cape Verde and the Republic of China, which supported the preparation of the feasibility study and macro planning.

ZEEM is expected to be implemented over a 15-year period, with an estimated investment of around USD 2 billion.

The coordinator of Authority, José Correia, highlighted the challenges for the implementation of the project, but underlined that the opportunities are greater.

“ZEEM presents more opportunities than challenges, so it is imperative to believe, keeping us focused and determined in its implementation, ”he said.

Cabo Verde’s Government is seeking Chinese investors for its Sao Vicente Special Maritime Economic Zone Project, a centerpiece of the country’s effort to diversify its economy from Tourism and boosting activity post-pandemic.

 

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