The Republic of Cape Verde is a small nation consisting of ten islands off the coast of West Africa. It is a country with limited natural resources, but a history of parliamentary democracy and economic stability that is rare in the region.
Rainfall is limited and arable land is scarce. There are no known mineral or traditional energy resources on the islands. Cape Verde's most important resources are the sun, the ocean, the wind and its people. In accordance with CIA World Factbook estimates for July 2007, the nation has a population of approximately 423,613 people, the majority of whom live on the island of Santiago. According to a mission from the International Monetary Fund, Cape Verde’s economy posted growth of 10.8 percent in 2006. The Cape Verdean government is expecting an inflation rate of between 4% and 5% for 2007.
In 1991, after fifteen years of a state-controlled economy, the government of Cape Verde adopted a development strategy based on market-oriented policies, including trade liberalization and an ambitious privatization program. This has gone hand in hand with a strong commitment to implement macro-economic and structural reforms and to develop institutions and infrastructure to exploit the opportunities offered by an increasingly competitive global economy.
Cape Verde's economic reform policies appear to be paying off. New businesses are springing up, foreign and private investment projects are underway, especially in the tourism sector; construction is booming, and businesspeople are eager to explore new markets. Trade and investment opportunities are likely to increase as tourism, fisheries and export-oriented industries become more established in the country.
One of Cape Verde's most important assets is its strategic location, a crossroads for passengers and goods crossing the Atlantic Ocean. Cape Verde holds untapped potential as a launching pad for Lusophone African countries, as well as with West Africa. The international airport at Sal has the capacity to become a regional airline hub. With that in mind, the government is emphasizing the development of airports, seaports and telecommunications facilities across all the islands.
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