Expanding your business into Ivory Coast in West Africa, can offer several benefits, depending on your industry and the nature of your business. In this article, we have shared some of the updated benefits of investing in Ivory Coast, followed by the top 5 business opportunities you can explore in 2024:
BENEFITS:
1. Political Stability & Growing Economy
Ivory Coast has experienced economic growth in recent years, making it an attractive destination for businesses seeking new markets. A growing economy often means increased consumer spending and business opportunities.
In terms of political climate, the government is stable and open to foreign direct investments. Unlike other countries in Africa, there have been no wars, fighting or instability in Ivory Coast, which gives you more assurance for your investments.
The country also has a youthful population (42% under the age of 16), and tapping into this demographic can be advantageous for businesses targeting younger consumers or seeking a skilled workforce.
2. Strategic Location & Port
Ivory Coast is strategically located in West Africa, providing access to regional markets. This can be advantageous for businesses involved in trade and logistics, allowing them to serve not only the local market but also neighboring countries.
In the capital city, Abidjan, Major international shipping lines like Maersk, etc operate from the International Port. It is the most important port in West Africa and the second most important in Africa after the Port of Durban.
According to the Ivoirian Ministry of Economy and Finance, traffic through the port contributes to 90% of the customs revenues of Ivory Coast and 60% of the country’s income. 65% of industrial entities in the country use it, representing a workforce of 50,000 dependent on it.
It is a major contributor to the economy of Ivory Coast, and the greater part of the external trade of landlocked countries such as Burkina Faso, Mali, Niger, Chad, and Guinea also passes through it.
The International Airport at the capital city, Abidjan, is directly connected to major hubs like Paris, Dubai, Nairobi, Addis-Ababa, Doha & Istanbul. The airport is served by 21 airlines, covering more than 30 destinations.
3. Natural Resources:
The country is rich in natural resources, with cocoa beans & cashew nuts being a major export. If your business is related to agriculture, food processing, or the extraction of natural resources, Ivory Coast offers potential opportunities. On top of that, the government also offers tax incentives and waiver of customs duties.
4. Government Incentives:
The Ivorian government has implemented various incentives to attract foreign investment. These may include tax breaks, reduced import/export duties, and other favorable policies to encourage business development.
For example, special incentive tax measures & exemption from customs duties are granted for investments made in hotels, education, healthcare, Agriculture and agro-industrial activities.
5. Tourism Potential
Ivory Coast has diverse cultural attractions and natural beauty, making it a potential destination for tourism. If your business is related to the hospitality industry, there may be opportunities to cater to the growing tourism sector. The government also extends tax breaks, subsidies and other incentives for promoting tourism via building hotels and other facilities. The best time of the year to visit is during the country’s dry season, which starts in December and last through June.
Based on our local experience, here are the Top 5 business Opportunities in Ivory Coast in 2024:
1. Agriculture and Agribusiness
Ivory Coast has a strong agricultural sector, with cocoa & cashews being one of its major exports. Opportunities also exist in agribusiness, including cocoa & cashew nut processing, palm oil production, and other cash crops like rubber and coffee. Additionally, investing in modern farming techniques, agro-processing, and export-oriented agriculture can be lucrative
2. Renewable Energy
There is a growing demand for sustainable energy solutions in Ivory Coast. Investing in solar, wind, or other renewable energy projects can be a viable business opportunity. This includes both providing renewable energy solutions for businesses and households, as well as participating in large-scale energy projects.
3. Information Technology (IT) & E-Commerce
With the increasing connectivity and tech adoption in Ivory Coast, there are opportunities in IT services, software development, and e-commerce. Developing solutions tailored to local needs, such as mobile apps for agriculture or fintech solutions, can be successful.
4. Tourism & Hospitality
Ivory Coast has a diverse cultural heritage, beautiful landscapes, and a coastline along the Gulf of Guinea. There’s potential for growth in the tourism and hospitality sector. This includes hotels, resorts, tour operators, and related services to cater to both domestic and international tourists.
5. Infrastructure Development
Ivory Coast is investing in infrastructure projects to enhance transportation, energy, and telecommunications. Opportunities exist for businesses involved in construction, engineering, and related services. This includes road and bridge construction, real estate development, and upgrading telecommunications networks.
IMPORTANT NOTE:
Before pursuing any business opportunity, it’s crucial to conduct thorough market research, understand the local regulatory environment, and consider cultural nuances. Additionally, keeping abreast of the latest economic developments and trends in Ivory Coast will help you make informed decisions. It is advisable to work with a local partner for your expansion plans.
Not sure how to get started? Here’s how we can help:
How Galaxy Commercial Can help you expand your business into Ivory Coast?
In West Africa, having local contacts is very crucial to get things moving quickly. We work directly with the Ivorian Government (President’s office) to ensure you are able to get your land lease for your factory, raw materials, company registration, hiring, permits, etc. Galaxy Commercial has been on the ground in Ivory Coast, actively trading in the export of Raw Cashew Nut since 2010. Over the years, we have built a good relationship and network with local authorities, who have also committed to support us in encouraging foreign companies to invest in the country.
Hence, we may also be able to secure preferential rates for selected industries in which the authorities are encouraging further foreign investments.
Reach out to us via whatsapp or email for a complimentary discussion on your project to see how best we can help you expand into Ivory Coast.
