2007年-世界发展银行全球_Cape_Verde_Investment_Climate_Assessment_140页_2mb

报告摘要

Cape Verde Investment Climate Assessment Summary

Core Content

The Cape Verde Investment Climate Assessment is part of the Regional Program on Enterprise Development (RPED) and conducted by the Africa Private Sector Group (APSG). The report analyzes the investment climate in Cape Verde using two surveys: the Investment Climate Survey (ICS) and the Microenterprise Investment Climate Survey (MICS). These surveys were conducted in Praia and Mindelo in March and April 2006, covering both formal and microenterprises across several sectors including manufacturing, retail trade, construction, and services.

The report provides insights into firm performance, labor markets, access to finance, and other aspects of the investment climate such as electricity, taxation, and regulation. It also compares Cape Verde with a range of comparator countries, including Senegal, South Africa, Mauritius, the Maldives, the Dominican Republic, Guyana, Indonesia, and the Philippines, to identify strengths and weaknesses in the investment environment.

Main Views and Key Findings

1. Economic Overview

Cape Verde is a small island nation with a population of about 472,000 and a GDP per capita of US$5,715 (PPP, 2004).
The economy is dominated by the service sector, accounting for 75.5% of GDP in 2005.
GDP growth averaged 5.7% between 2000 and 2005, with the tourism sector growing at 15% annually (2000–2003).
Cape Verde has a large trade deficit, with imports accounting for 53% of GDP and exports at 17% of GDP.
Export concentration is high, with 80–100% of products (e.g., apparel, shoes, fishery products) exported to Portugal or the US.

2. Firm Performance in the Manufacturing Sector

Labor productivity in Cape Verde is relatively high, with the median firm producing US$6,100 per worker.
This is higher than comparator countries such as Indonesia, the Philippines, and the Dominican Republic.
However, Cape Verde's manufacturing firms export less than any of the comparator countries, with only 6% of firms exporting.
Unit labor costs are higher in Cape Verde than in any of the comparator countries, including South Africa and Mauritius, which limits international competitiveness.
Exporting firms are rare, with only 2% of firms exporting and selling domestically.

3. Perceptions of the Investment Climate

Electricity is the most reported problem, with ~66% of enterprise managers citing it as a major or very severe obstacle.
Tax rates are a concern for ~55% of service sector firms, ~47% of manufacturing firms, and ~29% of hotels.
Informal sector competition is a major concern, especially for microenterprises.
Customs and port procedures are inefficient, with longer delays compared to most comparator countries.
Regulatory burden is relatively high, with ~12% of time spent dealing with regulations and inspections.
Corruption and telecommunications are less of a concern.

4. Labor Market Analysis

Wage premiums exist across industries, with non-manufacturing firms and larger firms paying higher wages.
Education and training yield high returns, with an average 11% return on schooling and 16% higher wages for those who received training.
Women earn 13% less than men in the same occupation, even after controlling for observable differences.
Wages in Cape Verde are relatively high, with median unskilled wages in manufacturing at US$2,000 per year.
On-the-job training is more common in Cape Verde, suggesting flexible and adaptable workforce.

5. Access to Finance

45% of manufacturing firms have loans, which is higher than any comparator country.
Bank loans are the main source of financing for new investment, with 68% of investment coming from internal funds.
Microenterprises face greater credit constraints, with less access to loans and overdrafts and higher reliance on informal financing.
Access to finance for microenterprises in Cape Verde is not particularly worse than in other developing countries.

6. Other Investment Climate Factors

Electricity outages are more frequent than in most comparator countries, with a median of 8 outages per year.
Tax burden is moderate, with VAT at 15%, which is lower than Senegal and the Dominican Republic, but higher than Indonesia and the Philippines.
Informal sector is not particularly large, but small formal firms are more likely to compete with microenterprises.
Regulatory uncertainty is a challenge, with more inspections in comparator countries like South Africa and Dominican Republic.
Telecommunications are not a major concern, but Internet usage is low.

Key Recommendations

Improve the power sector by addressing financial performance and tariff adjustments to allow self-financing.
Reduce fixed costs of exporting through policy interventions and infrastructure improvements.
Diversify the export base to reduce vulnerability to external shocks.
Enhance competitiveness by improving labor productivity, reducing labor costs, and streamlining regulations.
Support microenterprises through improved access to credit and financial services.
Improve infrastructure and trade facilitation to reduce trade barriers and enhance export capabilities.

Conclusion

The report highlights that Cape Verde has a relatively favorable investment climate, but challenges remain, particularly in electricity supply, export capabilities, and regulatory efficiency. While the service sector dominates, manufacturing is more productive than in many comparator countries. Microenterprises face greater financial and regulatory constraints, but overall access to finance is not particularly worse than in other developing countries. To improve firm competitiveness and sustain economic growth, the government should focus on sector-specific reforms, trade facilitation, and support for small businesses.