Key Statistics Cape Verde

Location

Archipelago of 10 volcanic islands off the western coast of Africa.

Population

• 556,989 (2022 est.)
• 60.7% under the age of 35
• Life expectancy: 74.2 years (2021 est.)
• Urban population: 68.9% (2021)

Land Area

• 4,033 sq km (1,557 sq miles)
• Exclusive Economic Zone: 734,265 sq km

Capital and Largest City

Praia

Official Language
  • Portuguese (official)
  • Cape Verdean Creole (widely spoken)

Government:
  • Unitary semi-presidential republic
  • Stable multi-party democracy

Currency

Cape Verdean Escudo (CVE)

GDP (2021)

• $2.034 billion
• GDP per capita: $3,650
• GDP growth rate: 7% (2021 est.)
• Inflation rate: 1.9% (2021 est.)

Key Economic Sectors

• Tourism (35% of GDP)
• Fishing
• Agriculture
• Services

Ease of Doing Business Rank (2020)

137 out of 190 countries

International Memberships

• United Nations (UN)
• Economic Community of West African States (ECOWAS)
• World Trade Organization (WTO)
• Community of Portuguese Language Countries (CPLP)

Key industries and sectors foreign investors are most interested in?

1. Tourism

  •  Cape Verde’s stunning natural beauty, tropical climate, and political stability make it a premier tourist destination.
  • The tourism sector accounts for around 35% of the country’s GDP and is a major driver of economic growth.
  • Opportunities exist in hotel/resort development, ecotourism, leisure activities, and supporting.

2. Renewable Energy

  • Cape Verde has abundant wind and solar resources, making it an attractive market for renewable energy investment.
  • The government has set ambitious targets to increase renewable energy generation to 50% of total electricity production by 2030.
  • Investors can explore wind farms, solar power plants, and related infrastructure projects.

3. Fisheries and Aquaculture

  • Cape Verde’s strategic location and expansive Exclusive Economic Zone (EEZ) provide vast opportunities in commercial fishing and aquaculture.
  • The fishing industry accounts for a significant portion of the country’s GDP and exports.
  • Potential investments include seafood processing, deep-sea fishing, and sustainable aquaculture facilities.

4. Agriculture and Agribusiness

  • Despite the country’s limited arable land, Cape Verde has identified agriculture as a priority sector for diversification and food security.
  • Opportunities exist in high-value crops, livestock production, food processing, and agricultural technology.

5. Transportation and Logistics

  • Cape Verde’s strategic location along major international shipping routes makes it an attractive logistics and transportation hub.
  • Investors can explore port development, airport infrastructure, maritime services, and cargo/distribution facilities.

6. Real Estate and Construction

  • The tourism industry and growing population drive demand for residential, commercial, and tourism-related real estate development.
  • Opportunities range from luxury resorts and vacation homes to affordable housing and mixed-use projects.