(Ecofin Agency) - The UNCTAD will provide technical assistance to Côte d’Ivoire for the elaboration of a national investment policy.
In that regard, the UN institution visited Abidjan this week for bilateral meetings with public and private institutions and many actors of the Ivorian economy to discuss some investment-related issues.
According to Chantal Dupasquier, Chief of the UNCTAD’s Policy Reviews Section, the main goal is to “prepare a report that will be restituted to authorities in a few months.” This report will suggest “the best policies to consider in terms of investment promotion” to “ strengthen the impact investment can have on development.”
Initiated by the state secretary in charge of the promotion of private investments in Côte d’Ivoire, Essis Esmel Emmanuel, the future framework document will be global coherent and inclusive highlighting the country’s investment potentials that foster sustainable growth, employment, integration of innovative technology and the improvement of living standards.
According to the official, “the investment policy contemplated by Côte d’Ivoire is of paramount importance.” It should be “structured around core principles namely, the promotion of a transparent and conducive business environment to attract investors, the modernization of a legal investment framework, the adoption of best practices and international investments standards as well as investors’ environmental compliance and socio-cultural cohesion.”
In its last report, the UNCTAD revealed that in 2016-2017, the flow of foreign direct investment to Côte d’Ivoire grew by 17%, going from $577 million to $675 million. However, this rise in foreign direct investment “conceals the country’s low attractiveness,” Essis Esmel Emmanuel indicated.
For instance, on the $11 billion foreign direct investments captured by the WAEMU during the period under review, Côte d’Ivoire captured just 5.4%, behind Ghana (30%) and Nigeria (32%).
“This situation highlights the lack of consistent private investment policy in our country because, as the leading economic power in the UEMOA and third within the WAEMU, Côte d’Ivoire has an enormous potential and resources to boost the flow of FDI and its attractivity in West Africa,” Essis Esmel Emmanuel insists.