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Geography and Politics of Cape VerdeThe Republic of Cape Verde or Cape Verde (Portuguese: Cabo Verde) is a republic located on an archipelago in the Macaronesia ecoregion of the North Atlantic Ocean, off the western coast of Africa. The previously uninhabited islands were discovered and colonized by the Portuguese in the 15th century; they subsequently became a trading centre for African slaves. Most Cape Verdeans descend from both groups. "Cape Verde" is named for Cap-Vert (meaning Green Cape), now in Senegal, the westernmost point of continental Africa. Cape Verde has a population of 418,224 consisting of Creole (mulatto) 71%, African 28%, and European 1%. About 80% of the inhabitants are Roman Catholic. The main languages spoken are Portuguese and a local "Creolo" which is a blend of Portuguese and West African. Many locals are fluent in Italian and most understand Spanish. English is becoming more understood and will continue to do so with the rise of the tourist industry. The currency used in Cape Verde is Cape Verde escudo (CVE) which is fixed to the Euro ( 1Euro = 110.265CVEsc ) Politically, Cape Verde is a stable multi-party democracy. The two main parties are the Leftist 'Partido Africano de Independencia de Cabo Verde' (PAICV) which ruled from independence in 1975 until the first election in 1991, and the newly-formed 'Movimento para a Democracia' (MPD), who assumed power until losing a 2001 election to a much-transformed PAICV. The next national election is due in January 2006. Both political parties have introduced policies that endorse foreign investment as a way to create a sustainable growing economy through job creation. The 'Lei de Investimento Externo' ('External Investment Law') introduced in 1993 broadened and enhanced the existing legislation to attract private foreign investment by non-Cape Verdean nationals and includes a 5-year initial tax holiday and a subsequent tax reduction by 50% on corporate tax (currently 30%) for the following 10 years. For tourism investment, an exemption is granted on import duties for materials necessary for construction and installation of projects. All net revenues are guaranteed transference out of Cape Verde in full and foreign currency bank accounts are available. A series of initiatives as part of the National Development Plan (NDP - 2001-2005) are being carried out to improve the infrastructure required to make Cape Verde a significant tourist destination. These include improvements to transportation (air, maritime, inter-island and road transportation), communication, banking, health provision, electricity, water and sanitation provision and professional training. A healthy tourism industry is a fundamental part of the government’s strategy for sustainable economic development. Given the countries former relationship with Portugal and the strong and stable democratic government, there is growing support for entry to the European Union and negotiations could begin with Brussels as soon as 2006. According to the Economist Intelligence Unit Country Profile for Cape Verde of 2004 reports "The justice system and local institutions are relatively strong by the standards of most African countries and corruption, whilst not unknown, is not a preoccupying concern." The major industries in Cape Verde are food and beverages, fish processing, shoes and garments, salt mining, ship repair, bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts and fish. |
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