Ivory Coast: Investing

FDI in Figures

The Ivorian economy, one of the strongest of the Economic Community of West African States, remains a favorable destination for foreign investors in the region. According to UNCTAD's World Investment Report 2023, the country attracted USD 1.58 billion in FDI inflows in 2022, up by 15% year-on-year and above the level recorded before the pandemic.  The total FDI stock was estimated at USD 13.67 billion, around 19.5% of the country’s GDP. Data from the Center for the Promotion of Investment in Côte d’Ivoire (CEPICI) show that in 2023 Burkina Faso was the main investor in the country (11% of investments), followed by Turkey (7%), China, France, and Togo (5% each). The sectors concerned by these investments were industry (52.20%), services (46.90%) and agriculture (0.90%). In general, investments are mainly oriented towards extractive industries and finance.

The National Plan of Development (PND 2021-2025) aims at making private investment a motor of the country's economic growth. In order to facilitate business, a programme of dematerialization of services and administrative acts has been put into place. The political situation has stabilised and the country has adopted major reforms, such as adoption of a new constitution and creation of a Senate, improving the business climate. The country enjoys diversified mining and farming resources, a network of infrastructure in the process of modernisation, a strategic coastal location and a stable economy. It also has a robust, youthful workforce, with over 70% of its population under 35 years old. Foreign investors have access to all forms of remunerative activity on terms equal to those enjoyed by Ivoirians. The government encourages FDI, including investor participation in state-owned firms that the government is privatizing. There are no general, economy-wide limits on foreign ownership or control, and few sector-specific restrictions: Banks and insurance companies are subject to licensing requirements, but there are no restrictions designed to limit foreign ownership or to limit establishment of subsidiaries of foreign companies in this sector. Investments in health, law and accounting, and travel agencies are subject to prior approval and require appropriate licenses and association with an Ivoirian partner. Moreover, Tthe government does not have an official policy to screen investments. However, progress needs to be made in terms of governance, law enforcement and justice and land tenure code reform. The government is dedicated to enhancing security measures in the northern regions of the nation to mitigate the risk of escalating political instability in neighboring Burkina Faso, Mali, and Guinea. This proactive approach aims to bolster investor confidence and reduce the potential for insecurity within the country. Côte d’Ivoire ranks 112th among the 132 economies on the Global Innovation Index 2023 and 91st out of 184 countries on the latest Index of Economic Freedom.

What to consider if you invest in the Ivory Coast

Strong Points

The main assets of the country are:

• Strengthening of the country's political stability  with a notable increase in democratic institutions
• Rich natural resources (hydrocarbons, ores) and very fertile agriculture (coffee, sugar and especially cocoa, of which the country is the largest producer in the world)
• Monetary stability largely due to its membership in the West African Economic and Monetary Union and the CFA franc zone
• Low-interest rates make access to capital easy
• The willingness of the government to improve the business climate
• The country has a rather advanced road infrastructure, a modern airport with a domestic airline that flies to all the major cities in the area, as well as the second-largest port in West Africa.
• The greatest economy in Francophone West Africa.

Weak Points

The main weaknesses of the country include:

• Persistent social and ethnic tensions
• Uncertainties about the country's security with the emergence of border tensions with Mali, Liberia and the Sahel
• A budget deficit slowing the implementation of necessary reforms and a generally weak tax structure
• Weakly developed Infrastructure
• High level of debt
  
• Agriculture highly vulnerable to natural disasters (such as periods of severe drought) and dependent on food commodity prices
• The wide disparity in wealth between Abidjan and the rest of the nation
• Importance of the informal economy
  

Government Measures to Motivate or Restrict FDI

The Ivorian government has put in place a number of measures to promote foreign investment:

• The introduction of a new Investment Code (in french)
• The establishment of a one-stop-shop for business creation
• The establishment of online complaints debit at the Commercial Court
• A programme of major transport infrastructure projects, including the privatisation of the Abidjan-Ouagadougou railway line and the extension of the port of Abidjan

A national development plan has been developed for the period 2016-2020 which aims to make private investment a driver of the country's economic growth. In order to facilitate business, a program of dematerialisation of services and administrative acts has been put in place. Tax relief measures were also introduced.

In 2017, the country introduced major political reforms, such as the adoption of a new constitution and the creation of a Senate, which has significantly improved the business environment.

The National Development Plan (NDP 2021-2025) aims to make private investment an engine of economic growth in the country. In order to facilitate business, a program of dematerialization of services and administrative acts has been put in place. 

Bilateral Investment Conventions Signed By the Ivory Coast

Further information on Investing in the Franc Zone.

Procedures Relative to Foreign Investment

Freedom of Establishment

Investment is completely free for a foreigner, there are no restrictions. Foreign investors are treated as locals.

Acquisition of Holdings

A majority holding interest in the capital of a local company is legal in Côte d'Ivoire.

Obligation to Declare

The agency for the promotion of foreign investment in the country provides information on the authorizations required for setting up a business.

Competent Organisation For the Declaration

The Center for the Promotion of Investment in Côte d'Ivoire (CEPICI) gives information about the authorizations required (in French).

Requests For Specific Authorisations

The Center for the Promotion of Investment in Côte d'Ivoire gives information about the authorizations required (in French).

Investment Opportunities

Investment Aid Agency

Investment Promotion Centre in Ivory Coast (CEPICI)
« INVESTIR EN ZONE FRANC » (UEMOA & CEMAC)

Tenders, Projects and Public Procurement

DgMarket, Tenders Worldwide
Global Tenders

Other Useful Resources

Ministry of the Economy and Finance (in French)

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