It didn’t take long after the re-establishment of peace and the rule of law in Côte d’Ivoire for the UK to set foot again in a country which, even though not a traditional stronghold of British interests in Africa, London considers very promising.
Indeed, the UK reopened its embassy in Abidjan in May 2012 with a goal to boost bilateral trade. The embassy actively supports existing and new British business, including Tullow, Rolls Royce, Randgold, Standard Chartered bank and SMEs, among others.
According to the British Ambassador, Simon David Tonge: “The reopening of the embassy demonstrates that the UK is committed to having a strategic relationship with Côte d’Ivoire. It is a symbol of the returning of Côte d’Ivoire to the international community and it will also facilitate economic development, which the country deserves.”
In July last year, the new Minister for Africa, Mark Simmonds, paid a visit to Côte d’Ivoire to discuss with President Ouattara “ways and means of reinforcing bilateral economic and political relations”.
Another significant step was taken in October 2013 when the first UK-Côte d’Ivoire Trade and Investment Forum was held in London, which focused on three key sectors open to public-private partnerships: agriculture and agro-processing, extractive industries and infrastructure. Some 350 participants from both countries attended.
As proof of the interest of the Ivoirian government, their delegation was headed by the Prime Minister, Daniel Kablan Duncan. While in London, he emphasised that the UK is the second largest foreign investor in Côte d’Ivoire, after France, with a total of around £2.5 billion in 2012.
“The UK is a key country in our strategy to attract foreign investment,” says Emmanuel Esmel Essis, Director-General of CEPICI (Centre for the Promotion of Investment), which provides a one-stop shop for investors, an outreach programme to match opportunities with potential investors, and a public-private liaison programme.
The investment promotion agency is in charge of finding foreign investment to finance the €22 billion National Development Programme (PND according to the French acronym) for the period 2012-2015.
In its first year of operation, CEPICI succeeded in attracting CFA156 billion (about £197 million); in 2012, CFA226 billion; and in 2013, CFA506 billion. “Our objective is to reach CFA1,000 billion in 2015,” says Mr Essis.
Another trade event was held in Abidjan from January 29 to February 2 2014. Titled ICI 2014 (ICI representing Invest in Côte d’Ivoire), it gathered some 3,700 delegates from 103 countries, including 37 from the UK. Mr Kablan Duncan announced that ICI 2014 raised investment pledges for CFA443 billion, significantly more than the CFA100 billion targeted by the government. According to Mr Essis, CFA280 billion came from the private sector and CFA163 billion from public-private partnerships.
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