Exporting to Ivory Coast
Strong West African economy
Ivory Coast is the largest economy in the West African Economic and Monetary Union (World Bank, 2019). It is the world’s top exporter of cocoa and raw cashew nuts. It is a net exporter of oil and has a significant manufacturing sector.
The local currency in Ivory Coast is the West African CFA franc, which is pegged to the euro. As a result, inflation levels are kept to a minimum.
Real per capita GDP grew by 41% in the seven years to 2019 (IMF, 2019). This is projected to continue increasing which will increase the purchasing power of consumers in this economy.
Opportunities for exporters
There are opportunities for UK companies across a broad range of industries. Our trade advisers in Ivory Coast have identified particular opportunities for UK businesses in the following sectors.
Demand for UK expertise and know-how
UK expertise is in demand to help deliver Ivory Coast’s development strategy. There's demand for expertise in agri-technology, techniques to increase land productivity and value-added processing.
Demand in the cocoa sector
The cocoa sector is the powerhouse of the Ivory Coast economy. There is particular demand for expertise to develop this sector.
The government has one of the most attractive mining codes in the world, aimed at encouraging foreign investment in the sector.
Successful mineral diversification will require additional transport networks in Ivory Coast. Plans for a more robust regional rail network linking Ivory Coast, Burkina Faso and Benin promises opportunities for UK expertise. The expansion of Abidjan and San Pedro’s ports and the creation of new power plants also offer a wide range of prospects.
Oil and gas
Demand for foreign investment
The country has been expanding its existing crude oil production, as it pushes for foreign investment in offshore exploration.
Demand for UK expertise
Ivory Coast is pushing forward with plans to begin importing liquefied natural gas to supplement domestic supply to its gas-fired power plants. There are opportunities for UK businesses in exploration and production, gas storage and transportation, development of a natural gas distribution network, and quality control and improvement.
The post-production phase stands to gain from the country’s energy sector investments. The sector is complex. As the Ivory Coast’s appetite for new innovations grows, the country would benefit from UK business involvement and capability.