Cabo Verde and China have taken a significant step in strengthening their economic ties with the signing of a framework agreement on economic cooperation. The agreement was signed by Cabo Verde's Minister of Economy, António Baptista, and China's Minister of Commerce during a visit to China from September 2-15. This agreement establishes the foundation for enhanced economic and commercial cooperation between the two nations.
The agreement is expected to pave the way for a broader understanding between Cabo Verde and China, which will be signed during a visit by Cabo Verde's Prime Minister, Francisco Carvalho, to China in November. This upcoming agreement aims to consolidate and expand the areas of bilateral cooperation, further solidifying the relationship between the two countries.
In addition to the economic cooperation agreement, the visit also explored potential future agreements on twinning between municipalities in Cabo Verde and provinces in China. This could lead to increased collaboration and exchange between local governments, fostering greater cooperation and understanding between the two nations.
The Cabo Verdean delegation also examined opportunities for investment by Chinese private enterprises in Cabo Verde. The Chinese government has expressed willingness to offer incentives to initiatives that have a positive social and economic impact on partner countries, which could lead to increased investment and economic growth in Cabo Verde.
During the visit, the delegation from Cabo Verde also visited the Chinese customs structure, identifying opportunities for cooperation in this area. This cooperation could advance in the short to medium term and include the exchange of knowledge, experiences, and best practices, as well as technical capacity building and trade facilitation.
António Baptista, Minister of Economy, expressed satisfaction with the outcome of the visit, describing it as a significant step towards deepening the relationship of friendship and cooperation with the People's Republic of China. The minister also highlighted the potential for direct cooperation between municipalities in Cabo Verde and China, independent of central governments, which could lead to faster and more targeted social impact.
The new cooperation between Cabo Verde and China is expected to bring innovative approaches, including direct cooperation between municipalities and access to financing that can have a rapid social impact on the populations of Cabo Verde. This development marks a new phase in the relationship between the two countries, which has been ongoing for over 50 years.
Key points
- Cabo Verde and China have signed a framework agreement on economic cooperation.
- A broader understanding between the two countries is expected to be signed in November.
- The cooperation includes potential investment by Chinese private enterprises in Cabo Verde.
