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the basis of Ivorian economy

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Market & Business

Chocolate is essential

Agriculture dominates the market of Ivory Coast, particularly the growing of cocoa beans, the state’s greatest export.

Ivory Coast supplies more than a third of the world’s cocoa and its exports for the global chocolate market were worth around 2.5 billion dollars in 2010 (according to the UN’s Food & Agriculture Organisation). !

New trees wanted

Outputs of cocoa trees fall after the last important cycle of planting and 30 years was in the 1970s. Some new trees are planted (with backing from big food companies), but they represent a small percentage of output.

Nevertheless, routine blights like black pod disease threaten earnings from cocoa production. Small farmers are not able to afford the routine spraying which would shield their cocoa crops. The sector suffers from under-investment.

Local investment is hampered by high taxes on farmers, with around 40% of the cash paid by commodity buyers going to the authorities. Since most cocoa producers are small scale, this has led some farmers to rely on child labour to make a living. !

Petroleum and natural resources

Natural gas generation and petroleum are a growing sector of the market. Crude oil is processed by a leading refinery at Abidjan from off-shore rigs. Some petroleum is used and the remainder is refined into oil products for export.!

Ivory Coast has mineral resources, including gold and diamonds. Deposits of iron ore, manganese and bauxite are there to be developed.

Production is largely restricted to the refining and processing of agricultural produce (e.g. palm oil, coconut oil, sugar) or the canning of fruits such as pineapples. !

State of the market and business

After independence in 1960, Ivory Coast have decades of steady government and became the most wealthy nation in West Africa, boasting the fourth-biggest market south of the Sahara.!

Many state-owned companies, including water and electricity utilities. But during the 1990s, the market declined with coups and political offices. It suffered farther during the recent violence following elections in 2010 and the civil war of 2002.!

Nevertheless, stability and peace in the last few years have enabled the market to boom, with increase in the petroleum, banking and transport sectors particularly.

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BusinessNewsTravel

tourism in cote d’ivoire

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Ending of the battle brings economic recovery

After a civil war crossing 2010-2011 that prevented the market, Côte d’Ivoire is once again back in company with a substantial stream of FDI targeted at a broad variety of marketplaces. The government is pushing on particularly, and Côte d’Ivoire its economic capital Abidjan, to become a heart for the wider French-speaking area. As international resorts and more airlines enter the state, a broader variety of company infrastructure will become accessible and foster Abidjan’s attractiveness as tourist destination.

Infrastructure developments fostered travel and tourism

In 2012-2013 new highways were introduced to foster domestic, inbound and outbound tourism, but also to meet the requirements of business and industrial needs. Abidjan is linked to Signrobo and farther, to Yamoussoukro, in the north of the state. Connections to neighbouring states are priority jobs for the authorities. Railways must be enhanced within the state.

Growing petroleum extraction sector to supply affordable costs for transport and to drive sea transport

As a result of foreign investments into the development of the petroleum industry, the authorities established in 2013 a modernisation project for the port regions that were vital. Because of this, this leads to increase of sea transport and keeps the inflation and costs on fuel for transport. One of the essential associates of the authorities are Lukoil, but also the global players, like Total, Pétroci, and Panatlantic, First Fuel and Taleveras.

Air Côte d’Ivoire demonstrates remarkable increase after two years in the marketplace

The national firm demonstrated promising results in two years of operations and managed to join the essential players out there. It supplied flights by the end of 2013 to 17 destinations. Air transportation remains the vital contributor to the development of tourism and travel in the state.

Journey lodging corrected in accordance with general tourism strategy

Company tourism is the primary kind of inbound tourism in Abidjan city, the economical capital of the state. But the government attempts to bring more leisure tourists and develops five star resorts for dynamic high class leisure tourists of traveling lodging alongside growth to distant regions and develop ecotourism. A job to build 30 bungalows called “relais Paillotes” making use of ecologically pure sources of energy and found nearby natural parks, is one example.!

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News

Investment in Ivory Coast

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State Review

Côte d’Ivoire’s economical performance has been remarkable with a robust GDP growth which resulted in a decline in poverty in the last four years. The authorities adopted a new national development strategy for the 2016-2020 period, along with its National Development Plan (NDP) 2016-2020 which encompasses significant structural reforms to attain a continual private sector directed and inclusive increase, together with the structural transformation of the market. The NDP 2016-2020 builds on lessons learned in the 2012-2015 NDP execution, and aims at realizing the emerging market standing for Côte d’Ivoire in 2020, with a significantly rate. that is decreased poverty!

Political Circumstance

President Ouattara reshuffled his cabinet on January 6, 2016, two months after he was reelected for another five-year period on October 25, 2015. Draw up a fresh constitution which he intends to set to a referendum in the course of 2016 and President Ouattara seeks to deepen national reconciliation. The President has indicated the state will vote in municipal and legislative elections in late 2016. The authorities priorities comprise handling high youth unemployment and redistributing riches that is irregular.

At the Grand Bassam beach resort, a lethal terrorist attack happened on March 13, 2016. It was the first terrorist attack in the state’s history. !

Economical Review

With GDP growth reaching 8.4% in 2015 and projected at 8.5% in 2016, economical activity kept its dynamic speed across all sectors gaining from a robust aggregate demand and a surge in both private and public investments. In agriculture, generation rose across important crops including cocoa (36%), java (16%), cashew nuts (18%) and sugar (12%); profiting from cost guarantee schemes for farmers and the execution of private-public creation fostering systems. The total industrial production index increased by 10.5%, with the manufacturing and building sub-sector indices increasing respectively by 10 and 23%. In services, the index of turnover in the retail sector climbed by 7%, telecom subscribers increased by 14%, and the elements of transportation services grew. This represents the results of public investment plans, company environment reforms and the increases in families’ income.

Societal Circumstance

The poverty prevalence in Côte d’Ivoire somewhat decreased from an estimated 51% in 2011 to 46% in 2015 in response to the recent rebound of economic growth. Between 2008 and 1985, the estimated share of the people living below the poverty line rose from around 10% to about 49%. In this time, the increase in severity and the depth of poverty was spectacular. The findings of the 2015 Dwelling Standards Tracking Survey (LSMS – ENV2015) show that poverty has decreased to 46% in 2015 as the market rebounds as an outcome of improved conditions in both rural and urban areas. Poverty is still rural with differences in access to basic services, and gender disparities across urban and riches -rural groups.


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LifeStyleNews

Food & Daily life in Ivory coast

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Abidjan and Yamoussoukro are the chief cities of Ivory Coast. They’ve a cosmopolitan and modern feel, with multilane highways and high rise buildings.

Both cities boast magnificent cathedrals. The one in Yamoussoukro– is a full size replica of St Peter’s in Rome. Notable mosques (some constructed in conventional mud) are also to be found in important centers to the north. !

Marketplace produce

Most areas have standard open-air markets. Local basics sold here contain yams, cassava, maize, millet, sorghum and peanuts.

Across the smaller towns and hamlets of Ivory Coast, buildings are generally small. Houses are made of reeds, posts and sunbaked clay, with thatch roofs. New home is usually constructed using modern stuff with corrugated iron sheets for roofing. !

Though crops for selling grow, in addition they put a variety of foods for their own eating and regularly keep livestock like chickens.

Local cuisine

Some cities along the shore have a cosmopolitan feel, with sizeable French, Syrian and Lebanese communities offering a wide selection of international cuisine.!

Eateries serving conventional food (known as maquis) run from open air courtyards.

Popular local dishes contain kedjenou (chicken with braised vegetables), attieke (cassava ground into couscous-like grains and eaten with fish or meat) and specialities including pan fried frog’s legs.

Dessert is usually fruit, since a broad variety are grown in Ivory Coast, including bananas, mangos, mandarins, pomegranates, passion fruit, pineapple and coconuts.!

Street food

And to drink?

Ivorians frequently quench their thirst with locally or ginger beer -brewed beer. Another popular beverage is palm wine.

A popular bite is aloko, fried banana served with onions and chillies. Other street food contains yam chips, fried fish and fufu (or foufou) made from fermented and mashed vegetables like cassava and plantain.

Peanuts are used in an assortment of manners, as well as being eaten as a snack. Foods are cooked in peanut oil (rather than butter), giving meat and fish a distinctive flavour. And since fish and meat are usually served with a sauce, peanuts ground with tomato and chillies make a hot accompaniment that was common.!

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