Cape Verde advances to Special Economic Zone for Technology

“With this initiative, we intend to attract large technological companies to produce services in Cape Verde and sell to the rest of the world. In other words, the Technological Park will have to capture the interest of the regional and international market and foreign direct investment in order to contribute to its growth, consolidation, international credibility”, said Olavo Correia.

The decree-law that creates and regulates the ZEET was approved last Thursday, at a meeting of the Council of Ministers, and as provided for in this model of Special Economic Zones involves tax benefits and other facilities for investors.

“But above all, we want, with this initiative, to create opportunities for Cape Verdean talents working in the Information and Communication Technologies (ICT) sector to test solutions here, in the country’s Technological Centers”, said the deputy first- minister, who also accumulates the Finance and Digital Economy portfolios.

According to Olavo Correia, “all conditions will be created” for young people “to be able to create, innovate, produce services and export them on a regional and world scale”, from Cape Verde.

“We are going to set up a technological ‘hub’ in Praia, with an extension in São Vicente, and which will allow Cape Verde to become a reference in the African sub-region, in terms of creating conditions for talent,” said Olavo Correia. , assuming that it is a “matrix investment for the future” of the country, with a focus on “more creative youth”, innovation and “export of technological services”.

The new ZEET is associated with the Technological Park to be installed in Cape Verde by the public company TechparkCV, which will involve the construction of business, incubation and data centers, as well as technological real estate ventures (valleys) in Praia and Mindelo.

The information is contained in a decree-law of September 2020, which Lusa reported at the time, when the Cape Verdean Government approved the constitution of TechparkCV, a public capital company with a capital of 100 million escudos (almost one million euros). The main mission of the state-owned company, the document reads, is to install and promote the development of the Cabo Verde Technological Park, as well as “facilitate the creation and growth of innovative companies and offer other value-adding services, in spaces and facilities of high quality standards”.

In this context, and within the Government’s objective of transforming the archipelago of Cape Verde into “Cyber ​​Island [Arquipélago Digital]”, attracting investment and technology-based companies, one of the innovations of the Technological Park to be implemented by TechparkCV in the centers planned for Praia (Santiago Island) and Mindelo (São Vicente Island), are the so-called “valleys”, or “zones contiguous areas of technological real estate”.

These are the cases of the future “Castelon Vale”, in Praia, and “Julion Vale”, in Mindelo, “technological real estate projects complementary to the Technological Park”, developed in partnership with the municipalities and the state-owned Imobiliária Fundiária e Habitat (IFH), managed by TechparkCV.

These “valleys” – initially two, but which the Government admits to be extended to other islands – are intended to “accommodate technology-based companies that intend to take advantage of the market ecosystem — companies — employment – training” of the future Arquipélago Technological Park Digital.

This Technological Park to be developed by TechparkCV involves the construction, in both poles, of business, incubation, training and certification centers, as well as data centers and technological “valleys”.

The physical component of the Cabo Verde Technological Park is currently under construction in Praia, with completion scheduled for this year, through an investment of around 32 million euros financed by the African Development Bank (ADB) and with a counterpart from the State of Cape Verde by around four million euros.

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