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Côte d’Ivoire

1. Openness To, and Restrictions Upon, Foreign Investment

Policies Towards Foreign Direct Investment

The government actively encourages Foreign Direct Investment (FDI) and is committed to increasing it. Foreign companies are free to invest and list on the regional stock exchange Bourse Régionale des Valeurs Mobilières (BRVM), which is based in Abidjan and covers the eight countries of the West African Economic and Monetary Union (WAEMU). WAEMU members are part of the Regional Council for Savings and Investment, a regional securities regulatory body.

In most sectors, there are no laws that limit foreign investment. There are restrictions, however, on foreign investment in the health sector, law and accounting firms, and travel agencies.

Land tenure is a complicated and sensitive issue. Land tenure disputes exist all over the country owing to multiple forms of traditional collective tenure and the lack of formal private land ownership in most areas. Companies that wish to purchase land must have the property surveyed before obtaining title. Surveying is tightly controlled by a small group of companies and can often cost more than the value of the parcel of land. Freehold land tenure in rural areas is difficult to negotiate, however, and can inhibit foreign investment. Most businesses, including agribusinesses and forestry companies, circumvent the complicated land purchase process by acquiring long-term leases instead. There are regulations designed to control land speculation in urban areas, but they do not prevent foreigners from owning land.

The Ivoirian government’s investment promotion agency, the Center for the Promotion of Investment in Côte d’Ivoire (CEPICI), promotes and attracts national and foreign investment. Its services are available to all investors, provided through a one-stop shop intended to facilitate business creation, operation, and expansion. CEPICI ensures that investors receive incentives outlined in the investment code and facilitates access to industrial land. More information is available at http://www.cepici.gouv.ci/ .

Côte d’Ivoire maintains an ongoing dialogue with investors through various business networks and platforms, such as CEPICI, the Ivoirian Chamber of Commerce (CCI-CI), the association of large enterprises (CGECI), and the bankers’ association.

Limits on Foreign Control and Right to Private Ownership and Establishment

Foreign investors generally have access to all forms of remunerative activity on terms equal to those enjoyed by Ivoirians. The government encourages foreign investment, including state-owned firms that the government is privatizing, although in most cases of privatization the state reserves an equity stake in the new company.

There are no general, economy-wide limits on foreign ownership or control, and few sector-specific restrictions. There are no laws specifically directing private firms to adopt articles of incorporation or association that limit or prohibit foreign investment, participation, or control in those firms, and no such practices have been reported.

Banks and insurance companies are subject to licensing requirements, but there are no restrictions designed to limit foreign ownership or to limit establishment of subsidiaries of foreign companies in this sector. Investments in health, law and accounting, and travel agencies are subject to prior approval and require appropriate licenses and association with an Ivoirian partner. The Ivoirian government has, on a case-by-case basis, mandated using local providers, hiring local employees, or arranging for eventual transfer to local control.

The government does not have an official policy to screen investments, and its overall economic and industrial strategy does not discriminate against foreign-owned firms. There are indications in some instances of preferential treatment for firms from countries with longstanding commercial ties to Côte d’Ivoire.

Other Investment Policy Reviews

Côte d’Ivoire has not conducted an investment policy review (IPR) through the OECD. The WTO last conducted a Trade Policy Review in October 2017, which can be found at https://www.wto.org/english/tratop_e/tpr_e/tp462_e.htm .

UNCTAD published an Investment Policy Review for Côte d’Ivoire in February 2020, which can be found at https://unctad.org/webflyer/investment-policy-review-cote-divoire 

The Government of Côte d’Ivoire provides information about sector policies and business opportunities in publicly available reports. More information can be found at: https://www.cepici.gouv.ci/ .

Business Facilitation

The CEPICI manages Côte d’Ivoire’s online information portal containing all documents dedicated to business creation and registration ( https://cotedivoire.eregulations.org/ ). All the necessary documentation for registration is available online, however actual registration must be done in person. Further information on business registration is also available on CEPICI’s website ( http://www.cepici.gouv.ci/ ).

Businesses can register at the CEPICI’s One-Stop Shop (Guichet Unique) in Abidjan. The One-Stop Shop allows businesses to register with the commercial registrar (Registre du Commerce et du Crédit Immobilier), the tax authority (Direction Générale d’Impôts) and the social security institute (Caisse Nationale de Prévoyance Sociale). The One-Stop Shop also publishes the legal notice of incorporation on CEPICI’s website. All necessary documents for registration are also available on the website. Registration takes between one and three days. The business licensing process, controlled by sector-specific governing bodies, is separate from the registration process.

Women have equal access to the registration process. There have not been any reports of discrimination in that regard.

Outward Investment

Côte d’Ivoire does not promote or incentivize outward investment.

However, the government does not restrict domestic investors from investing abroad.

Guinea

1. Openness To, and Restrictions Upon, Foreign Investment

Policies Towards Foreign Direct Investment

The Government of Guinea has increasingly adopted a strong, positive attitude toward foreign direct investment (FDI). Facing budget shortfalls and low commodity prices, the GoG hopes FDI will help diversify its economy, spur GDP growth, and provide reliable employment. To that end, the government has reduced land transfer fees, and improved procedures for import and construction permits. Guinea does not discriminate against foreign investors, with the exception of a prohibition on foreign ownership of media. One area of concern is that mining companies have negotiated different taxation rates despite mining code requirements. According to the 2020 World Investment Report, FDI in Guinea fell from USD 577 million in 2017 to USD 45 million in 2019. In late 2015, the U.S. Embassy facilitated the establishment of an informal international investors group to liaise with the government. The group has not been very active since. There is the Chambre des Mines (Chamber of Mines), a government-sanctioned advisory organization that includes Guinea’s major mining firms. Guinea’s Agency for the Promotion of Private Investment (APIP) provides support in the following areas:

  1. Create and register businesses
  2. Facilitate access to incentives offered under the investment code
  3. Provide information and resources to potential investors
  4. Publish targeted sector studies and statistics
  5. Provide training and technical assistance
  6. Facilitate solutions for investors in Guinea’s interior

On March 13, a presidential decree changed the responsibilities of APIP into a public agency under the technical supervision of the Ministry of Investments and Public Private Partnerships, and under the financial supervision of the Ministry of Economy and Finance.

More information about APIP can be found at: http://apip.gov.gn/ 

Limits on Foreign Control and Right to Private Ownership and Establishment

Investors can register under one of four categories of business in Guinea. More information on the four types of business registration is available at http://invest.gov.gn/page/create-your-company. There are no general limits on foreign ownership or control, and 100 percent ownership by foreign firms is legal in most sectors. Foreign-ownership of print media, radio, and television stations is not permitted. The 2013 Mining Code gives the government the right to a 15 percent interest in any major mining operation in Guinea (the government decides when an operation has become large enough to qualify). Mining and media notwithstanding, there are no sector-specific restrictions that discriminate against market access for foreign investment. Despite this lack of official discrimination, many enterprises have discovered the licensing process to be laden with bureaucratic delays that are usually dealt with by paying consultant fees to help expedite matters. The U.S. Embassy may be able to advocate on behalf of American companies when it is aware of excessive delays.

According to the Investment Code, the National Investment Commission has a role in reviewing requests for approval of foreign investment and for monitoring companies’ efforts to comply with investment obligations. The Ministry of Planning and Economic Development hosts the secretariat for this commission, which grants investment approvals. The government gives approved companies, especially industrial firms, the use of the land necessary for their plant, with the duration and conditions of use set out in the terms of the approval. The land and associated buildings belong to the State, but can also be rented by or transferred to another firm with government approval.

Other Investment Policy Reviews

There has been no investment policy review conducted by the UN Conference on Trade and Development or the Organization for Economic Cooperation and Development within the past several years. The World Trade Organization (WTO) last conducted a review of Guinea in 2018. The 2018 report can be viewed here: https://www.wto.org/english/tratop_e/tpr_e/tp470_e.htm .

Business Facilitation

APIP is the Guinean agency that promotes investment, helps register businesses, assists with the expansion of local companies, and works to improve the local business climate. APIP maintains an online guide for potential investors in Guinea (http://invest.gov.gn). Business registration can be completed in person at APIP’s office in Conakry or through their online platform: https://synergui.apipguinee.com/fr/utilisateurs/register/. The only internationally-accredited business facilitation organization that assesses Guinea is GER.co, which gives Guinea’s business creation/investment website a 4/10 rating. It takes roughly seventy-two hours to register a business. APIP’s services are available to both Guinean and foreign investors. The “One Stop Shop” at APIP’s Conakry office can provide small and medium sized enterprises (SMEs) with requisite registration numbers, including tax administration numbers and social security numbers. Notaries are required for the creation of any other type of enterprise.

An SME in Guinea is defined as a business with less than 50 employees and revenue less than 500 million Guinean francs (GNF) (around USD 50,000). SMEs are taxed at a yearly fixed rate of GNF 15 million (USD 1,500). Administrative modalities are simplified and funneled through the “One Stop Shop”. In December 2019, the Prime Minister inaugurated the “Maison des PME” (“The SME House”) a public-private partnership between the Societe Generale bank and APIP to help local SMEs expand and develop.

Outward Investment

Guinea does not formally promote outward investment and the government does not restrict domestic investors from investing abroad.

Investment Climate Statements
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The Lessons of 1989: Freedom and Our Future