Ambassador Sakaria Kone on what makes Côte d'Ivoire attractive to investors

South Africa and Côte d'Ivoire have recently taken steps to strengthen their bilateral ties, with over 10 agreements and MOUs in place aimed at boosting relations in political, economic, and military areas. Trade between the two countries currently sees South Africa mainly importing petroleum oils, crude oil, and cocoa from Côte d'Ivoire, while exporting cars, related parts, polymers, and military tank equipment. Ambassador Sakaria Kone of the Republic of Côte d'Ivoire discussed the significance of these agreements in a recent interview on CNBC Africa. He highlighted the focus on enhancing economic cooperation between the two nations, with a specific emphasis on areas such as forestry, water management, and agro-processing. Key Points: 1. Economic Cooperation: The agreements aim to enhance economic cooperation between the two countries, with a focus on areas of expertise such as forestry, water management, and agro-processing. The goal is to leverage each other's strengths and advance economic development. 2. Trade Imbalance: While trade currently favors South Africa, efforts are being made to balance the terms of trade by increasing exports from Côte d'Ivoire to South Africa. The focus is on commodities like agro-products, minerals, and processed goods to boost trade volume. 3. Opportunities for Beneficiation: Both countries are exploring opportunities for beneficiation by processing raw materials locally and fostering partnerships in sectors like agriculture and manufacturing. The Africa Continental Free Trade Area (AfCFTA) presents a platform for expanding trade and industrial capabilities. Ambassador Kone emphasized the need to address the trade imbalance by increasing exports from Côte d'Ivoire, particularly in key sectors like agriculture and mining. He mentioned the recent surge in exports to South Africa, citing a 200% increase in trade volume from mid-2021. The focus on value-added products like cocoa beans, cocoa powder, and cashews indicates evolving trade dynamics. In terms of beneficiation, Ambassador Kone highlighted concrete agreements between rubber producers, agro-processing industries, and automotive manufacturers from both countries. These partnerships aim to promote local processing and manufacturing, fostering sustainable economic growth. Quote: 'Côte d'Ivoire is open for business, a land of opportunity with an agriculture-based economy. The climate differences between our countries present huge opportunities for product exchanges. We need to cooperate and leverage each other's strengths to transform our agricultural products and feed our continent.' As both nations navigate challenges like social instability and climate risks, Ambassador Kone underscored the importance of legal frameworks and social resilience in maintaining investor confidence. He commended the business community's commitment to exploring opportunities in South Africa, highlighting the ease of doing business and government support for foreign investments. Looking ahead, the focus on renewable energy and infrastructure development presents new avenues for collaboration. Côte d'Ivoire's experience in exporting energy and promoting renewable sources aligns with South Africa's efforts to enhance energy security and attract private investments in the power sector. In conclusion, the partnership between South Africa and Côte d'Ivoire holds promise for economic growth and mutual benefit. By capitalizing on their respective strengths, fostering beneficiation, and embracing the AfCFTA, both countries can unlock new opportunities for trade, manufacturing, and sustainable development.