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Ivory Coast

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Foreign Direct Investment

The Ivorian economy, one of the strongest of the Economic Community of West African States, remains a favorable destination for foreign investors in the region. According to UNCTAD's 2022 World Investment Report, the country attracted USD 1.38 billion in FDI inflows in 2021, a strong rebound from the low USD 713 million achieved in 2020 in the context of the global health and economic crisis. The total FDI stock was estimated at USD 12.8 billion in 2021. According to UNCTAD’s Investment Trends Monitor, global FDI momentum weakened in 2022 in the context of the war in Ukraine, rising food and energy prices, financial turmoil and debt pressures. The main investors are the European Union (France being the first investor) and Canada. Investments are mainly oriented towards extractive industries and finance.

The National Plan of Development (PND 2021-2025) aims at making private investment a motor of the country's economic growth. In order to facilitate business, a programme of dematerialization of services and administrative acts has been put into place. The political situation has stabilised and the country has put into places major reforms, such as adoption of a new constitution and creation of a Senate, improving the business climate. The country enjoys diversified mining and farming resources, a network of infrastructure in the process of modernisation, a strategic coastal location and a stable economy. However, progress needs to be made in terms of governance, law enforcement and justice and land tenure code reform. Despite progress towards national reconciliation between the government and opposition parties, political stability remains fragile.

 
 
Foreign Direct Investment 201920202021
FDI Inward Flow (million USD) 9367131,382
FDI Stock (million USD) 10,70112,45712,821
Number of Greenfield Investments* 402515
Value of Greenfield Investments (million USD) 2,963846375

Source: UNCTAD - Latest available data.

Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.

Country Comparison For the Protection of Investors Ivory Coast Sub-Saharan Africa United States Germany
Index of Transaction Transparency* 7.0 5.5 7.0 5.0
Index of Manager’s Responsibility** 1.0 3.5 9.0 5.0
Index of Shareholders’ Power*** 5.0 5.5 9.0 5.0

Source: Doing Business - Latest available data.

Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.

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What to consider if you invest in the Ivory Coast

Strong Points

The main assets of the country are:

  • Strengthening of the country's political stability  with a notable increase in democratic institutions
  • Rich natural resources (hydrocarbons, ores) and very fertile agriculture (coffee, sugar and especially cocoa, of which the country is the largest producer in the world)
  • Monetary stability largely due to its membership in the West African Economic and Monetary Union and the CFA franc zone
  • Low-interest rates make access to capital easy
  • The willingness of the government to improve the business climate
  • The country has a rather advanced road infrastructure, a modern airport with a domestic airline that flies to all the major cities in the area, as well as the second-largest port in West Africa.
  • The greatest economy in Francophone West Africa.
Weak Points

The main weaknesses of the country include:

  • Persistent social and ethnic tensions
  • Uncertainties about the country's security with the emergence of border tensions with Mali, Liberia and the Sahel
  • A budget deficit slowing the implementation of necessary reforms and a generally weak tax structure
  • Weakly developed Infrastructure
  • High level of debt
  • Agriculture highly vulnerable to natural disasters (such as periods of severe drought) and dependent on food commodity prices
  • The wide disparity in wealth between Abidjan and the rest of the nation
  • Importance of the informal economy
Government Measures to Motivate or Restrict FDI
The Ivorian government has put in place a number of measures to promote foreign investment:

  • The introduction of a new Investment Code (in french)
  • The establishment of a one-stop-shop for business creation
  • The establishment of online complaints debit at the Commercial Court
  • A programme of major transport infrastructure projects, including the privatisation of the Abidjan-Ouagadougou railway line and the extension of the port of Abidjan

A national development plan has been developed for the period 2016-2020 which aims to make private investment a driver of the country's economic growth. In order to facilitate business, a program of dematerialisation of services and administrative acts has been put in place. Tax relief measures were also introduced.

In 2017, the country introduced major political reforms, such as the adoption of a new constitution and the creation of a Senate, which has significantly improved the business environment.

The National Development Plan (NDP 2021-2025) aims to make private investment an engine of economic growth in the country. In order to facilitate business, a program of dematerialization of services and administrative acts has been put in place. 

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Investment Opportunities

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