Djibouti acknowledges the crucial need for foreign investment to encourage economic development. The country’s assets include a strategic geographic location, tax incentives favorable to business, Free Zones, an open trade regime, and a stable currency. The government of Djibouti has recognized a number of priority sectors for investment; transport/shipping, services (logistics and port-related), energy, tourism, and fishing.
Djibouti may be one of the tiniest and the youngest states in Africa, but it might also be the most talented in business development and investments. While its larger, more influential neighbors are involved in a never-ending border quarrel, Djibouti stands out as a haven of solidity and neutrality. The country is strategically situated at the mouth of the Red Sea along the shipping route between the Mediterranean and the Indian Ocean.
Regardless of its minute occurrence on the global map, Djibouti has long established status as trading hub and gateway to trillion-dollar markets. Djibouti is preferably centred to simplify trade flows between Europe, Africa and the Middle East. Expectedly, the logistics industry plays a significant part in its economy, with free zones predominantly key.
According to the International Monetary Fund, Djibouti’s economy will grow by 6.5 percent in 2016, the same as in 2015 and up from 6 percent in 2014, compelled by increased investments particularly in infrastructure. Djibouti has made progresses in various areas measured in the World Bank’s, Doing Business reports, moving up 12 spots in 2014 and one spot in 2015. Notable improvements include making it easier to start a business, streamlining registration formalities, and removing the minimum capital requirement for limited liability companies. In addition, Djibouti adopted a new commercial code, which widens the range of movable assets that can be used as collateral to obtain credit.
Djibouti’s economic outlook is also favorable; most assessments expect growth to continue at unparalleled rates. The government has been trying in recent years to reduce the structural obstacles to adequate electricity and water supply that handicap growth of the private sector.
REGIONAL IMPORTANCE
This story is from the November 2016 edition of The Times Of Africa.
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This story is from the November 2016 edition of The Times Of Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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