Cabo Verde

Cabo Verde is an archipelago of 10 islands situated 500 kilometres off the coast of West Africa and is a lower middle-income country with a GDP of 1.96 billion USD in 2018. The economy of Cabo Verde supports an agricultural sector that comprises 8.9% of GDP; the main agricultural and fisheries products are bananas, beans, coffee, and fish. The agricultural sector of Cabo Verde is heavily affected by water scarcity and prolonged droughts—predicted to worsen as the impacts of climate change become more severe—which has created a need to further develop the sector through the creation and implementation of sustainable development solutions. Cabo Verde also has an industrial sector that accounts for 17.5% of GDP. Activities in the industrial sector of Cabo Verde include salt mining and ship repair as well as a manufacturing industry that engages in fish processing and shoe and garment production.

The economy of Cabo Verde is dominated by the service sector, which accounts for 73.7% of GDP. Tourism is the leading industry in the service sector of Cabo Verde, and is a major driver of national growth, as it accounts for roughly 21% of GDP. One of the primary reasons for a strong tourism industry in Cabo Verde is the abundance of marine species in local waters, including one of the world’s top ten most biodiverse coral reefs as well as mating and calving grounds for humpback whales. Expanding the tourism industry in Cabo Verde through sustainable practices that ensures coastal and marine resources are not unduly harmed is a great challenge, which could be partially addressed through meaningful collaboration with local and international partners.

Cabo Verde has a growing startup community that is supported by accelerators, impact investment networks, and government programs. One area for potential collaboration with startups based in Cabo Verded is the blue economy, as there is a high potential for growth due to fish stocks and other marine resources currently being underexploited. Therefore, collaboration with local startups to grow the blue economy of Cabo Verde through smart and innovative solutions that safeguard marine resources is possible and will also help expand the local startup community.