The island nation of Cape Verde has continued to make progress towards achieving inclusive growth despite effects of the economic crisis, according to a press release published in All Africa.
Peace and security, good governance, macroeconomic stability and sound institutions helped Cape Verde join the World Trade Organization in 2007 and graduate off the Least Developed Countries list in 2008, according to a United Nations round table.
The Republic of Cape Verde is an archipelago of 10 islands 350 miles off the coast of West Africa. The former Portuguese colony covers about 1,500 square miles and has an estimated population of 500,000.
Carlos Lopes, executive secretary of the U.N. Economic Commission for Africa, commended the country’s efforts to achieve a more inclusive pattern of growth and diversify its economy, which is largely dependent on the boom in tourism.
“Cape Verde pursues economic integration not as an end in itself, but as a deliberate strategy to harness its geographical advantage and to mitigate its economic vulnerability,” Lopes said.
Cape Verde’s agenda identifies several “clusters” including agro-industry, maritime economy, information technology, creative economy, financial services, air services and modernization of agriculture.