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| Embassies Embassy of the Republic of Cape Verde Address: No. 6-2-121, Ta Yuan Diplomatic Compound Beijing Tel: (+86 10) 65327547 Fax: (+86 10) 65327546 Office hours: 9:00am-17:00pm Monday-Friday(closed on Capeverdean and Chinese holidays) Website: www.embcvchina.com Embassy of the People's Republic of China in the Republic of Cape Verde Ambassador: Mr. Wu Yuanshan Address: Achada Do Santo Antonio, Praia, Cape Verde (P. O. Box 8) Tel: +238-623027, 623028 Fax: +238-623047 Email: emchina@cvtelecom.cv Economic & Commercial Counselor's Office Tel: +238-623029 Fax: +238-623007 Website: http://cv.mofcom.gov.cn/ (Portuguese) |
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| Economy This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought. The economy is service-oriented, with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Although nearly 70% of the population lives in rural areas, the share of food production in GDP is low. About 82% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. Cape Verde annually runs a high trade deficit, financed by foreign aid and remittances from emigrants; remittances supplement GDP by more than 20%. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program. Cape Verde became a member of the WTO in July 2008. |
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