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Optimism for Cape Verde as trade and economy predictions look good

The islands could become a major hub for international trade and commerce, according to a leading diplomat.

Marianne Myles, the new US ambassador to the West African nation, said that the country is situated along an important global shipping route, has established a special relationship with the US and the European Union and has become a member of the World Trade Organisation. All this points to a major boom in economic terms.

'I believe the islands could become a transatlantic bridge for trade, investment and tourism. Cape Verde is a success story in Africa,' she said.

She also pointed out that major infrastructure developments are underway and it is of the oldest and strongest democracies in Africa.

Her optimism is borne out by official figures. According to the Organisation of Economic Co-operation, Cape Verde's economy grew by 6.6 per cent last year. And figures cited by MacauHub show that it is expecting this rate of growth to increase to 7.6 per cent in 2008.

Deborah Fox, director of Emerging Real Estate, a firm which specialises in such new markets, is also optimistic. 'There's no doubt that the credit crunch has had an impact in Cape Verde like so many other countries around the world. However, it is still an affordable destination with strong anticipated capital growth so investors can still see the potential and the lower prices in such an amazing location means they're not totally out priced by the market,' she said.

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