REPUBLIC OF CONGO
- September 7, 2016
The Republic of Congo also referred to as Congo-Brazzaville, is a nation situated in Central Africa. It is bordered by Gabon, Cameroon, Central African Republic, the Democratic Republic of Congo and the Angolan exclave of Cabinda. Congo as a whole is sparsely populated, with more than half of its population living in the cities. The most populous city is the capital, Brazzaville, which is positioned in the southeastern corner of the country and is a major inland port on the Congo River.
THE THRIVING ECONOMY
The economy of the Republic of Congo is a blend of subsistence agriculture, an industrial sector based chiefly on petroleum extraction and support services. Oil is the stronghold of the economy as the Congolese Government banks heavily on the oil industry, which yields roughly 80 percent of its fiscal revenue, and represents approximately 70 percent of the Congo’s Gross Domestic Product (GDP). Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF. The Government has a chance to take benefit of its strong economic position by investing in sectors that will strengthen the country’s investment climate, such as: education, health, electricity, roads, railroads, and telecommunications. Here in attendance are the strong sectors for investment.
Agriculture, Fishing and Forestry
For the most part, agriculture, which occupies more than one-third of the workforce, is subsistence in nature. Sugarcane and tobacco are major cash crops. Palm kernels, cacao, and coffee are grown in more modest amounts. The agriculture and fishing sectors account for about five percent of the Country’s GDP. The Government has put greater emphasis on these sectors in 2011, having toned up regulations and earmarked a greater proportion of the budget for agriculture programs. The country’s abundant rain forests are the source of timber. Forestry which led Congolese exports before the discovery of oil continues to generate 10% of export earnings.
Resources and Power
Large reserves of potash (potassium chloride) are found at Tchitondi (Holle), 30 miles (48 km) northeast of Pointe- Noire. Iron ore is found in the south and in the western Sangha basin. Minor deposits of gold and diamonds are located in the Kouilou valley, and there are copper and lead deposits west of Brazzaville.
There are also deposits of zinc, tin, uranium, bauxite, and titanium. Forests of softwoods and hardwoods cover much of the country.
The rivers and lakes are home to substantial fish resources. There are two main dams: Moukoulou, in the South west part of the country and Iamboulou, 150 miles north from Brazzaville.
There are a number of companies occupied in manufacturing import substitution products such as footwear, soft drinks, chemicals, cement, and metal-working products.
The less significant sectors of the manufacturing industry produce textiles, footwear, cement, and soap.
The Republic of Congo’s mining industry is developing swiftly. The Government has been functioning to broaden the horizons of its economy away from oil dependency by developing the mining industry. With the publication of the 2005 Mining Code, Republic of Congo offered international investors and mining companies a flexible and attractive piece of legislation to encourage the development of mining projects.
Transportations and Telecommunications
A road network that will join Congo’s major cities is in progress and may be completed in 2015. Modern, high quality airports are under construction or completed in most major cities. Two new cement factories, a gas – electric plant, and three hydroelectric projects are currently under construction. And the deep-water port in the economic capital of Pointe Noire received International Ship and Port Facility Security certification in 2011, and thus is eligible to receive and send shipments directly with the United States.
To prop up foreign investment in 2005, the Republic of Congo commenced development projects to modernize and refurbish its three international airports in Brazzaville, Ollombo, and Pointe- Noire.
The Maya Maya International Airport has the capacity to receive more than 10 million passengers a year and has been outfitted with security screeners, a second runway, and a modern terminal.
Stability of Legal Framework
Openness to Foreign Investment and Incentives Offered
Conversion and Transfer Policies
Right to Private Ownership and Establishment
Foreign Trade Zones/Free Trade Zones
Corporate Social Responsibility
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