Cape Verde officially unveiled TechPark CV this week. With this project, the island nation aims to become a hub for digital services. The initiative is supported by a €45.59 million ($50 million) investment from the African Development Bank. The project aims to create up to 1,500 jobs.
Cape Verde is a country made up of 10 islands with a population of just over 500,000. While it may seem geographically disadvantaged in becoming a tech hub, it is actually in a highly strategic location. The country is just one hour by air from Senegal, three hours from Portugal, and three and a half hours from Brazil.
Executives from international tech giants such as Microsoft and Intel attended this week’s inauguration ceremony, signaling their belief in the country’s potential.
The government has declared the area a “Special Economic Zone for Technologies.” As a result, companies located within the park will benefit from various tax incentives, including a 2.5% reduction in corporate tax, as well as exemptions from VAT and import taxes.