Porto, Portugal, Oct. 9, 2024 (Lusa) - The prime minister of São Tomé and Príncipe wants to turn the archipelago into an ‘integrated platform’ for financial, tourism and commercial services by 2035, emphasising that the country has ‘competitive advantages’, including location, compared to others in the region.
Speaking to Lusa on the sidelines of a forum dedicated to business opportunities between that Portuguese-speaking African country and Portugal, Patrice Trovoada said that "differentiated tourism" is a focus for the future of São Tomé and Príncipe and pointed to the possibility of creating "special economic zones" to attract international investment.
"We are on the way and we really want this platform to serve those who want to invest, trade with the Gulf of Guinea region and who see São Tomé as a safe, efficient harbour with clear laws and a stable political regime," said the head of government.
Patrice Trovoada said that the country has to ‘take advantage’ of its privileged geographical situation, as it is less than two hours away "from several African countries and a reality of almost 400 million people", and can therefore "act as a platform" to penetrate those countries.
"I can't change my geography. When I say we're a friendly country, it's because I'm really interested in being part of an area of friends, an area of peace, an area of clear, transparent relations, respectful of all the principles that govern and should govern good people," he pointed out.
He continued: "Our vision is based on the geographical location of the country, everything we are planning has to do with the fact that São Tomé and Príncipe is on the Gulf of Guinea, on the equator and less than two hours from many African countries that represent great economic potential and more," he said.
The head of government also pointed out that "the costs today of penetrating some markets are very high, not only in terms of financial capital, but also in terms of risks", arguing that investors can also take advantage of this platform in São Tomé and Príncipe "to deal with the surrounding countries".
Regarding the creation of special economic zones, a measure with which he intends to move forward, he referred to the cost of entering another African country, saying that "it's millions, plus the question of security, plus the stability of the tax regime".
"If we create a specific regime, the concessionaire will have all the freedom to propose innovations in fiscal and legal terms, because we're talking about extraterritoriality. And we're perfectly open to that and we're building these zones," he described, pointing out that he's not "inventing anything" and giving examples of other countries that have done so.
"Some Asian countries, for example, have done this for many years, they have had the flexibility to be able, both in terms of their business structure and their legal structure, to respond quickly to changes in the market," he emphasised.
Tourism plays another ‘fundamental role’ in Patrice Trovoada's vision for São Tomé and Príncipe, but ‘a specific kind of tourism’.
"We want tourism that doesn't harm nature, so [it will be] very difficult for us to move towards mass tourism. We want differentiated tourism," he said.
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