• Cape Verde launched a technology park aimed at becoming a regional tech hub
• The park offers international-standard infrastructure and tax incentives
• It supports economic diversification and youth employment

Cape Verde officially inaugurated TechPark CV on Monday, a regional technology center designed to boost innovation and digital transformation both within the island nation and beyond its borders.

The project, backed by a 45.59 million euro ($51.7 million) investment from the African Development Bank (AfDB), is a key strategic move for Cape Verde as it aims to establish itself as a technology hub in West Africa.

"TechPark CV offers a welcoming space where innovators from diverse backgrounds and cultures can collaborate and flourish together," stated Carlos Monteiro, President of TechPark CV. "Through this initiative, we are not simply constructing a digital center; we are cultivating a community where technology fuels economic growth and sustainable development for Cape Verde and our international partners."

The technology park aligns with the nation's broader economic diversification strategy and is a component of Cape Verde’s 2030 digital economy development plan. The investment represents nearly 2% of the country’s gross domestic product, underscoring the significant emphasis placed on digital technology within its growth model.

International-Standard Infrastructure

The technology park features data centers, co-working spaces, a training facility, a business center, and a conference center, all interconnected by high-speed infrastructure. Its designation as a Special Economic Zone for Technologies (ZEET) provides appealing tax benefits, including VAT exemption, reduced import duties, and a lowered corporate tax rate of 2.5%.

Operating across two campuses located in Praia on Santiago Island and Mindelo on São Vicente Island, TechPark CV already houses 23 companies and has the capacity for up to 1,500 professionals. It aspires to become a focal point for innovation, training, and experimentation, while also attracting foreign investment.

Beyond attracting domestic and international businesses, TechPark CV aims to be a catalyst for the development of crucial technology sectors such as artificial intelligence, blockchain, fintech, big data, and the Internet of Things (IoT). Cape Verde also intends to strengthen its regional cooperation through a partnership with the Economic Community of West African States (ECOWAS) to contribute to the expansion of digital innovation in West Africa.

The project prioritizes the integration of local talent. It fosters partnerships with academic institutions and seeks to create job opportunities for Cape Verdean youth, thereby contributing to the development of human capital and the strengthening of the national economy.

Samira Njoya