Côte d’Ivoire launches an innovation support program for companies with high growth potential

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(Agence Ecofin) – According to the Ivorian authorities, less than 10% of companies with an Ivorian majority are in the top 500 of the country. The country is therefore undertaking actions to promote local businesses for the effective implementation of its development strategy, Vision 2030.

Côte d’Ivoire recently launched PEPITE, an economic program to stimulate innovation and transform businesses. The program was launched on Wednesday, October 5, by Prime Minister Patrick Achi, during a ceremony attended by several government officials.

The program targets very small and medium-sized enterprises (TPE, PME) as well as mid-sized enterprises (ETI) with high growth potential. In total, 15 sectors divided into three sectoral poles (agricultural and agro-industrial poles, industry and services) will be targeted by the program. Targeted businesses will benefit from “streamlined public support to accelerate their growth” for “meet the needs of the domestic market, then conquer international markets and strengthen the competitive position of Côte d’Ivoire.”

One of the long-term objectives of this program is to attract investment and improve the position of local private companies in international value chains by helping them to progress.

The program is in line with the government‘s strategy to enhance private sector participation in national development. “This program is a confirmation […] of our desire to continue and extend a decade of extraordinary recovery [achieved] thanks to the leadership of the Head of State, the actions carried out by the public authorities and the hard work of Ivorians to successfully implement the 2030 objectives aimed at national prosperity and solidarity. It also marks the beginning of a transformation of mentalities which will make the private sector the future engine of powerful, sustainable and shared socio-economic development, under the impetus of a targeted and strategic partner – the State – which will help to innovate, evolve and perform bettersaid Prime Minister Achi.

A few months ago, the Ivorian authorities announced their intention to increase the average growth of the country to 7% per year by 2025. To this end, they intend to increase investments to 23.1% of GDP in 2021 to 27.1% in 2025, with investments expected to reach US$105. billion; 14% of this investment will be concentrated in the private sector.

The companies that will benefit from the PEPITE program will be selected after a pre-selection and a final selection entrusted to a jury of experts. Interested companies must register between October 5 and December 30, 2022.

Moutiou Adjibi Nourou

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