COTE D’IVOIRE LAW AND PRACTICE Contributed by: Abdourahim Bodeen Diallo, Albert Dione, Tokpanan Doré, Joane-Dominique Bah, Thierno Moustapha Diallo, Mamadou Billo Barry and Nasrine Akrah, Thiam & Associés
1.2 Regulatory Framework for FDI In accordance with Regulation No 09/2020/CM on external financial relations, all foreign direct invest - ments (FDIs) must be reported to the Banque Cen- trale des États de l’Afrique de l’Ouest (BCEAO – the Central Bank of West African States) and the Finance Department for statistical purposes and to monitor investment flows, even though prior authorisation is not required in most cases. This does not apply to any particular industry, as it is a rule that applies whenever a foreign investor acquires or holds more than 10% of the voting rights or capital of a local company. 2. Recent Developments and Market Trends 2.1 Current Economic, Political and Business Climate Preliminary Remarks The primary legal framework for foreign investment in Côte d’Ivoire is the Investment Code, established by Ordinance No 2018-646 of 1 August 2018 and subse - quently amended by Ordinance No 2019-1088 of 18 December 2019 and Ordinance No 2024-857 of 30 September 2024 (the “Investment Code”). Furthermore, the Investment Code is supplemented by other texts, such as the Labor Code and the Tax Code. In addition to national texts, it is important to note community/regional texts such as the OHADA Uniform Acts, in particular the Uniform Act on Com - pany Law, to name but one. Economic Growth Côte d’Ivoire has maintained strong economic per - formance over recent years. The economy is among the fastest growing in West Africa, with growth driven by agriculture, services, infrastructure, and increasing diversification. The GDP of Côte d’Ivoire was expected to reach USD83.85 billion by the end of 2025 (accord - ing to trading economics). Positive drivers • Solid economic growth and macroeconomic resil - ience. • A legal and regulatory framework that supports investor protection and guarantees.
• Liberal treatment of FDI with no wholesale screen - ing or foreign ownership restrictions (aside from sector-specific licensing). • Strategic regional integration through WAEMU and the African Continental Free Trade Area (AfCFTA). Considerations for investors • Compliance with necessary declarations under WAEMU external relations rules. • Awareness of sector-specific permit and licensing regimes where applicable (eg, banking, telecoms, and extractives). • Engagement with CEPICI and other authorities to secure investment incentives under the Code. Political environment Despite recent episodes of peaceful protest of the population linked to the last presidential election, Côte d’Ivoire enjoys relative stability. It is business as usual to date. Key guarantees/incentives under the Investment Code The Investment Code provides several important pro - tections and assurances for investors. • Freedom to invest in any sector not specifically excluded by the Investment Code. • Equal treatment of foreign and domestic investors, subject to applicable bilateral, regional and multi - lateral treaties. • Protection of property rights, including the guaran - tee against expropriation without fair compensa - tion. • Freedom of access to foreign exchange for invest - ment activities, with no arbitrary limits on repatria - tion of profits. • Local content incentives, including additional tax credits for subcontracting to nationals and open - ing share capital to Ivorian nationals under specific conditions. These provisions are intended to support a predict - able and secure legal environment for FDI. FDI declaration and approval regimes Under the Investment Code, two incentive regimes exist.
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