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Investing in Eastern DR Congo:
Perspectives and Opportunities
Laure Gnassou, Economic Affairs Officer
gnassou@un.org
MONUS...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
* Rating Agencies and the DR
Congo
Moody’s B3 Rating (6 September
2013)
Standard & Poor's B- (13 December
2013)
* Ease of ...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
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Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Oc...
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Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd O...
Investing in Eastern DR Congo: Perspectives and Opportunities, Laure
Gnassou, Economic Affairs Officer, MONUSCO, 23rd Octo...
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Investing in Eastern DR Congo: Perspectives and Opportunities,

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Lecture delivered by Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd october 2014, Kinshasa, the DR Congo

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Investing in Eastern DR Congo: Perspectives and Opportunities,

  1. 1. Investing in Eastern DR Congo: Perspectives and Opportunities Laure Gnassou, Economic Affairs Officer gnassou@un.org MONUSCO 23rd October 2014 Kinshasa, The DR Congo
  2. 2. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 OUTLINE INTRODUCTION: The DR Congo at Glance 1. Investing in the DR Congo: Reviewing the Country’s Attractiveness 2. Framework Conditions for Private Sector in the DR Congo 3. Eastern DR Congo: Land of Business Opportunities 4. Key Challenges: Securing Long Term Investments in Eastern DR Congo CONCLUSION
  3. 3. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 INTRODUCTION: The DR Congo at a Glance 1. Total Population (in 2013 (e)): 80.46 million 2. Key Macroeconomic Indicators * Real Gross Domestic Product (GDP) * Growth (in 2014): 8.7% * Annual Inflation Rate (12/10/2014): 1.28% * Exchange Rate (21/10/2014): USD 1= CDF 926.023 Graph 1. Geography of the DR Congo In 2014, DR Congo ranks 186 out of 187 countries in terms of Human Development Index (HDI)- UNDP Non Inclusive Economic Growth
  4. 4. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 (in 2012) USD 3,312,000,000 USD 50,041,000,000 or 6.61% of total FDI directed to Africa (in 2013) USD 2,098,000,000 1. Investing in the DR Congo: Reviewing the Country’s Attractiveness Foreign Direct Investment (FDI) Inflows to the DR Congo Inflows to Africa Inflows to the DR Congo USD 4,598,000,000 USD 1,687,000,000 (in 2011) Inflows to the DR Congo
  5. 5. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 -500 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 In USD Million FDI Inflows Economic Fact September 1990: Looting in main cities of Zaire Economic Fact January 1993: Looting in main cities of Zaire Political Fact *: Transitional Government: “ 1+4” Economic Fact September 1990: Looting in main cities of Zaïre Economic Fact January 1993: Looting in main cities of Zaïre Political Fact*: “Guerre de Liberation”by AFDL (1) Political Fact *: “Guerre d’agression” by RCD (2), RCD KML (3), MLC (4) Political Fact*: First Presidential election Economic Fact Impact of the International Financial Crisis Economic Fact Concerns expressed by investors about the second Presidential election Insecurity in Eastern DR CongoWar Source: Laure Gnassou, Economic Affairs Officer, MONUSCO, on basis of UNCTAD, The 2013 World Investment Report, June 2013. (1): AFDL: “Alliance des Forces Démocratiques pour la Libération du Congo” led by Laurent-Désiré Kabila, former Head of State (May 1997- January 2001). (2): RCD: “Rassemblement Congolais pour la Démocratie” led by Azarias Ruberwa, former Vice-President during the Transition (2003-2006) (3): RCD KLM: “Rassemblement Congolais pour la Démocratie/ Kisangani Mouvement de Libération” led by Antipas Mbusa Nyamwisi, former Foreign Affairs Minister during the Transition. (4): MLC: “Mouvement de Libération du Congo” led by Jean-Pierre Bemba, former Vice-President during the Transition (2003-2006). Graph 2. Foreign Direct Investment (FDI) Inflows to the DR Congo from 1990 to 2012
  6. 6. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 Source: Professor Bua Bua, Director of the ANAPI, “De la promotion des investissements et de la relance des investissements nationaux en RDC”, 2013. Nationality/ Investors 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total South African 7 7 9 4 9 4 8 2 5 6 61 South Korean 1 0 3 5 2 4 11 4 6 5 41 French 3 3 6 2 4 4 6 4 0 4 36 Chinese 1 0 1 2 6 3 5 5 5 6 34 Indian 3 3 4 5 2 5 2 2 1 1 28 American 3 2 4 2 5 2 0 3 3 3 27 Italian 3 4 3 1 5 1 2 2 0 1 22 Canadian 1 1 1 4 2 5 1 1 1 2 19 Japanese 1 3 2 2 1 1 1 1 0 3 15 German 1 2 0 3 2 0 0 0 0 1 9 24 25 33 30 38 29 36 24 21 32 292 Table 1. Top 10 of Investors Delegations Visiting the DR Congo from 2003 to 2012
  7. 7. * Rating Agencies and the DR Congo Moody’s B3 Rating (6 September 2013) Standard & Poor's B- (13 December 2013) * Ease of Doing Business: the World Bank The DR Congo ranking (in 2013): 183 out 189 countries Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 Rating Agencies versus the World Bank 6
  8. 8. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 * Organization for the Harmonization of Business Law in Africa (OHADA). Since 12 September 2012, the DR Congo’s accession to OHADA, which provides a harmonized legal framework for doing business in 17 African Member States in views of ensuring greater protection for investors * Multilateral Investment Guarantee Agency (MIGA) to mitigate the political, security and economic risks: In 2014, MIGA coverage estimated at USD 124.6 million for 3 projects * On 26 June 2013, the DR Congo: 150th State of the New York Convention (Enforcement of foreign arbitral awards, a positive signal for securing FDI in the DRC) Legal Risk and Mitigation of Investments Risks 2. Framework Conditions for Private Sector in the DR Congo
  9. 9. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 * Conflict between Environment and the development of Extractive Industries: Virunga National Park (North Kivu) 3. Eastern DR Congo: Land of Business Opportunities Graph 2. Geography of Eastern DR Congo 128 investments projects agreement from 2008 to 7 May 2014 potentially USD 2,152,622,288 with 7,318 in term of job creation
  10. 10. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 Province Number of Investments Projects Cost in USD Job Creation South Kivu (SK) 44 1,188,208,111 2,015 North Kivu (NK) 48 487,341,783 3,693 Maniema (M) 20 241,673,118 280 Province Orientale (PO) 16 235,399,276 1,330 Total ((SK)+(NK)+ (M)+(PO)) 128 2,152,622,288 7,318 Katanga 127 3,325,554,364 18,288 Total Eastern DR Congo 255 5,478,176,652 25,606 Total DR Congo 80717,454,637,820 101,450 Table 2. Local and Foreign Investment Projects with the National Agency for Investment Promotion (ANAPI) Agreement from 2008 to 7 May 2014 in Eastern DR Congo Source: Statistics obtained following a meeting with Professor Bua Bua, Director of the ANAPI and his team, 8 May 2014. Note: (1): The investment projects receiving the ANAPI agreement will obtain custom and fiscal benefits according to the 2002 investment code.
  11. 11. 9 Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 Second Sector Extractive Industries Mining Oil Methane GasFirst Sector Agriculture Tertiary Sector including Banking Telecom Tourism * Mining Code of 2002 under review * Hydrocarbon code under construction (Article 87 of Law- Ordinance n° 81/013 of 2 April 1981) *Agriculture Code (Law n° 11/022 of 24 December 2011) *Telecommunication (Law n° 013/2002 of 16 October 2002) Investment Code (Law n°004/2002 of 21 February 2002) Key elements of the legal framework Economic Growth generated by Eastern DR Congo: Overview of Economic Activities
  12. 12. 10 Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 Security Ongoing FARDC operations + UN Support for peace and security in Eastern DR Congo Development of Infrastructure Industrialization Electricity - Plant Roads Economic and Financial Issues Improvement of the business climate Private Sector Social Issues Corporate Social Responsibility –Enterprises Developing a minimum welfare State – National and provincial levels 4. Key Challenges: Securing Long Term Investments in Eastern DR Congo
  13. 13. Investing in Eastern DR Congo: Perspectives and Opportunities, Laure Gnassou, Economic Affairs Officer, MONUSCO, 23rd October 2014 CONCLUSION Stakeholders Purposes Private Sector Development in Eastern DR Congo, including job creation A decentralization of ANAPI activities in Eastern DR Congo Security & Judicial Authorities Economic Operators Political Authorities Security Sector Reform (SSR) Negotiation and Diplomacy Ongoing Economic Reconstruction in Eastern DR Congo Restoration of State Authority Thank you

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