MASTER in MICROFINANCE

Size: px
Start display at page:

Download "MASTER in MICROFINANCE"

Transcription

1 MASTER in MICROFINANCE November October 2010 BERGAMO STATE UNIVERSITY Final Thesis Title: INTEGRATING THE VALUE CHAIN APPROACH TO SME FINANCING : a case study of SMEs in the tourism sector of Fogo, Cape Verde Student: Dilnessaw Amdework Berhanu Supervisor: Yaron Jacob Date : October 28,

2 Declaration I Amdework Berhanu Dilnessaw hereby declare that all the information in this research is my original work and has never been published by any organization or institution other than the State University of Bergamo, Italy for academic credit. 2

3 ACKNOWLEDGMENT I would like to thank Mrs. Magali Paulos, director of ADA Microfinance for providing me with an internship opportunity, and facilitating the desk research in Luxembourg and the field work in Cape Verde. Similarly, my gratitude goes to Mr. Bernardino Fernandes Goncalves, director of FAM-F (Association for Microfinance institutions in Cape Verde) for his valuable guidance and support through out the research work in Cape Verde. Many thanks to the staff of NGOs, Ministry of Tourism, ADEI, Banks, MFIs, BDS providers and several other institutions in Cape Verde for providing me with valuable information on the tourism sector and financial sector of Cape Verde. I would like to thank the stakeholders in the tourism sector of Fogo and the people in general for their valuable time and collaboration during the several FGD and interview sessions. Last but not least, I would like to thank my supervisor Professor Yaron Jacob for his diligent supervision and guidance of the research work. 3

4 ABSTRACT The research paper applied the value chain analysis method on the tourism sub-sector of Fogo, Cape Verde to understand the key processes and agents working within and outside the chain and where the benefits of the chain flow. The result of the VCA exercise showed segments of the tourism value chain in Fogo that have the potential for improving income of the poor and the constraints and opportunities facing actors in each of the segments. Based on the upgrading opportunities identified and the financing needs of actors in the tourism cluster of Fogo, financing options and institutional arrangements are suggested. 4

5 Contents Chapter one: Themes and Methods Introduction Objectives of the research and relevance of the study Conceptual Framework Limitations of the study Expected output...11 Chapter two: Literature Review Economic Growth and Poverty Reduction What is a Value Chain Value Chain and Cluster Approach Value Chain Analysis Value Chain Selection Criteria Mapping the Market Value Chain Finance The application of value chain analysis to tourism...19 Chapter Three : Methodology Introduction Methods of data collection...21 Chapter Four : Overview of the tourism sector in Cape Verde Introduction Supply and Demand Tourism and poverty...25 Chapter Five: Analysis of the tourism value chain in Fogo Island Back Ground Map of the tourism value chain in Fogo Value Chain Analysis Benefit Flows in the tourism value chain of Fogo Accommodation Food and Beverage Tour guides Transportation services Handicraft Tour operators The wine cooperatives in Cha Chaldeiras...36 Chapter Six : Constraints and Opportunities Constraints Opportunities...40 Chapter Seven : Financial Intervention Intervention areas Financing Needs Accommodation Facilities Cooperatives and small holder farmers Tour guides Review of Existing Financial Institutions and Financial Products Suggested Financial Products...52 Chapter Eight : Conclusions and recommendations Conclusions Recommendations...56 References

6 BIBLOGRAPHY ANNEXES ANNEX 1 : LIST OF PERSONS CONTACTED ANNEX 2 : DATA ON THE NUMBER OF TOURIST ARRIVALS, BED STOCK, AND BED NIGHTS IN CAPE VERDE IN 2008, BY ISLAND ANNEX 3 : DATA ON NUMBER OF HOTEL ESTABLISHMENT IN CAPE VERDE, FIGURES FIGURE 1 : MAP OF CAPE VERDE FIGURE 2 : GROWTH IN NUMBER OF TOURIST ARRIVALS, 2000 TO 2008 (IN MILL.) FIGURE 3 : BED NIGHT SPENT IN 2008, BY ISLAND FIGURE 4 : MAP OF THE ISLAND OF FOGO FIGURE 5 : MAP OF THE TOURISM VALUE CHAIN IN FOGO FIGURE 6 : ESTIMATED PERCENTAGE SHARE OF THE TOTAL TOURIST EXPENDITURE IN FOGO FIGURE 7 : ANALYSIS OF SEASONALITY OF INCOME, EXPENDITURE, SAVING AND CREDIT OF SMALL HOLDER FARMERS IN CHA CHALDEIRAS (SCALE OF 1-5) FIGURE 8 : SEASONALITY ANALYSIS OF INCOME, EXPENDITURE, SAVING, AND CREDIT FOR TOUR GUIDES IN CHA CHALDEIRAS (SCALE OF 1-5) TABLES TABLE 1 : SOCIO DEMOGRAPHIC STATISTICS TABLE 2 : NUMBER AND TYPE OF ACCOMMODATION ESTABLISHMENTS IN FOGO, IN TABLE 3 : PERSONS WITH A SAVING, % TABLE 4 : OTHER FORMS OF SAVING, % TABLE 5 : TOTAL ESTIMATED COST OF PRODUCTION FOR THE WINE FARMERS IN CHA CHALDEIRAS TABLE 6 : FINANCIAL INSTITUTIONS AND LEVEL OF INTERVENTION TABLE 7 : DISTRIBUTION OF COMMERCIAL BANKS IN CAPE VERDE TABLE 8 : PROFILE AND ORIENTATION OF MFIS IN FOGO TABLE 9 : LOAN PERFORMANCE OF MFIS IN FOGO

7 ACRONYMS ADEI ADF BCA BCN BI BAI BCV CE COSPE FAM-F GTZ INE Lux. Devlopment MFI OMCV Sol Di FOGo Association for Enterprise Development African Development Foundation Banco Commercial Di Atalntico Banco Caboverdeano Negocios Banoc Interatlantico Banco Africano de Investimentos Banco de Cabo Verde Caixa Economica de Cabo Verde Italian Cooperation Federacio das Associacoes que Operam nas Microfinancas German Technical Assistance Inistituto National de Estatisticas Luxoumberg Development Assistance Microfinance Inistitutions Organizacao das Mulhers de Cabo Verde Organizasao das associacoes de solidaiedade social para Desenvolvimento da ilha do Fogo 7

8 Chapter one: Themes and Methods 1.1 Introduction Cape Verde has experienced robust economic growth since 2000, with real GDP averaging 6.6 percent during and peaking at 10.8 percent in The strong economic performance in recent years also reflects a major economic transformation in the economy towards a service-based economy led by the tourism sector. Tourism has been particularly important in light of Cape Verde s beaches and proximity to the key European market, and has accounted for around 20 percent of GDP. The government is attempting to extend the benefits of this tourism from the islands of Sal and Boa Vista, where it has been concentrated thus far, to other islands, by strengthening the value chain and diversifying the tourism product. (The World Bank, 2010) 1 Growth and Poverty Reduction and Strategy Paper (GPRSP II) submitted to the IMF by the government of Cape Verde in May 2008, stresses on the need to improve competitiveness of the tourism sector to fully unleash the potential for income generating employment opportunities. One of the strategies designed to this end, is to enhance domestic private investment in the sector. Moreover, the government plans to develop a set of policies integrating the gender approach, with the aim of encouraging the development of viable small and micro enterprises in various downstream and upstream segments of this sector, such as catering, transportation to hotels, car rental, local crafts, agricultural production, maintenance services and mechanical and electrical services, among others. (2008, IMF Country Report No. 08/242) 2 To insure the creation and flow of start-up and working capital for enterprise development, the strategy paper further elaborates on the need to transform the financial sector with the objective of enhancing competitiveness and deepening its outreach. This would require the establishment of effective institutional arrangements, entry of new financial institutions, and designing of specialized financial products that cater for the need of small and medium businesses at all levels and for all actors in the value chain. 1 The World Bank (2010), Country profile of Cape Verde. 2 International Monetary Fund (2008), Cape Verde: Poverty Reduction and Growth Strategy Paper II. IMF Country Report No. 08/242 8

9 One of the major tourism product diversification strategies adopted by the government of Cape Verde is to promote rural, cultural and eco tourism for equitable pro-poor tourism development 3. One of the islands selected for pro poor tourism development, is the island of Fogo. It is the island with the second highest level of poverty incidence in Cape Verde. The government of Cape Verde has restricted all inclusive tourism (mass tourism 4 ) to this island and a couple of other islands. This is meant to open up opportunities for the locals to participate in the tourism value chain of the islands through small and micro enterprises. 1.2 Objectives of the research and relevance of the study In light of the above mentioned strategic goals of poverty reduction and growth through the development of value chains in the Tourism sector of Fogo, the research tries to answer the following questions (1) which segments of the tourism value chain in Fogo offer greater potential for competitiveness and profitability? (2) do large number of small producers actively participate in these segments? (3) What is the level of participation of women in these segments? (4) What are the constraints and financing gaps that hinder their overall growth and (5) which institutional arrangements and financing options are needed to feel these gaps? The aim of the paper is to 1) Identify small and micro enterprises (SMEs) that have the potential for competitiveness and profitability in the Tourism sector in Fogo, Cape Verde. 2) Explore opportunities to improve income of actors at all levels in the selected value chains 3) Assess existing financing gaps that have constrained investment in these enterprises and have hindered their overall growth 4) Propose viable options and institutional arrangements to finance the selected value chains 3 Strategic Plan for the development of the tourism sector of Cape Verde 2010/ All inclusive tourism is where the international tour operators, airline, hotels supply a complete package of services to the tourist 9

10 Despite the focus on small and micro enterprises and pro poor tourism development adapted as a guiding principle by the government of Cape Verde and the presumed need for it, to the author s knowledge, there is very little evidence of value chain financing being exercised by banks and MFIs in the archipelago. It is hoped that the results of this study will help illuminate the opportunities that exist in this regard, and provide practical and feasible options of financing micro and small enterprises in the tourism value chain of Fogo. 1.3 Conceptual Framework Raphael Kaplinsky and Mike Morris (2000) 5, define the value chain as the full range of activities which are required to bring a product or service from conception, through the different phases of production (involving a combination of physical transformation and the input of various producer services), delivery to final consumers, and final disposal after use. The authors further elaborate the importance of value chains in the rapidly globalizing world, and the opportunities and the challenges it presents to industries in the developing world. In the context of a tourism value chain, value chain analysis (VCA) is used as tool that enables the identification of stakeholders along a chain of transactions, from conception through production to consumption and after-use. The analysis helps structure ideas around what are the key processes and agents working within and outside the chain and where the benefits of the chain flow. For all practical purposes the emphasis of the study will be on improving access to financial services for micro and small enterprises in the tourism sector of Fogo; however, this is only one piece of the puzzle. Olaf Kula and Elisabeth Farmer (2004) 6, argue that financial services are but one component of a larger bundle of services required by firms in value chains, industries, and clusters with high growth potential. This underscores the importance of focusing on a unit of analysis wider than the financial sector namely, the value chain 5 Raphael Kaplinsky and Mike Morris (2000). A Handbook for Value Chain Research. Prepared for IDRC 6 Olaf Kula, Jeanne Downing and Michael Field (2006), Globalization and the Small Firm: An Industry Approach Value Chain Approach to Economic Growth and Poverty Reduction. microreport#42 Prepared under AMAP/Financial Services, Knowledge Generation Task Order. 10

11 1.4 Limitations of the study Due to the shortage of data on costs of value chain actors, the benefit flows in the tourism value chain in Fogo are analyzed solely based on the gross benefit that accrues to each of the actors. However, attempts have been made to explain the nature of the costs and their likely portion of the overall revenue that accrues to the actors in the value chains. The definition of the poor made in the paper, is based on the poverty context in Cape Verde and the local perceptions of poverty. A direct comparison of results from other studies in other poverty contexts is not considered appropriate. 1.5 Expected output Expected outputs of the research are: 1. Comprehensive value chain analysis of the tourism value chain in Fogo, Cape Verde 2. Analysis of opportunities and constraints in the tourism value chain of Fogo 3. Analysis of existing financing gaps 4. Analysis of key intervention areas to improve the competitiveness of the tourism value chain in Fogo and the Tourism sector of Cape Verde in general 11

12 Chapter two: Literature Review 2.1 Economic Growth and Poverty Reduction There are two divergent views as to whether economic growth is enough to reduce poverty. On one hand, the protagonists of economic growth insist that growth in itself would eventually lead to rising incomes, including among the poor. The other side emphasized on the pattern of growth instead, the concern was not so much on the extent of the economic growth as it was on the breadth of the growth. Dollar and Karay (2002) 7, in their policy research paper for the World Bank, argue that the poor and rich benefit alike from growth. Branko Milanovic (2002) 8 found corroborating evidence that growth, in the aggregate, has a positive effect on poverty reduction. However, he also concluded that rapid economic growth reduces poverty in different contexts at different rates. Likewise, Ravaillon (2004), 9 found that in countries where there are large income gaps between the rich and the poor, the rich benefit from economic growth far earlier and for longer than the poor. Peter Timmer (1997), 10 posits that where the disparities between the rich and the poor are less severe, economic growth is more sustainable than in countries with highly skewed income distributions. C. K. Prahalad and S. L. Hart (1999) 11 argue that broad distribution of wealth creation is itself a growth multiplier. Broad-based growth reduces poverty, diminishing the burden on public 7 David Dollar and (2002), Growth is Good for the Poor, Development Research Group, World Bank, Washington, DC. 8 Milanovic, Branko (2002), Can We Discern the Effect of Globalization on Income Distribution?: Evidence from Household Budget Surveys. World Bank Policy Research Working Paper Ravaillon, Martin (2004). Competing Concepts of Inequality in the Globalization Debate. World Bank Policy Research Working Paper Timmer, C.P. (1997) How Well Do the Poor Connect to the Growth Process? CAER Discussion Paper No. 178, Harvard Institute for International Development, Cambridge. 11 Prahalad, C. K., and S. L. Hart (1999), Strategies for the Bottom of the Pyramid: Creating Sustainable Development. 12

13 resources to mitigate poverty s adverse effects. More importantly, broad-based growth increases the purchasing power of poor consumers who will increase their consumption of goods and services that are more often locally produced than those of wealthy consumers. This demand for goods and services, in turn, creates demand for a larger workforce that is capable of producing those goods and services, which in turn increases employment, wages, and consumption. The evidence presented in the litreature reviewed thus far tends to suggest that a broad based growth is better. Downing, Field and Kaula (2008) 12, argue that the best way to achieve a broad based economic growth is through some combination of investing in enterprises with the capacity to provide jobs for large numbers of the poor and in industries where the poor participate through large numbers of micro- and small enterprises. 2.2 What is a Value Chain The value chain, also known as value chain analysis, is a concept from business management that was first described and popularized by Michael Porter in his 1985 book, Competitive Advantage: Creating and Sustaining Superior Performance. 13 The definitions provided by various authors vary according to their area of focus and the industry they are trying to analyse. What can be seen from the bulk of the literature on value chains in the area of rural finance is a thematic emphasis on commodity value chains, particularly agricultural products. For instance, Bob Fries and Babu Akin (2004) 14, define value chains as a sequence of activities that a product passes through, with value added in each stage from design, to the transforming of inputs, to the final market. The focus here was on agricultural value chains and their roles in addressing the rural finance challenge. 12 Olaf Kula, Jeanne Downing and Michael Field (2006), Globalization and the Small Firm: An Industry Approach Value Chain Approach to Economic Growth and Poverty Reduction. microreport#42 Prepared under AMAP/Financial Services, Knowledge Generation Task Order. 13 Porter, M. E. (1996). What is strategy? Harvard Business Review, November-December, The value chain 14 Fries R. and Babu Akin (2004). value chains and their significance for addressing the rural finance challenge. Accelerated Micro enterprise Advancement Project. AMAP. MicroREPORT No

14 A more broader definition is given by Raphael Kaplinsky and Mike Morris (2000) 15, which defines the value chain as the full range of activities which are required to bring a product or service from conception, through the different phases of production (involving a combination of physical transformation and the input of various producer services), delivery to final consumers, and final disposal after use. The definition recognises the flow of services as well as products in value chains. This definition is taken as a guiding framework for the tourism value chain analysis in this research paper. 2.3 Value Chain and Cluster Approach According to a USAID brief (2008) 16 The premise underlying both value chain and cluster approaches is that individual firms often face sector-level constraints that they cannot address alone. Therefore, any effort to increase competitiveness must do more than support individual firms, since inter-firm cooperation is important to achieving this goal. These two approaches have common intellectual roots in Harvard s Michael Porter, who played a key role in developing both theories. The differences between the approaches may be subtle. The value chain approach considers a broad market system and the development of products/services from input suppliers to endmarket buyers. Essentially, the value chain focuses on the flow of a developmental process. It differs from a supply chain in its emphasis on creating value in each segment of the chain. 17 The cluster approach also considers an industry value chain, but it focuses on geographic concentrations of interconnected companies and their interactions. In particular, it concentrates on the synergies between these enterprises, including those between firms in different segments of the value chain. As a result of this geographic focus, the cluster approach does not always focus on the entire value chain but on core and supporting 15 Raphael Kaplinsky and Mike Morris (2000). A Handbook for Value Chain Research. Prepared for IDRC 16 (2008), Value Chains and the cluster approach: best practices in transforming relationships to increase competitiveness and micro REPORT # 148, prepared by Chenomics International under contract to AMAP P.1 17 (2008), Value Chains and the cluster approach: best practices in transforming relationships to increase competitiveness and micro REPORT # 148, prepared by Chenomics International under contract to AMAP P.4 14

15 companies in specific locations. It sees collaboration between cluster members as the source of resolutions of common problems 18 (e.g. tourism related companies in a specific area). A cluster approach may be most effective in strengthening a value chain when: (1) the value chain is very unstructured throughout its segments, thus requiring intervention by numerous stakeholders who could not resolve any single issue alone; (2) trust among stakeholders is weak and hence a special effort to create trust or social capital is necessary; or (3) obstacles to objectives need to be addressed by multiple stakeholders and value chain segments. 19 According to Reidel, Bekelman and Canavari (2009) 20, both approaches have short comings: 1. Cluster analysis doesn t theorize the links of regional cooperation system to the external world. This is a great handicap because decisions made in the cluster-external surrounding have a clear impact on how coordination is carried out locally. 2. Value chain theory instead tends to overlook that not only decision made in the chain are responsible for coordination structure. In this sense also the local level counts, because an important part of the chain is integrated in a locally bound network and is influenced in its decisions by the integration in exchange relationships in the local network. This issue is particularly relevant for farmers. The authors further recommended that, advancements can be made through a combination of both approaches. 18 p.5 19 p Bettina Riedel1, Wolfgang Bokelmann1, and Maurizio Canavari (2009), Prepared for presentation at the 113 th EAAE Seminar A reilient food industry and food chain in challenging world, September 3-6,2009,chania, Greece, p

16 2.4 Value Chain Analysis Value Chain Selection Criteria A briefing paper prepared by USAID (2008) 21 encourages the use of four criteria to help guide the selection process: competitiveness, impact, cross-cutting issues and industry leadership. Competitiveness: is defined as an industry s ability to achieve and maintain an edge over market rivals through an optimal combination of efficiency, product differentiation and access to new or niche markets. Significant, sustainable increases in income and employment are dependent on industry growth and competitiveness. When measuring competitiveness, it is important to remember that value chains and their end markets are dynamic, and that some possible chains may not exist or may be only nascent at the time of the analysis. Impact can be measured by an industry s capacity to sustain income gains, employment and asset development. Growth in industries with high rates of employment or micro- and small enterprise (MSE) participation will impact (i.e., reduce) poverty more than growth in industries with low employment and minimal MSE participation. Assessing the potential breadth and depth of benefits resulting from the development of various industries is an essential aspect of value chain selection. Cross-cutting Issues: Governments and donors often have a complex set of objectives to consider in determining how and where to allocate resources. For some donors, economic growth is the goal; for others it is a means to another end, such as improved health, gender equity, poverty reduction, conflict mitigation or sustainably managed environmental resources. Leadership: The concept of industry leadership refers to the willingness of one or more lead firms to invest time and resources (including non-economic resources such as political and social influence, intellectual contributions, etc.) in industry growth, employment and overall value chain competitiveness in a way that benefits MSEs and the poor. 21 A briefing paper prepared for the USAID (2008), p

17 2.4.2 Mapping the Market According to Jon Hellin and Madelon Meijer (2006) 22, the most important step in doing a value chain analysis is mapping the market, If we want to understand more about the rationale behind farmers decisions vis-à-vis the types of seeds that farmers purchase etc. then we also need to know about the extraneous factors that influence the way that the value chain works. This is where the market map comes in useful. The market map is a conceptual and practical tool that helps us identify policy issues that may be hindering or enhancing the functioning of the chain and also the institutions and organizations providing the services (e.g. market information, quality standards) that the different chain actors need in order to make better informed decisions. The Market Map is made up of three inter-linked components: Value chain actors, enabling environment (infrastructure and policies, institutions and processes that shape the market environment). Service providers (the business or extension services that support the value chains operations) 2.5 Value Chain Finance According to Jean Downings and others (2008), 23 Finance in value chain analysis is defined as going beyond conventional finance analysis in two ways. First, it includes finance that is based on the relationship between two or more actors in the value chain, either directly (one actor provides credit to another) or indirectly (one actor obtains credit from a financial institution based on a sales relationship with another actor). Second, it includes a broader, systemic multi-level perspective on finance. This suggests approaching finance not from the perspective of a specific target group (e.g., rural finance) or type of finance (e.g., microfinance). Rather it includes all actors in the value chain and all types of financing. 22 Jon hellin and Madelon (2006), Guidelines for Value Chain Analysis. p.4 23 Jean Downing, Don Snodgrass, Zan Northtrip and Gary Woller (2006), The New Generation of Private Sector Development Programming: The emerging path to economic growth with poverty reduction. microreport # 44, prepared for review by the United States Agency for international Development by Development Alternative, Inc. 17

18 According to Annica Jansen (2007) 24, Value chain finance is defined as that finance which enables one or more types of upgrading to occur, whether that finance is provided: (1) through and among the value chain actors; (2) from financial institutions to value chain actors; or (3) some combination. The term upgrading refers to improvements in one or more of four different areas, as defined by Kaplinsky and Morris (2000) 25 : Process Upgrading: Increasing the efficiency of internal processes such that these are significantly better than their rivals, both within individual links in the chain and between links. Product Upgrading: Introducing new products or improving old products faster than rivals Functional Upgrading: Increasing value added by changing the mix of activities conducted within the firm Chain (or Channel) Upgrading: Moving to a new value chain, e.g., switching from the production of transistor radios to calculators, or moving to a new market channel. An example of process upgrading might be an increase in productivity due to mechanization, such as increased agricultural output from irrigation. A well known example of product upgrading, also from agriculture, is an improvement of the product so that it complies with food safety standards. Functional upgrading occurs when a firm takes on new functions, such as when an in-country intermediary decides to become an exporter or when an MSE producer buys a truck and begins brokering on behalf of other producers in a distant wholesale market. Channel upgrading occurs when firms begin to sell in new end markets, while inter-sectoral (inter-chain) upgrading occurs when firms move to a completely different sub sector 26. The type of upgrading needed will determine what, if any, financing is appropriate. However, one shortcoming of looking at financing in terms of upgrading is that the resulting financial product may not adequately take into account the financial flows (in and out) of the household, for instance when cash is needed to pay land use or school fees. Also, many poor 24 Annica Jenson (2004), Mali value chain finance study. micro REPORT notes issue No.2, USAID 25 Raphael Kaplinsky and Mike Morris (2000). A Handbook for Value Chain Research. Prepared for IDRC. 26 Rural and Agricultural Finance Initiative (2005) Value Chain Finance. RAFI notes issue No.20, USAID 18

19 households are engaged in more than one value chain, either simultaneously or sequentially. This must be taken into consideration when designing financial products. Finally, finance will not necessarily be the binding constraint for any of the upgrading steps needed, and it will most likely not be the only constraint The application of value chain analysis to tourism The application of value chain analysis to the tourism sector is fairly new. The practice started around the turn of the millennium. Organizations such as the World Bank and ODI have conducted tourism value chain analysis in Ethiopia, Mozambique, Tanzania and Gambia. According to Jonathan Mitchell and Jojoh Faal (2008) 28, in the context of a tourism value chain, value chain analysis is used as tool that enables the identification of stakeholders along a chain of transactions, from conception through production to consumption and after-use. The analysis helps structure ideas around what are the key processes and agents working within and outside the chain and where the benefits of the chain flow. The over riding emphasis for most studies done on tourism value chain is to identify key interventions areas for pro poor tourism. The World Bank definition of pro poor tourism is: tourism is pro poor if it results in increased net benefits to the poor Annica Jensen (2004), Mali Value Chain Finance Study, micro REPORT # 81 Prepared under AMAP/Financial Services, Knoledge Generaration Task Order, USAID 28 Jonathan Mitchell and Joioh Faal (2008), The Gambian tourism value chain study 29 Ashley, Bennett and Roe (1999) 19

20 Chapter Three : Methodology 3.1 Introduction The conduct of the study was undertaken in three stages: The first stage, prior to the field work in Cape Verde, included an extensive literature review of the tourism industry in Cape Verde, value chain analysis and SME financing. These included the review of existing research work on the tourism value chain in regional and global markets and a review of the newly approved strategic plan for tourism of Cape Verde 2010/13. The second stage involved the selection of a sub-sector in the tourism industry of Cape Verde. This was done with the help of interviews with the stakeholders in the tourism industry, such as the tourism industry in Cape Verde. Ministry of Tourism, BDS providers such as the newly created training Centre for tourism and travel of Lux Development and government agencies for tourism and enterprise development such as ADEI. The selection criteria used for the subsector selection was: - The sub-sector s potential for profitability and competitiveness - The participation of the poor through large numbers of small and micro enterprises (SMEs) - The participation of women in the sub-sector The criteria were communicated to the stakeholders and their responses recorded. The final result indicated the island of Fogo and S. Antao as possible candidates; these were the islands in Cape Verde with high levels of poverty incidence. The researcher traveled to Fogo,for about a week for a rapid appraisal of the situation in Fogo and make a decision. Finally, the island of Fogo was selected for the value chain study. The third stage was undertaken on the field in Fogo. This was the stage for primary and secondary data collection on the tourism value chain in Fogo. 20

21 3.2 Methods of data collection The major data collection means for the value chain used were qualitative tools i.e. semistructured interviews and discussion with focus groups. These tools are preferred because of their better potential to represent the complex perceptions and realities of value chain actors. Quantitative means such as questionnaires, often fail to capture many of these realities and perceptions. However, the shortcoming of using qualitative tools is that a certain degree of accuracy and validity is sacrificed. To complement for this shortcoming, the researcher has made full use of survey results of recent research work done by ADA microfinance and Statistics from INE (the department for statistics of Cape Verde) as stated in the reports and strategic plan of the Ministry of Tourism. More than 30 structured interviews were held with hotel owners, tour operators, small and micro entrepreneurs, financial institutions, NGOs, government official (see list of contacted people). 12 FGD sessions (6-8 participants) were held with farmers, tour guides, artisans, taxi drivers and entertainment people in Fogo. Some of the FGDs involved the use of well known financial product development tools such as the seasonality analysis of income, expenditure, saving and credit and Ranking of risks and coping mechanisms. Finally, the results were used to do a detailed value chain analysis, SWOT analysis and financial gap analysis. 21

22 Chapter Four : Overview of the tourism sector in Cape Verde 4.1 Introduction Cape Verde is a small archipelago of ten islands (Santo Antao, Sao Vicente, San Luzia, Sao Nicolau, Sal, Boavista, Maio, Santiago, Fogo and Brava). It s located in the Atlantic Ocean 500 miles off the coast of West Africa just below the Euro zone (four hour flight from Portugal). Its islands of white and black sand beaches, the volcanic mountains and diverse flora and fauna found on the islands make it an attractive and exotic destination for tourists interested in surfing, trekking, canyoning, hiking and other sports. The unique complexion of Cape Verdeans and their diverse culture enriched by infusions from the near by continents of Europe, Americas and Africa makes it a fascinating destination for tourists interested in art, music and culture. Figure 1 : Map of Cape Verde 22

23 According to the Ministry of Tourism, the last decade has seen dramatic growth in tourism receipts. Tourism receipts constitute about one-fifth of the economy and a high proportion of total exports. The number of tourists arriving in Cape Verde increased at the rate of 4.1% per year from about 682 thousand tourists in the year 2000, reaching a total of 924 thousand tourists in the year The revenue generated by the industry in this year amounted to about 642 million Euros. This is economically significant for a country of about 500 thousand people with a GDP of about 1 billion Euros. According to a report by the Ministry of Tourism (using INE data, 2008). Europe remains to be the principal source of tourists coming to Cape Verde. The report indicates that, of the 924,000 tourists that arrived in Cape Verde in 2008, are from Europe, 184 thousand from the Asia pacific region, 147 thousand from the Americas, 55.6 thousand from Mid East and 47 thousand are from Africa (most of them emigrant workers). Figure 2 : Growth in number of tourist arrivals, 2000 to 2008 (in mill.) Source : INE data and the ministry of tourism 23

24 4.2 Supply and Demand Tourist destinations in Cape Verde are very limited. The majority of tourist activity is highly concentrated in four islands (Sal, Boavista, Sao Vicente and Santiago). Over 70 % of all tourist bed-nights in Cape Verde (1.3m nights out of a national total of 1.8m in 2008) 30 were spent on the island of Sal. The figure below illustrates the degree of concentration of Cape Verde s tourism industry. Figure 3 : Bed night spent in 2008, by island 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Santo Antao Sao Vicente Sao Nicolau Sal Boa vista Maio Santiago Fogo Brava S1 Source: INE, 2008 According to the report, foreign tourists spent an estimated USD 944 million (or 642 million Euros) on goods and services in Cape Verde in This equates to a gross spend per tourists of about 700 Euros. However, it should be noted that the net yield will certainly be lower, when the value of imports generated by the tourism demand is taken into account and deducted from the gross expenditure of tourists. For instance, according to Satellite Tourism Estimate (STA) of Cape Verde in 2007, travel and tourism imports (goods imported by direct and indirect travel and tourism industry) amounted to ECV 10.7 billion (97 million Euros) See annex 2 31 Jonathan Mitchell (2008) 24

25 4.3 Tourism and poverty There are two opposing views on the effects of tourism in Cape Verde. The first is that as long as the rapidly developing tourism remains to be one of the major drivers of economic growth of the country then there is a need to build more of the same quickly. The other widely held view is that the industry is dominated by large tour operators and big international hotels and the benefits are not trickling down to the poor. It is highly problematic to try and present empirical evidence to support either of the above opinions. However, there are a number of reasons to expect tourism in Cape Verde to have a weak link to people from poor backgrounds. The bulk of the tourism in Cape Verde does not take place where poor people live. The centers of tourism activity are located on Sal, Santiago, Boa Vista and Sao Vicente which are the four richest islands on the Archipelago. Not only are Sal and Boa Vista comparatively affluent they also have a very small population to interact with the tourist sector. According to the discussion with the Ministry of Tourism, this has initiated a major strategic shift towards promoting the development of rural eco-tourism in islands such as Fogo and S. Antao. These are the islands with a high level of poverty incidence in Cape Verde. In theory, one of the principles of ecotourism is bringing benefits to the local communities at the destination site. Benefiting the local communities, in turn, offers an opportunity for community development of the local populations 32. This is one of the main themes in the newly approved strategic paper for tourism in Cape Verde ( ). Major strategic steps have already been taken by the government, such as limiting all inclusive mass-tourism to few islands only. Table 1 : Socio Demographic Statistics S. Antao S. Vincent Sal Santiago Fogo Population in ,932 82,463 20, ,920 38,379 Population in 2009 % Urban Population 2009 % Incidence of poverty % Monica M. Andrade Salazar (2008), Eco tourism : A tool for community development, 25

26 Illiteracy rate % Unemployment rate % People /Household Source: INE, QUIBB 2007, Population projection 26

27 Chapter Five: Analysis of the tourism value chain in Fogo Island 5.1 Back Ground The island of Fogo is known as the island of volcano, because it holds the only active volcano in Cape Verde (the last eruption was in 1995). The island has a conical shape which culminates at 2,829 meters above sea level, the highest point of the whole archipelago. Cha das Chaldeiras, the tip of the mountain holds an active crater of 8 kms in diameter. Here and there are fields of lava traces from previous eruptions. The volcano is a major attraction of tourism to Fogo. 33 Fogo has an area of 476 km². The population of the island is approximately 38,000.The slopes on the North-Eastern part are green and grassy all year round. The rest of the mountain is dry and barren. The economy of the island is based on agriculture and fishing. INE statistics in 2007 indicated that Fogo has the second highest incidence of poverty in Cape Verde (39 %). However, Fogo has very fertile land on the South-Western slopes and receives a lot of precipitation due to its height above sea level. Coffee and wine are among the main products 34. The traditional wine Manecon is famous in Cape Verde; it is used as a brand name that attracts domestic and international tourists to Cha and Sodade. Monte Velha, the forest perimeter that surrounds the mountain of Bordeira is rich in bio-diversity and represents a huge potential for development of eco tourism. 33 Strategic plan of tourism for Cape Verde (2010/2013) 34 27

28 Figure 4 : Map of the island of Fogo Moreover, the island has unique socio-demographic, cultural and architectural heritage reflecting its historical evolution from the colonial era. The major city, St. Filipe, is full of colonial type buildings and debris. The water front has black sand beaches (such as the beach in Bila low) and deep waters that are rich in bio-diversity, that offer good opportunities for tourism activities such as diving and deep sea fishing. St. Filipe and the small village of Cha das Chaldeiras at the base of the volcano receive the bulk of the tourism in Fogo. 5.2 Map of the tourism value chain in Fogo What makes a tourism value chain different from the usual product value chain is that the consumer (the tourist) goes to the products and services instead of the product coming thorough the value chain to the final consumer. For instance, a tourist in Germany sees a booklet from an international tour operator and books a visit to Cape Verde, on his trek to the destination, he will use services of the airline companies, take a taxi, bus or a boat as required to rich the visit site. Then he will use the accommodation services of hotels and restaurants during his stay at the site and so on and so on, creating the value chain. 28

29 Each node in the value chain represents services and products offered to the tourist for which he is willing to pay. A number of suppliers are involved in the value chain offering their products and services, adding value to the tourists experience and getting money in return. Directly linked to the tourism value chain are the enterprises that offer tour and travel services, airlines, hotels and restaurants. On the other hand, there are enterprises that supply products and services to these enterprises, therefore, indirectly linked to the tourism chain. Among these are construction companies and agricultural suppliers. Indirect linkage, however, does not necessarily mean weak linkage. (Figure 5, illustrates such a value chain) Figure 5 : Map of the tourism value chain in Fogo Construction Agricultural supplies Handi craft Promotion and contract Transportation Accommodation Excursion & Visit Transportation Tour operators Airlines Hotels Restaura nts Parco di Fogo Airlines Tour guide Cha tour Bus/yus Taxi Boat Guest houses Pensions Residenc ias Bars Wine farmers Guides Bus/ Yus Taxi Boat Chain Supporters Ministry of Tourism Ministry of construction Ministry of agriculture Lux Development Italian cooperation (COSPE) Parco di Fogo GTZ / Kfw European Union ADEI PRNF 29

30 5.3 Value Chain Analysis According to the discussions with the tour operators and hotels, an average tourist that comes to Fogo and spends 4 to 5 days (4.5 days is the national average) and stays at a decent hotel, uses one guide, sleeps in a single bed, goes to excursion and climbs the volcano will pay Euros, this does not include any prior expenses of traveling to the island. Let s say 7000 tourists arrived in Fogo in 2009, (this is a cautious estimate based on the INE statistics of 6900 for 2008). This will roughly suggest a total tourist expenditure of 1.2 million Euros on the island. The analysis above is over simplified; of course, the prices of the tour operators vary according to the needs and preferences of the tourist. Moreover, most tourists have out of pocket spending for buying artifacts, wine, beverages, cigarette, internet cafes, tips and other petty activities. Most tourists interviewed reported spending a maximum of Euros out of pocket during their stay. This will suggest an additional expenditure of roughly 385,000 Euros. This adds up to a rough estimate of total tourist expenditure of about 1.5 million in Fogo. Moreover, there is a chartered plane that comes from Sal and Boa vista to Fogo 3-4 times a week carrying a maximum of 18 tourists that hop on a tour bus, just for a lunch at a hotel in Cha and an excursion visit to the wine cooperative, take pictures of the volcano and return to Sal or continue to other islands. These groups are island hoppers that are a part of the larger tourism value chain in Sal, and they are not included in our total tourist arrival and expenditure estimate of Fogo in the analysis above. The hotel charges 7 Euros for the lunch and the cooperative charges 10 Euros per person for an induction and wine tasting session. Assuming 4 trips/week of 18 tourists during the high season (3 months) and 3 trips/week of 18 during the low season, suggests a total of about 3500 island hoppers. This fetches a value of roughly 24,000 Euros for the hotel and Euros for the wine coop., adding up to a total of 59,000 Euros. According to the interview with the management of the cooperative, 10% of total production of wine is sold at the sales point in the coop. to tourists, and an estimated 40% of this is sold to this group. According to the study done in 2009, total production was 108,500 bottles of four varieties of wine. 30

31 6% 0% Accomodation Therefore, taking a weighted average price of 5 Euros this gives us sales of 21,700 Euros to the group of island hoppers. Figure 6 : Estimated percentage share of the total tourist expenditure in Fogo Estimated percentage share of total tourist expenditure in Fogo 5% 15% 33% Food and Beverage Tour Guides Transportation services (in land) International tour operators Local our operators The wine cooperative Others 7% 11% 23% In the final analysis, the total value of tourist expenditure in Fogo is roughly 1.6 million (1.5 million from expenditures of regular tourists and about 100,000 Euros from island hoppers). This is the total value of the pie chart depicted above. The airline services are not included in our value chain analysis for the purposes of this paper and the whole analysis is based on what the tourist spends once he lands in Fogo. 5.4 Benefit Flows in the tourism value chain of Fogo Accommodation In spite of the huge potential Fogo has for attracting tourists, there were only 10 registered establishments for accommodation in However, this number has increased (by 40%) to 14 in 2009 (see table below). The largest hotel in Fogo has 39 rooms, the rest of the establishments are small sized businesses with 6-10 rooms. The low availability of accommodation facilities has little to do with lack of demand as can be seen from the strong 31

32 negotiation power hotels have with tour operators, according to the author s survey,tour operators can only manage to get 10-15% discount on hotel prices. The statistics suggest that it has more to do with the government policy to restrict all inclusive tourism to few islands only, which limits foreign direct investment in other islands such as Fogo. Of the total number of establishments in Fogo, 12 (85%) of them are established by Cape Verdeans, except for 1 foreign and 1 foreign and local joint venture (INE data) 35. This highly contrasts with the situation in other islands, in Sal for example, 40 % of the establishment are fully foreign owned and 9 % are joint venture. Secondly, the fact that most of the owners interviewed during the hotel survey are Diaspora returning to their home land and investing seems to reinforce the idea that there is low level of local capital formation in Fogo. The policy rationale is clear, as all inclusive tourism is seen to highly favor international tour operators and big hotels and leave very little for the local small and micro enterprises (SMEs). However, the protectionist policy needs to be complemented by a build up of local capital to be effective. Table 2 : Number and type of accommodation establishments in Fogo, in 2009 Type of establishment No. in 2008 No. in 2009 Hotels 1 2 Pensions 7 7 Hostels 1 1 Tourist resorts 0 1 Hotel apartments 1 1 Residential 0 2 Total Source: INE, 2009 The accommodation facilities in Fogo have room rates that range between 800 to 2700 escudos (8-27 Euros) 36, there are about 14 registered hotel establishments in Fogo with 166 rooms. The big differences in room in prices are a reflection of the lack of standardization in 35 See annex 3 36 An approximate exchange rate of ECV 100 = 1 Euros 32

33 terms of quality of the rooms. In Fogo, there are 117 rooms with hot & cold shower, 29 rooms with cold shower, and 20 rooms without (INE data, 2009). As per the discussion with the tour operators, the rooms with a proper bathroom are booked full ahead of time during the high season. This suggests that there is plenty of room for value addition in this regard. This will not only make the tourist spend more but also stay longer. The weighted average room price is around 19 Euros, it is skewed to the upper limit because about 88 % of the rooms have hot and cold shower inside the room. Multiplying this figure by the estimated tourist bed nights (7000*4 nights), we get a value of roughly 532,000 Euros (33% of total estimated tourist expenditure). According to INE statistics, there are 79 people directly employed staff by the hotel establishments in Fogo 37. A large proportion (80%) of the staff are non managerial. According to the discussions with the hotel owners, most of the non managerial staff are from poor backgrounds. The monthly salary ranges between 150 to 300 Euros. Taking an average salary of 225, the estimated total flow of income to direct jobs is roughly 175,000. Therefore, the share of benefits to direct jobs from the total tourist expenditure is roughly 11% (175,000 divided by 1.6 m). This suggests a high level of pro-poor benefit flow through direct jobs in the accommodation sub-sector Food and Beverage The average tourist spends about 11 Euros per day on Food and Beverage in Cape Verde (ODI survey, 2008) 38. This was also confirmed by interviews with the tourists and hotels in Fogo. Therefore, this fetches a value of roughly 370,000 Euros (7000 tourists staying an average of 4.5 days plus Euros from island hoppers) in This equates to 23 % of total tourist expenditure in Fogo going to the accommodation sub-sector from food and beverage consumption. Almost all of the hotels interviewed buy imported food and beverage items from wholesalers in St. Filipe. Poor quality of local agricultural supplies and health safety reasons were 37 Extracted from a report by the Ministry of Tourism (2009) 38 Jonathan Mitchel (2008) 33

Strategies to develop effective linkages between tourism and other economic sectors

Strategies to develop effective linkages between tourism and other economic sectors Expert Meeting on TOURISM'S CONTRIBUTION TO SUSTAINABLE DEVELOPMENT 14-15 March 2013 Strategies to develop effective linkages between tourism and other economic sectors by Wesley Vanriel Senior Director,

More information

VALUE CHAIN DEVELOPMENT Training activities & Tools

VALUE CHAIN DEVELOPMENT Training activities & Tools VALUE CHAIN DEVELOPMENT Training activities & Tools VALUE CHAIN DEVELOPMENT Overview The question is thus not if, but how to integrate in value chains in a way that allows for incorporation of a growing

More information

CAPE VERDE PROGRAMME SUMMARY

CAPE VERDE PROGRAMME SUMMARY CAPE VERDE PROGRAMME SUMMARY To support Sal in becoming a leader in sustainable tourism, protecting the environment and benefitting local communities Introduction 1.0 Background... 1 2.0 Programme Objectives...

More information

Cape Verde Tali Asias

Cape Verde Tali Asias Cape Verde Tali Asias 1 Brief History: Cape Verde, an archipelago located off the west coast of Africa, is a stable multi party parliamentary democracy in which power has changed hands peacefully since

More information

Economic Impact Analysis. Tourism in Tasmania s West

Economic Impact Analysis. Tourism in Tasmania s West Economic Impact Analysis Tourism in Tasmania s West i Economic Impact Analysis Tourism in Tasmania s West This project has been conducted by REMPLAN Project Team Matthew Nichol Principal Economist Hui

More information

TOURISM CAN CONTRIBUTE EMPLOYMENT TO TRADITIONALLY DISADVANTAGED GROUPS

TOURISM CAN CONTRIBUTE EMPLOYMENT TO TRADITIONALLY DISADVANTAGED GROUPS TOURISM CAN CONTRIBUTE EMPLOYMENT TO TRADITIONALLY DISADVANTAGED GROUPS By Daniel Semberya The development of the full tourism value chain could have a significant positive impact on Tanzania s effort

More information

Value Chain Strategy Design: A Tool for Planning

Value Chain Strategy Design: A Tool for Planning Value Chain Strategy Design: A Tool for Planning MARCH 2012 This publication was prepared by ACDI/VOCA with funding from USAID under the Accelerated Microenterprise Advancement Project (AMAP) Knowledge

More information

REGIONAL MEETING ON PROMOTING SERVICES SECTOR DEVELOPMENT AND TRADE-LED GROWTH IN AFRICA

REGIONAL MEETING ON PROMOTING SERVICES SECTOR DEVELOPMENT AND TRADE-LED GROWTH IN AFRICA REGIONAL MEETING ON PROMOTING SERVICES SECTOR DEVELOPMENT AND TRADE-LED GROWTH IN AFRICA organized by UNCTAD in collaboration with the African Union Commission (AUC) and the UN Economic Commission for

More information

TOURISM SECTOR IN CAMBODIA

TOURISM SECTOR IN CAMBODIA TOURISM SECTOR IN CAMBODIA PHNOM PENH SECURITIES FIRM PLC. No. 32, Monivong Bld, Phnom Penh, Cambodia Tel: +855-23-426-999 Fax: +855-23-426-495 Website: http://www.pps.com.kh In this Paper: Executive Summary

More information

Rapid Market Study Analysis

Rapid Market Study Analysis Rapid Market Study Analysis Quality of Front-Line Workers in Tourism Elements going into TVET activity EXECUTIVE SUMMARY August 2015 This Publication has been funded by UK aid from the UK Government;

More information

Tourism Product Development and Marketing Strategies in the COMCEC Region

Tourism Product Development and Marketing Strategies in the COMCEC Region Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) Tourism Product Development and Marketing Strategies in the COMCEC Region COMCEC COORDINATION

More information

Existing Analytical Market Assessment Tools - Definitions

Existing Analytical Market Assessment Tools - Definitions Existing Analytical Market Assessment Tools - Definitions November, 2003 This list of market assessment tools was prepared by Development Alternatives Inc. (DAI) as an internal working document to support

More information

Ethiopia Promoting Inclusive Insurance

Ethiopia Promoting Inclusive Insurance Ethiopia Promoting Inclusive Insurance Survey Research -Terms of Reference Date: 15 June 2016 1 Project Background This Terms of Reference ( ToR ) is for work that forms part of a broader three year program,

More information

QUÉBEC DECLARATION ON ECOTOURISM

QUÉBEC DECLARATION ON ECOTOURISM QUÉBEC DECLARATION ON ECOTOURISM In the framework of the UN International Year of Ecotourism, 2002, under the aegis of the United Nations Environment Programme (UNEP) and the World Tourism Organization

More information

Ministry of Trade and Industry Republic of Trinidad and Tobago SMALL STATES IN TRANSITION FROM VULNERABILITY TO COMPETITIVENESS ST LUCIA

Ministry of Trade and Industry Republic of Trinidad and Tobago SMALL STATES IN TRANSITION FROM VULNERABILITY TO COMPETITIVENESS ST LUCIA Ministry of Trade and Industry Republic of Trinidad and Tobago Commonwealth Secretariat SMALL STATES IN TRANSITION FROM VULNERABILITY TO COMPETITIVENESS ST LUCIA STRATEGIC APPROACH TO TOURISM AS AN EXPORT

More information

CYPRUS AN INTERNATIONAL, FINANCIAL AND BUSINESS CENTRE

CYPRUS AN INTERNATIONAL, FINANCIAL AND BUSINESS CENTRE CYPRUS AN INTERNATIONAL, FINANCIAL AND BUSINESS CENTRE BUSINESS FORUM HAMBURG 22.03.2012 PRESENTATION BY GEORGE MICHAELIDES TOURISM CONSULTANT OPPORTUNITIES OFFERED FOR INVESTMENTS CYPRUS TOURISM SECTOR

More information

Croatian Tourism Development Strategy untill 2020

Croatian Tourism Development Strategy untill 2020 Croatian Tourism Development Strategy untill 2020 February 2013 Contents State of affairs Competitive status Market opportunities for Croatia 10 key directions for Croatian tourism development untill 2020

More information

Feasibility Assessment Tool Private Sector Engagement Toolkit:

Feasibility Assessment Tool Private Sector Engagement Toolkit: Assessment Tool Private Sector Engagement Toolkit: Purpose Evaluate a potential private sector partner for feasibility on the administrative, fiscal, technical, legal, political, and social/ethical levels.

More information

Value Chain Project Design Tool

Value Chain Project Design Tool Value Chain Project Design Tool Step 1 ANALYZE OPPORTUNITIES & CONSTRAINTS Step 2 DEVELOP A STRATEGY Step 3 PRIORITIZE ACTIVITIES Step 4 DESIGN PROJECT With material drawn from the Value Chain Strategy

More information

The Emerging ASEAN Economic Community (AEC 2015) in the Wider Regional and Global Economy A Macro View (Part 1) 1

The Emerging ASEAN Economic Community (AEC 2015) in the Wider Regional and Global Economy A Macro View (Part 1) 1 April 2012 The Emerging ASEAN Economic Community (AEC 2015) in the Wider Regional and Global Economy A Macro View (Part 1) 1 By George Abonyi Introduction George Abonyi is Visiting Professor in the Department

More information

Australia Awards Africa Fellowships - Agriculture

Australia Awards Africa Fellowships - Agriculture Australia Awards Africa Fellowships - Agriculture 2015-17 1. Increasing the development impact of agricultural research Context: Agricultural research for development is the largest pillar of Australian

More information

LDC Services: Geneva Practitioners Seminar Series: Making Sense of GATS and Applying Good Practices in Services Negotiations

LDC Services: Geneva Practitioners Seminar Series: Making Sense of GATS and Applying Good Practices in Services Negotiations LDC Services: Geneva Practitioners Seminar Series: Making Sense of GATS and Applying Good Practices in Services Negotiations Seminar 3: Key Sectoral Rules and Negotiating Issues Ms. Sandra Uwera, Coordinator-

More information

Key facts on tourism

Key facts on tourism Key facts on tourism 2008 edition Economic impact of tourism in France in 2007 Foreign trade Expenditure by foreign visitors in France: EUR 39.6 billion (+7.2%*) Expenditure by French residents abroad:

More information

Tourism in figures 2012

Tourism in figures 2012 Tourism in figures 2012 the Belgian market in Flanders July 2013 toerisme vlaanderen TABLE OF CONTENT A. THE BELGIAN MARKET IN FLANDERS 5 1. Key figures 5 2. Distribution within Flanders 5 3. Trends 8

More information

TOR - Consultancy Announcement Final Evaluation of the Cash assistance and recovery support project (CARSP)

TOR - Consultancy Announcement Final Evaluation of the Cash assistance and recovery support project (CARSP) TOR - Consultancy Announcement Final Evaluation of the Cash assistance and recovery support project (CARSP) Organization Project Position type Adeso African Development Solutions and ACTED - Agency for

More information

Tourism and the Galapagos economy 1 Bruce Epler a, Graham Watkins b & Susana Cárdenas b

Tourism and the Galapagos economy 1 Bruce Epler a, Graham Watkins b & Susana Cárdenas b Tourism and the Galapagos economy 1 Bruce Epler a, Graham Watkins b & Susana Cárdenas b a Consultant CDF, b Charles Darwin Foundation Tourism is the main economic activity in Galapagos and contributes

More information

The Economic Benefits of Aviation and Performance in the Travel & Tourism Competitiveness Index

The Economic Benefits of Aviation and Performance in the Travel & Tourism Competitiveness Index CHAPTER 1.4 The Economic Benefits of Aviation and Performance in the Travel & Tourism Competitiveness Index JULIE PEROVIC International Air Transport Association (IATA) The aviation industry supports tourism

More information

THE INTERNATIONAL COMPETITIVENESS OF ECONOMIES IN TRANSITION THE UNTAPPED POTENTIAL: A CHALLENGE FOR BUSINESS AND GOVERNMENT MONTENEGRO

THE INTERNATIONAL COMPETITIVENESS OF ECONOMIES IN TRANSITION THE UNTAPPED POTENTIAL: A CHALLENGE FOR BUSINESS AND GOVERNMENT MONTENEGRO THE INTERNATIONAL COMPETITIVENESS OF ECONOMIES IN TRANSITION THE UNTAPPED POTENTIAL: A CHALLENGE FOR BUSINESS AND GOVERNMENT MONTENEGRO A STRATEGIC RESPONSE TO SERVICES EXPORTING Sofía, Bulgaria November

More information

B312 Hospitality and Tourism Management. Module Synopsis

B312 Hospitality and Tourism Management. Module Synopsis B312 Hospitality and Tourism Management Module Synopsis According to United Nation World Tourism Organization (UNWTO) report, Tourism Highlights (2008), tourism has been experiencing positive growth over

More information

Ajith Nivard Cabraal: The role of productivity improvement in achieving economic prosperity

Ajith Nivard Cabraal: The role of productivity improvement in achieving economic prosperity Ajith Nivard Cabraal: The role of productivity improvement in achieving economic prosperity Keynote address by Mr Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, at the Annual General

More information

The Economic Impact of Tourism in New York. 2010 Calendar Year Catskills Focus

The Economic Impact of Tourism in New York. 2010 Calendar Year Catskills Focus The Economic Impact of Tourism in New York 2010 Calendar Year Catskills Focus Key themes in 2010 The New York State visitor economy rebounded in 2010, recovering 94% of the losses experienced during the

More information

Photograph by P. Casier, CGIAR. Africa s enormous potential for regional trade in staples is not being exploited

Photograph by P. Casier, CGIAR. Africa s enormous potential for regional trade in staples is not being exploited Photograph by P. Casier, CGIAR Africa s enormous potential for regional trade in staples is not being exploited 11 Africa Can Help Feed Africa Africa has considerable variation in its climatic conditions

More information

THE FINANCIAL FEASIBILITY OF YOUR TOURISM BUSINESS

THE FINANCIAL FEASIBILITY OF YOUR TOURISM BUSINESS THE FINANCIAL FEASIBILITY OF YOUR TOURISM BUSINESS CONTENTS The Financial Feasibility of your Tourism Business...2 Pre-Feasibility...2 Financial Analysis...3 Market Analysis...3 Technical Constraints...3

More information

ICC 105 19 Rev. 1. 16 October 2012 Original: English. International Coffee Council 109 th Session 24 28 September 2012 London, United Kingdom

ICC 105 19 Rev. 1. 16 October 2012 Original: English. International Coffee Council 109 th Session 24 28 September 2012 London, United Kingdom ICC 105 19 Rev. 1 16 October 2012 Original: English E International Coffee Council 109 th Session 24 28 September 2012 London, United Kingdom Strategic action plan for the International Coffee Organization

More information

Millennium Development Goals, Economic Development, Tourism Industry, & IESC

Millennium Development Goals, Economic Development, Tourism Industry, & IESC Third Global Summit on Peace through Tourism Millennium Development Goals, Economic Development, Tourism Industry, & IESC Spencer T. King President & CEO, IESC Pattaya, Thailand October 03, 2005 Millennium

More information

Tourism & Sustainable Development

Tourism & Sustainable Development Foundation for Excellence in Business Practice Conference. Geneva, April 2005 Tourism & Sustainable Development Sarah French Centre for International Development & Training, Wolverhampton University, UK

More information

An Archipelago which consists of 10 Islands each with their own distinct features and beauty. Discovered in 1640 by Diogo Gomes, a Portuguese

An Archipelago which consists of 10 Islands each with their own distinct features and beauty. Discovered in 1640 by Diogo Gomes, a Portuguese An Archipelago which consists of 10 Islands each with their own distinct features and beauty. Discovered in 1640 by Diogo Gomes, a Portuguese explorer - Cape Verde is situated on the Atlantic Ocean - just

More information

Iraq Country Profile Region: Middle East & North Africa Income Group: Lower middle income Population: 32,297,391 GNI per capita: US$2,320.

Iraq Country Profile Region: Middle East & North Africa Income Group: Lower middle income Population: 32,297,391 GNI per capita: US$2,320. Iraq Country Profile 2011 Region: Middle East & North Africa Income Group: Lower middle income Population: 32,297,391 GNI per capita: US$2,320.00 Introduction Business Environment Obstacles Average Firm

More information

key figures for tourism 2005 edition direction du Tourisme

key figures for tourism 2005 edition direction du Tourisme www.tourisme.gouv.fr key figures for tourism 2005 edition direction du Tourisme The economic weight of tourism in France in 2004 l external trade spending of foreign tourists and visitors in France Euro

More information

IFC and Agri-Finance. Creating Opportunity Where It s Needed Most

IFC and Agri-Finance. Creating Opportunity Where It s Needed Most IFC and Creating Opportunity Where It s Needed Most Agriculture remains an important activity in emerging markets IMPORTANCE OF AGRICULTURE as major source of livelihood 75% of poor people in developing

More information

6 th UNWTO Asia-Pacific Executive Training on Tourism Policy and Strategy Bhutan, 25-28 June 2012

6 th UNWTO Asia-Pacific Executive Training on Tourism Policy and Strategy Bhutan, 25-28 June 2012 6 th UNWTO Asia-Pacific Executive Training on Tourism Policy and Strategy Bhutan, 25-28 June 2012 Country Presentation: Vietnam Tourism Master Plan to 2020 Presented by: Dr. Ha Van Sieu Director, Institute

More information

The Economic Impact of Tourism in New York. 2010 Calendar Year Central New York Focus

The Economic Impact of Tourism in New York. 2010 Calendar Year Central New York Focus The Economic Impact of Tourism in New York 2010 Calendar Year Central New York Focus Key themes in 2010 The New York State visitor economy rebounded in 2010, recovering 94% of the losses experienced during

More information

Trinidad and Tobago. Table 1: GDP Value Added by Industry (Million Dollars, Constant Prices) & % Share in Total Value Added

Trinidad and Tobago. Table 1: GDP Value Added by Industry (Million Dollars, Constant Prices) & % Share in Total Value Added TRINIDAD AND TOBAGO 600 Fig. 1: Employment by Major Economic Activity ('000s), 2000-2008 Agriculture, Hunting, Forestry and Fishing Community, Social & Personal 500 400 300 200 100 100,000 90,000 80,000

More information

Central African Republic Country Profile 2011

Central African Republic Country Profile 2011 Central African Republic Country Profile 2011 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Region: Sub-Saharan Africa Income Group:

More information

WHAT ARE THE SUCCESS FACTORS OF ALPINE DESTINATIONS?

WHAT ARE THE SUCCESS FACTORS OF ALPINE DESTINATIONS? WHAT ARE THE SUCCESS FACTORS OF ALPINE DESTINATIONS? Trentino tourist performance. Strengths and weaknesses of Trentino as a tourist location www.bakbasel.com Gianfranco Betta Osservatorio provinciale

More information

Economic Impact of Trade & Consumer Shows

Economic Impact of Trade & Consumer Shows Economic Impact of Trade & Consumer Shows R ESEARCH C ONDUCTED BY M ARION J OPPE, P H.D. HS CHRIS C HOI, P H.D. D ONGKOO YUN, P H.D. ON BEHALF OF TOURISM TORONTO IN PARTNERSHIP WITH INTERNATIONAL CENTRE,

More information

DELELOPMENT OF STATISTICS ON TOURISM SUPPLY IN THE RUSSIAN FEDERATION

DELELOPMENT OF STATISTICS ON TOURISM SUPPLY IN THE RUSSIAN FEDERATION DELELOPMENT OF STATISTICS ON TOURISM SUPPLY IN THE RUSSIAN FEDERATION Part I Statistics of Tourism Supply in the Russian Federation Rosstat carries out the work on development of the Russian tourism statistics

More information

Trends in Agrifood Systems

Trends in Agrifood Systems 1 of 39 Trends in Agrifood Systems Drivers, Changes, Impacts and Overall Assessment About the FAO Policy Learning Programme This programme aims at equipping high level officials from developing countries

More information

NURSING HOMES CONTRIBUTION WISCONSIN S ECONOMY & EMPLOYMENT

NURSING HOMES CONTRIBUTION WISCONSIN S ECONOMY & EMPLOYMENT ECONOMIC ANALYSIS NURSING HOMES CONTRIBUTION TO WISCONSIN S ECONOMY & EMPLOYMENT Dennis K. Winters, Principal Investigator March 2011 NURSING HOMES CONTRIBUTION TO WISCONSIN S ECONOMY & EMPLOYMENT EXECUTIVE

More information

Measuring National Output and National Income

Measuring National Output and National Income Measuring National Output and National Income 6 C H A P T E R O U T L I N E Gross Domestic Product Final Goods and Services Exclusion of Used Goods and Paper Transactions Exclusion of Output Produced Abroad

More information

Afghanistan Country Profile 2014. Region: South Asia Income Group: Low income Population: 29,824,536 GNI per capita: US$622.00

Afghanistan Country Profile 2014. Region: South Asia Income Group: Low income Population: 29,824,536 GNI per capita: US$622.00 Afghanistan Country Profile 2014 Region: South Asia Income Group: Low income Population: 29,824,536 GNI per capita: US$622.00 Introduction Business Environment Obstacles Average Firm 3 4 5 Contents Infrastructure

More information

Applying the Value Chain Framework to the Health Sector. Concept Note

Applying the Value Chain Framework to the Health Sector. Concept Note Applying the Value Chain Framework to the Health Sector Concept Note I) Definition of value chain analysis Value chain analysis is an economic development strategy to reduce poverty by better integrating

More information

TAXATION AND AID FOR DOMESTIC RESOURCE MOBILIZATION (D.R.M.) AID: HELPING OR HARMING DOMESTIC RESOURCE MOBILIZATION IN AFRICA

TAXATION AND AID FOR DOMESTIC RESOURCE MOBILIZATION (D.R.M.) AID: HELPING OR HARMING DOMESTIC RESOURCE MOBILIZATION IN AFRICA TAXATION AND AID FOR DOMESTIC RESOURCE MOBILIZATION (D.R.M.) AID: HELPING OR HARMING DOMESTIC RESOURCE MOBILIZATION IN AFRICA My presentation deals with i. Definition and Importance of Domestic Resource

More information

ANALYSING MIDDLE INCOME GROUPS IN A MIDDLE INCOME COUNTRY: A CASE OF MONGOLIA TERMS OF REFERENCE FOR A POLICY STUDY

ANALYSING MIDDLE INCOME GROUPS IN A MIDDLE INCOME COUNTRY: A CASE OF MONGOLIA TERMS OF REFERENCE FOR A POLICY STUDY ANALYSING MIDDLE INCOME GROUPS IN A MIDDLE INCOME COUNTRY: A CASE OF MONGOLIA TERMS OF REFERENCE FOR A POLICY STUDY 1. INTRODUCTION Ministry of Economic Development (MED) and UNDP through the project Strengthening

More information

Buying Local. Contents. What is buying local?

Buying Local. Contents. What is buying local? Buying Local What is buying local? Buying local is the purchase of locally made products and services from your local area. It includes encouraging and offering opportunities for your guests to buy local

More information

Searching for returns: real estate investors take profits

Searching for returns: real estate investors take profits Hamburg, 14 September 2015 Investor survey: Searching for returns: real estate investors take profits - International pressure to invest opens up selling opportunities - Trend towards higher risk and cross-border

More information

Professor Hanan Kattara (PhD.) Faculty of Tourism & Hotels Alexandria University

Professor Hanan Kattara (PhD.) Faculty of Tourism & Hotels Alexandria University Professor Hanan Kattara (PhD.) Faculty of Tourism & Hotels Alexandria University According to Egypt Tourism Sector Analysis, tourism is the main source of foreign earning for Egypt, a leading Middle East

More information

WORKING DOCUMENT. Draft Proposals for Tourism Management at World Heritage sites Proposed by. The World Heritage Sustainable Tourism Initiative

WORKING DOCUMENT. Draft Proposals for Tourism Management at World Heritage sites Proposed by. The World Heritage Sustainable Tourism Initiative 1 WORKING DOCUMENT Draft Proposals for Tourism Management at World Heritage sites Proposed by The World Heritage Sustainable Tourism Initiative European Meeting for Improvement of Tourism and Visitor Management

More information

3. Market Analysis. 3. Market Analysis. Student edition

3. Market Analysis. 3. Market Analysis. Student edition 3. Market Analysis Student edition 1. Understanding Market Analysis 2. Market Segmentation 3. External Analysis 4. Internal Analysis 5. Position the Product Review Self-Assessment questions References

More information

ECONOMIC IMPACT AND TRAVEL PATTERNS OF ACCESSIBLE TOURISM IN EUROPE

ECONOMIC IMPACT AND TRAVEL PATTERNS OF ACCESSIBLE TOURISM IN EUROPE ECONOMIC IMPACT AND TRAVEL PATTERNS OF ACCESSIBLE TOURISM IN EUROPE Presentation of the key study findings Service Contract SI2.ACPROCE052481700 European Commission, DG Enterprise and Industry GfK Belgium

More information

Economic Indicators -- United Arab Emirates

Economic Indicators -- United Arab Emirates Economic Indicators -- United Arab Emirates United Arab Emirates Middle East & North Africa Gross Domestic Product, 2000 World GDP in million constant 1995 US dollars X 826,705 34,109,900 GDP PPP (million

More information

Poverty Reduction and Trade:

Poverty Reduction and Trade: Poverty Reduction and Trade: Fairtrade as a Vehicle to Combat Poverty 28 May 2011 Produced by: Carlos Canales Strategy and Policy Unit Fairtrade International c.canales@fairtrade.net www.fairtrade.net

More information

POLICY RECOMMENDATIONS ON SUSTAINABLE TOURISM DEVELOPMENT

POLICY RECOMMENDATIONS ON SUSTAINABLE TOURISM DEVELOPMENT POLICY RECOMMENDATIONS ON SUSTAINABLE TOURISM DEVELOPMENT Approved by ITF-STD - Marrakech, 21st April 2009 The International Task Force on Sustainable Tourism Development is a voluntary initiative led

More information

Tourism as a development strategy

Tourism as a development strategy Tourism as a development strategy Because tourism is a growth industry many countries since the promotion of tourism as a development strategy. The development of tourism not only creates growth in the

More information

GLOBAL PARTNERSHIP FOR FINANCIAL INCLUSION CHINA 2016 PRIORITIES PAPER

GLOBAL PARTNERSHIP FOR FINANCIAL INCLUSION CHINA 2016 PRIORITIES PAPER GLOBAL PARTNERSHIP FOR FINANCIAL INCLUSION CHINA 2016 PRIORITIES PAPER GLOBAL PARTNERSHIP FOR FINANCIAL INCLUSION China 2016 Priorities Paper This document outlines Global Partnership for Financial Inclusion

More information

Indicator. Measurement. What should the measurement tell us?

Indicator. Measurement. What should the measurement tell us? Indicator 14 Volume of tourism. 14.1 Overnight stays in tourist accommodation. Measurement What should the measurement tell us? At its most elemental, tourism is about numbers numbers of visitors, numbers

More information

Unemployment: Causes and its Economics Outcomes during Recent Years in Afghanistan

Unemployment: Causes and its Economics Outcomes during Recent Years in Afghanistan Unemployment: Causes and its Economics Outcomes during Recent Years in Afghanistan Summary, Conclusion and Recommendations The objective of the paper is to study the current situation of labor market in

More information

Residential Tourism along

Residential Tourism along Residential Tourism along Costa Rica s Pacific Coast Martha Honey, Ph.D. Director, Washington, DC Center for Responsible Travel (CREST) 3rd International Conference Responsible Tourism University of Belize

More information

EVOLUTION OF NATIONAL STATISTICAL SYSTEM OF CAMBODIA

EVOLUTION OF NATIONAL STATISTICAL SYSTEM OF CAMBODIA COUNTRY PAPER - CAMBODIA for the A Seminar commemorating the 60th Anniversary of the United Nations Statistical Commission United Nations, New York, 23 February 2007 EVOLUTION OF NATIONAL STATISTICAL SYSTEM

More information

Economic Benefits of the Financial Services Industry in the Cayman Islands

Economic Benefits of the Financial Services Industry in the Cayman Islands Economic Benefits of the Financial Services Industry in the Cayman Islands February 29 Commissioned by: Cayman Islands Bankers Association Cayman Islands Company Managers Association Cayman Islands Compliance

More information

Inter-Agency EGM on Employment and Decent Work for Poverty Eradication, in Support of the Second UN Decade for the Eradication of Poverty ( )

Inter-Agency EGM on Employment and Decent Work for Poverty Eradication, in Support of the Second UN Decade for the Eradication of Poverty ( ) Inter-Agency EGM on Employment and Decent Work for Poverty Eradication, in Support of the Second UN Decade for the Eradication of Poverty (2008-2017) 4-6 May 2016; Bangkok, Thailand Review of progress

More information

Loans Mentoring Support. The Essential Guide to STARTING A BUSINESS

Loans Mentoring Support. The Essential Guide to STARTING A BUSINESS Loans Mentoring Support The Essential Guide to STARTING A BUSINESS To help you get to the stage where you can turn that business idea into a reality, we ve created this short guide of important aspects

More information

Tourist Development in Cape Verde: The policy challenge of coping with success

Tourist Development in Cape Verde: The policy challenge of coping with success Tourist Development in Cape Verde: The policy challenge of coping with success Report on the tourism component of the Cape Verde Diagnostic Trade Integration Study of the Integrated Framework for traderelated

More information

Eurobodalla. Area Profile. Key Industry: Tourism & accommodation, Retail, Health & Community Services, Education

Eurobodalla. Area Profile. Key Industry: Tourism & accommodation, Retail, Health & Community Services, Education Eurobodalla Area Profile Population: 37,714 persons (2010 est. resident population) Growth Rate: 3.1% (2006-2010) 0.8% ave. annual growth Key Industry: Tourism & accommodation, Retail, Health & Community

More information

Economic and Fiscal Impact Analysis

Economic and Fiscal Impact Analysis Economic and Fiscal Impact Analysis Estimated Impact of 2013 Tourist Spending on Beaufort County, South Carolina Robert T. Carey Robert T. Carey, Ph.D. Principal PO Box 675 Pendleton, SC 29670 Phone: 864-502-8025

More information

Youth Employment in Sub-Saharan Africa

Youth Employment in Sub-Saharan Africa Youth Employment in Sub-Saharan Africa Deon Filmer The World Bank December 2013 Main Findings Unemployment (of urban educated graduates who want to work in the wage sector) is just the tip of the iceberg

More information

SMEs Development in the Devolved Governance System

SMEs Development in the Devolved Governance System Policy Brief SMEs Development in the Devolved Governance System Policy Options for Institutional and Regulatory Reforms in Kenya No. 1/2013 David Ong olo & Samson Odhiambo Small and Medium Enterprises

More information

Macroeconomics Instructor: Jen Dinsmore Hanson Homework Assignment Chapter 9. Multiple Choice Questions

Macroeconomics Instructor: Jen Dinsmore Hanson Homework Assignment Chapter 9. Multiple Choice Questions Macroeconomics Instructor: Jen Dinsmore Hanson Homework Assignment Chapter 9 Multiple Choice Questions 1. Net domestic product is usually preferred to GDP by economists because net national product A.

More information

ACCESS TO FINANCIAL SERVICES IN MALAWI: POLICIES AND CHALLENGES

ACCESS TO FINANCIAL SERVICES IN MALAWI: POLICIES AND CHALLENGES UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Expert Meeting on THE IMPACT OF ACCESS TO FINANCIAL SERVICES, INCLUDING BY HIGHLIGHTING THE IMPACT ON REMITTANCES ON DEVELOPMENT: ECONOMIC EMPOWERMENT

More information

The short and medium term impacts of rises in staple food prices

The short and medium term impacts of rises in staple food prices Policy Brief The short and medium term impacts of rises in staple food prices Recent years have seen increasing average food prices, severe food price shocks (in 7/8 and /), and increasing concerns about

More information

Understanding the impact of Fairtrade

Understanding the impact of Fairtrade Max Havelaar Netherlands: Fairtrade Impact Day, 18 April 2013 Understanding the impact of Fairtrade Presentation summary Sally Smith, Independent Research Consultant 1. Why is it important to measure impact?

More information

Chapter 12 Gross Domestic Product and Growth

Chapter 12 Gross Domestic Product and Growth Chapter 12 Gross Domestic Product and Growth 1. Gross Domestic Product 2. Business Cycles 3. Economic Growth How do we know if the economy is healthy... Economists measure Gross Domestic and Gross National

More information

For review, comment and to spark conversations.version as at 05 March 2014

For review, comment and to spark conversations.version as at 05 March 2014 2.6 Local economy 2.6.1 Markets and sectors This section looks at some of Newcastle s economic strengths together with some of the risks facing the local economy. Note: Gross Value Added (GVA) is the standard

More information

THE DCED STANDARD FOR MEASURING RESULTS IN PRIVATE SECTOR DEVELOPMENT CONTROL POINTS AND COMPLIANCE CRITERIA. Version VII, April 2015

THE DCED STANDARD FOR MEASURING RESULTS IN PRIVATE SECTOR DEVELOPMENT CONTROL POINTS AND COMPLIANCE CRITERIA. Version VII, April 2015 THE DCED STANDARD FOR MEASURING RESULTS IN PRIVATE SECTOR DEVELOPMENT CONTROL POINTS AND COMPLIANCE CRITERIA Version VII, April 2015 The DCED Standard for Measuring Results in Private Sector Development

More information

Impact of Tourism on Community Life in Dare County Executive Summary

Impact of Tourism on Community Life in Dare County Executive Summary Impact of Tourism on Community Life in Dare County Executive Summary Study Team Patrick Long, Director, Center for Sustainable Tourism Huili Hao, Director of Research, Center for Sustainable Tourism James

More information

Empowering women through Creative Industries and Tourism. Marie-Claude Frauenrath Senior Trade Promotion Officer International Trade Centre

Empowering women through Creative Industries and Tourism. Marie-Claude Frauenrath Senior Trade Promotion Officer International Trade Centre Empowering women through Creative Industries and Tourism Marie-Claude Frauenrath Senior Trade Promotion Officer International Trade Centre International Trade Centre (ITC) Established in 1964 as the joint

More information

Temporary Return of Qualified Nationals (TRQN III) - Cabo Verde 2014

Temporary Return of Qualified Nationals (TRQN III) - Cabo Verde 2014 Temporary Return of Qualified Nationals (TRQN III) - Cabo Verde 2014 Sector Designation Institution Assignment Duration Request Assignment Dates Request Location 1 Health NGO FICASE 2 ICT NGO FICASE Training

More information

CHAPTER 13 INTERNATIONAL EQUITY MARKETS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS

CHAPTER 13 INTERNATIONAL EQUITY MARKETS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS CHAPTER 13 INTERNATIONAL EQUITY MARKETS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS 1. Exhibit 13.11 presents a listing of major national stock market indexes as

More information

Economic Contributions of Pacific Gas and Electric Company

Economic Contributions of Pacific Gas and Electric Company Economic Contributions of Pacific Gas and Electric Company February 2014 Prepared for: Pacific Gas and Electric Company 77 Beale Street San Francisco, CA 94105 www.pge.com Prepared by: 400 Capitol Mall,

More information

ASSIGNMENT 1 ST SEMESTER : MACROECONOMICS (MAC) ECONOMICS 1 (ECO101) STUDY UNITS COVERED : STUDY UNITS 1 AND 2. DUE DATE : 3:00 p.m.

ASSIGNMENT 1 ST SEMESTER : MACROECONOMICS (MAC) ECONOMICS 1 (ECO101) STUDY UNITS COVERED : STUDY UNITS 1 AND 2. DUE DATE : 3:00 p.m. Page 1 of 13 ASSIGNMENT 1 ST SEMESTER : MACROECONOMICS (MAC) ECONOMICS 1 (ECO101) STUDY UNITS COVERED : STUDY UNITS 1 AND 2 DUE DATE : 3:00 p.m. 19 MARCH 2013 TOTAL MARKS : 100 INSTRUCTIONS TO CANDIDATES

More information

The Changing Role of Rice in Global Food Security: Implications for Latin America

The Changing Role of Rice in Global Food Security: Implications for Latin America The Changing Role of Rice in Global Food Security: Implications for Latin America C. Peter Timmer Cabot Professor of Development Studies, Emeritus Harvard University Presented at the Americas Rice Congress

More information

Growth promotion through industrial strategies in Zambia

Growth promotion through industrial strategies in Zambia Growth promotion through industrial strategies in Zambia 1. Introduction and summary This brief provides a summary of the findings of a study investigating the current and potential opportunities for growth

More information

Draft Tourism Development Framework 2013 to 2017

Draft Tourism Development Framework 2013 to 2017 Draft Tourism Development Framework 2013 to 2017 March 2013 0 1 Introduction The City of Cape Town (CoCT) is developing a Tourism Development Framework (TDF) of for Cape Town. In recognition of new global

More information

Foreword. Background THE ITALIAN ECOTOURISM MARKET

Foreword. Background THE ITALIAN ECOTOURISM MARKET Foreword Background In view of the sustained growth of tourism activity worldwide, it would be reasonable to assume that the ecotourism sector will develop along parallel lines. However, no extensive international

More information

The National Tourism Development Plan: Strengthening the Philippines Strategic Planning Process

The National Tourism Development Plan: Strengthening the Philippines Strategic Planning Process The National Development Plan: Strengthening the Philippines Strategic Planning Process 6 th UNWTO Executive Training Program,25-28 June 2011, Bhutan Presentation Outline Imperatives for Strategic Planning

More information

International Training of Trainers Forum

International Training of Trainers Forum International Training of Trainers Forum www.itcilo.org About the International Training of Trainers Forum The ITC-ILO has delivered Training of Trainers services since its creation in 1965. Since 2000

More information

Microfinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank

Microfinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank A CLKnet FORUM PRESENTATION BY ALTEMIUS MILLINGA Microfinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank 11 th April, 2012 1 Tanzania s Financial Sector Landscape

More information

Photo Credit: Arthur Getz Escudero. CITY REGION FOOD SYSTEMS Sustainable Food Systems and Urbanization AN OVERVIEW

Photo Credit: Arthur Getz Escudero. CITY REGION FOOD SYSTEMS Sustainable Food Systems and Urbanization AN OVERVIEW Photo Credit: Arthur Getz Escudero CITY REGION FOOD SYSTEMS Sustainable Food Systems and Urbanization AN OVERVIEW Draft September 2014 CITY REGION FOOD SYSTEMS Sustainable Food Systems and Urbanization

More information

May The economic impact of the UK Maritime Services Sector

May The economic impact of the UK Maritime Services Sector May 2015 The economic impact of the UK Maritime Services Sector Contents 1 Executive summary...2 2 Introduction...5 2.1 The channels of economic impact... 5 2.2 Report structure... 5 3 The Economic Impact

More information

Equitable tourism development in Sa Pa, Vietnam

Equitable tourism development in Sa Pa, Vietnam Sustainable Tourism Bringing balance to the tourism boom: Equitable tourism development in Sa Pa, Vietnam Vietnam Tourists connected with Homestays Vietnam s northern district of Sa Pa has been developing

More information