BUSINESS OPPORTUNITIES IN COMOROS
Comoros which is officially known as the Union of Comoros is an island country located in the Indian Ocean off the coast of Africa. The maritime borders of Comoros are shared with Madagascar and Mayotte in the southeast, Mozambique in the west, Tanzania to the northwest & the Seychelles in the northeast. The largest city of the country which is also its capital is Moroni. By area, Comoros is the 4th smallest African nation is the population of the country is approximately 8.7 lakh as of 2020. The official state religion of Comoros is Islam and the official currency is Comorian franc. Comoros is one of the most profitable places for the investors in Africa for foreign investors. According to ECA International, Comoros is the world’s 4th least expensive country in the world and offers an extremely low cost of living. The tax rates in Comoros is amongst the lowest in Africa and the small and medium sized enterprises benefits a lot from it. Agriculture sector involves more than 80% of the population of Comoros and contributes heavily to the GDP of the nation. Other sectors for investment in Comoros are tourism, construction, services etc. The major cash crops of the island nation of Comoros are vanilla, cloves, perfume essences & copra. In fact, the island nation is the world’s leading producer of ylang-ylang which is essential for producing perfumes. Vanilla is also produced heavily in the country and the nation is the second largest producer of Vanilla globally after Madagascar.
The Comorians are highly welcoming people and they accept and make the foreigners comfortable by giving them an amazing hospitality. The nation is extremely famous for its beautiful destinations. There are a number of activities which can be taken place at the beautiful locations of Comoros either on the seaside or forest side. The famous Karthala volcano is also locate in the nation and is famous for its largest crater. As the island is famous for producing perfume essences it is also known as the perfume island. All these amazing factors combined with the perfect strategic location of Comoros island makes it one of the best places in the region for investment as the investors can easily approach several large consumer markets while operating from the country.
Types of Business which can be started in Comoros-
- Tourism– Comoros is highly regarded as one of the most beautiful tourist destination in the region because of its exotic beaches, beautiful locations & hospitality. The country is highly safe and secure which is an attractive feature for the tourists and there are a number of enjoyable activities which are undertaken on the island and an excellent number of natural attractions such as Karthala Volcano, salty lake of Grand Comore, historical heritage and archeological sites etc. The tourism sector opportunities in Comoros are immense because of this reason.
- Agriculture & Livestock– Agriculture & Livestock is the most common and highest GDP contributing sector of the economy in Comoros. It not only employs a large part of the country’s population but also helps in the biggest exports of the nation. Comoros is amongst the world’s largest producers of many agricultural produce such as ylang-ylang, vanilla, cloves etc. The country is still dependent upon several agricultural imports for completing its demand leaving a large scope and opportunity for the investors to invest in the country. The livestock sector of the country is also fairly small and the nation has to import meat for domestic consumption and there is an investment opportunity in this area as well.
- Infrastructure– The infrastructure of Comoros is growing however it still needs a lot of development such as better transport system, affordable housing, port developments etc. The government of Comoros has encouraged FDI in the sector to ensure that the rapid development of the country happens with the development of infrastructure in the country. This provides large investment opportunity for the investors as they can smoothly run their operations in Comoros without worrying about the external factors.
Advantages of starting a Business in Comoros–
- The cost of living in Comoros is considered amongst the lowest in Africa and that benefits the investors greatly as they can not only live here while investing but can also invite the work force from their country to live here and offering them free accommodation as part of the package.
- The country provides an excellent business environment and is at a crossroads between the gulf countries, Asia & Africa which makes it one of the best places to invest in the region.
- Comoros is a member of several international organizations and trade blocs such as COMESA, SADC, EAC etc. which broadens the market of the country and the investors can enjoy a large consumer base while operating from the country.
- The large natural wealth of Comoros is still unexploited and the country has a great potential in exploring this natural wealth and the large underwater wealth. The large natural wealth and resources can highly help a business in getting the availability of easy raw materials.
- Comoros has the availability of large number of skilled and trainable work force which are young and facilitates a business with the recruitment process of these individuals.
Business Opportunities for Indians in Comoros-
The manufacturing sector of Comoros is fairly small right now and contribute very little to its GDP and thus the country has to be dependent upon imports for majority of its needs. Even though the Comoros has been bettering their internal business environment, the FDI in the manufacturing sector is less. It is an excellent business and investment opportunity for the investors to invest in the manufacturing sector of Comoros and not only target the large domestic market of close to a million population but also target the large marker of EAC, ECOWAS and other African countries. The major advantage for the manufacturing investors are the lack of major competition right now in the country which gives them a competitive edge and a first mover advantage. The investment opportunity in the manufacturing sector are in areas such as processed food, meat processing, leather goods, footwear, textiles, cosmetics, consumer goods etc.
Imports & Exports-
Indian investors have huge opportunities in the imports & exports sectors of Comoros as the nation is largely dependent upon the sector for its economy. The major imports of Comoros are Rice, Poultry Meat, Cars, Refined Petroleum, Cement etc. The major exports of the nation are Cloves, Recreational Boats, Essential Oil, Vanilla, Scrap Vessels. India remains a major trading partner of Comoros, importing & exporting goods from the nation in large quantities.
GDP= $773.00 billion
GDP Growth= 1.9%
Ease of doing business rank= 160
GDP per Capita= $870
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