14/09/2024 - 10:33:02

Guinea Bissau

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Basic Information	Guinea-Bissau is located on the west coast of Africa. With a land area of 36,000 square kilometres and a sea area of 8,120 square kilometers, it has 88 islands and a population of approximately 1,94 million in 2023 (FMI estimate). The capital, Bissau, is the largest city as well as an independent autonomous region. It is also the national political, economic, and cultural centre.
Investment Situation	The moderate natural resources of Guinea-Bissau allow the country to operate farming, animal husbandry and fisheries. Its market threshold is friendly to foreign investors. The country has ample labour force and apparent cost competitiveness; primary products in Guinea-Bissau are cheap and low-end industries are welcome. The Guinea-Bissau government’s policy agenda is dedicated to poverty reduction plans, power construction, port projects, telecommunication networks, fishery facilities, road construction, aviation facilities and tourism development, etc. Guinea-Bissau is an agricultural country. 80% of the country’s population make a living through agriculture. Fisheries and forestry are also important local resources, namely the country has an exclusive economic zone of about 70,000 square kilometers and a forest area of 2.34 million hectares. The service industry also accounts for a considerable portion of the local economy, mainly in trading and catering services. The industrial foundation is relatively weak, and mining resources have not been effectively developed. According to the “2023 World Investment Report” published by the United Nations Conference on Trade and Development (UNCTAD), by the end of 2022, Guinea Bissau has attracted US$320 million on stock of inward direct investment. According to the “2022 Statistical Bulletin of China’s Outward Foreign Direct Investment”, by the end of 2022, the stock of direct investment of China in Guinea Bissau was US$25.06 million. Apart from investment in the construction of warehouse for fishery equipment, there are mainly trading companies registered by private enterprises or individual stores.
Trade in Goods	In 2022, the main export destinations of Guinea-Bissau are India, China, Singapore and Cape Verde. The main export goods are cashew nuts, fish and shrimp. The main origins for imports include Portugal, Senegal and Pakistan. The main imported goods are mineral products, Steel and drinks. In 2023, China’s exports to Guinea-Bissau amounted to US$60 million, mainly include polished rice, communication portable station, footwear; imports from Guinea-Bissau amounted to US$1,500, main imports are machine parts.

Main Economic Indicators of recent three years

	2021	2022	2023
Population (million)	1.86	1.90	1.94
GDP (US$ billion)	1.73	1.72	1.97
Real GDP Growth Rate (%)	6.4	4.2	4.2
Total Export of Goods (US$ million)	300	245	233
Total Import of Goods (US$ million)	412	471	588
Total Export of Services (US$ million)	35*	33*	–
Total Import of Services (US$ million)	168*	157*	–
Inflation measured by the Consumer Price Index (Annual Inflation rate%)	3.3	7.9	7.2
Current Account Balance (US$ million)	-0.014	-0.164	-0.185

Source: “*” Data from World Trade Organization (WTO) and the other from International Monetary Fund (IMF)

Statistics on the Trade of Goods between Mainland China and Guinea-Bissau (US$ thousands)

Year	Total Trade	Total Exports Value	Total Imports Value
2023	62,704	62,703	2
2022	56,518	56,516	3
2021	88,896	88,894	1

Remarks: “Exports “ refers of goods exported to Guinea-Bissau from Mainland China; “Imports” refers of goods imported from Guinea-Bissau to Mainland China Source of Data: General Administration of Customs of the People’s Republic of China

Statistics on the Trade of Goods between the Macao SAR and Guinea-Bissau of recent three years (US$) (USD 1 ≈ MOP 8)

Year	Total Trade	Total Exports Value	Total Imports Value
2023	7,251.4	0	7,251.4
2022	4,466.6	0	4,466.6
2021	33,680.1	0	33,680.1

Remarks: “Exports” refers of goods exported to Guinea-Bissau from Macao; “Imports” refers of goods imported from Guinea-Bissau to Macao. Source of Data: Statistics and Census Service (DSEC), Macao SAR Government

Sources:

“Country (region) guide for foreign investment cooperation (Guinea-Bissau)” by the Ministry of Commerce of the People’s Republic of China
“2022 Statistical Bulletin of China’s Outward Foreign Direct Investment” by the Ministry of Commerce of the People’s Republic of China, National Bureau of Statistics and State Administration of Foreign Exchange
General Administration of Customs of the People’s Republic of China
SinoMaps Press
Statistics and Census Service (DSEC), Macao SAR Government
International Monetary Fund (IMF)
World Trade Organizaation (WTO)
International Trade Center (ITC)
“2023 World Investment Report” by the United Nations Conference on Trade and Development (UNCTAD)