|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 2.0 million in 2021. The capital, Bissau, is the largest city as well as an independent autonomous region. It is also the national political, economic, and cultural centre.
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 “2022 World Investment Report” published by the United Nations Conference on Trade and Development (UNCTAD), by the end of 2021, Guinea Bissau has attracted US$320 million on stock of inward direct investment. According to the “2021 Statistical Bulletin of China’s Outward Foreign Direct Investment”, by the end of 2021, the stock of direct investment of China in Guinea Bissau was US$24.3 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 2021, the main export destinations of Guinea-Bissau are India, Korea, Singapore and Cape Verde. The main export goods are cashew nuts, mineral fuels, fish and shrimp. The main origins for imports include Portugal, Senegal, China and the Netherlands. The main imported goods are mineral products, cereals, and vessels.
In 2022, China’s exports to Guinea-Bissau amounted to US$56.5 million, mainly include polished rice, footwear; imports from Guinea-Bissau amounted to US$2 thousands, main imports are connector.
Strategic positioning of Guinea-Bissau