Business Profile
Economy
Since the transition to democratic government in 1991, Benin has undergone a remarkable economic recovery. A large injection of external investment from both private and public sources has alleviated the economic difficulties of the early 1990s, caused by global recession and persistently low commodity prices (although the latter continues to affect the economy). Benin’s economy is principally agricultural – it is self-sufficient in basic foodstuffs, the main export commodities being cotton, peanuts, coffee and palm oil. The manufacturing sector is confined to some light industry, mainly involved in processing primary products and the production of consumer goods. A planned joint hydroelectric project with neighbouring Togo is intended to reduce Benin’s dependence on imported energy (mostly from Ghana), which currently accounts for a significant proportion of the country’s imports. The service sector has grown quickly, stimulated by economic liberalisation and fiscal reform. Membership of the CFA Franc Zone offers reasonable currency stability, as well as access to French economic support. Benin sells its products mainly to France and, in smaller quantities, to India, Korea, Japan and The Netherlands. The country’s leading suppliers are France and Germany. Benin is also a member of the West African economic community ECOWAS.
Business
It is essential to be able to conduct conversations in French. Normal courtesies should be observed and punctuality is especially important. Lightweight tropical suits should be worn. Office hours: Mon-Fri 0800-1230 and 1500-1830.
Commercial Information
The following organisation can offer advice: Chambre de Commerce et d’Industrie du Bénin, Avenue du Général de Gaulle, 01 BP 31, Cotonou (tel: 312 081 or 314 386 or 311 238; fax: 313 299; e-mail: ccib@bow.intnet.bj; website: www.ccib.bj).
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