Congo, Republic of Business
• Main exports: Petroleum, sawn timber, diamonds, cocoa and sugar.
• Main imports: Machinery, steel, foodstuffs and iron.
• Main trade partners: France, Germany, China, Italy, USA and Belgium.
Economy
Both subsistence crops (cassava, plantains) and cash crops (sugar, palm oil, coffee, cocoa) are grown; even so, Congo continues to depend on a large quantity of imported food.
A further 20% of the workforce is employed in various industries, of which the most important is oil. The first field came on stream in 1960 and the industry now accounts for 90% of Congo’s export earnings. Strengthening of the non-oil economy remains the main long-term objective.
Unfortunately, the government’s economic planning and reforms have been undermined by political instability and fractious relations with the IMF and World Bank (which have underwritten it). The USA is the largest oil purchaser, followed by France and Spain. France provides two-thirds of Congo’s imports, consisting largely of machinery, transport equipment, chemicals, iron and steel as well as foodstuffs.
Annual per capita income, at US$800, is relatively high by regional standards. Congo is a member of the CFA Franc Zone and of the Central African Economic and Customs Union (CEEAC).
Business Etiquette
Office hours: Usually Mon-Fri 0700-1400, Sat 0700-1200.
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