DRC goes for an image makeover to attract more investment

October 6, 2022

(3 minutes read)

Democratic Republic of Congo is the second largest country in Africa and the third most populous, after Nigeria and Ethiopia. The DRC, as it is known, is a key player on the continent having the strongest growth rates in the sub-Saharan region

Democratic Republic of Congo is the second largest country in Africa and the third most populous, after Nigeria and Ethiopia. The DRC, as it is known, is a key player on the continent having the strongest growth rates in the sub-Saharan region. The country organized recently a conference for guiding investors by sifting through the strengths and weaknesses of the central African country titled “Country Risk Conference”.

The background paper for the conference was presented by the pan-African rating agency Bloomfield and was attended by the major players in the region. Various information was analysed, such as macroeconomic data as well as social and security data to create a pathway for the country receiving a rating of 5.1 out of 10.

Among the weaknesses identified by the paper are the lack of infrastructure, security risks in the east and problems with corruption. Recently, the country is getting better ratings from agencies as reputed as Moody’s and Standard and Poors, signalling the country’s upward movement. The DRC saw over 4.5% economic growth in 2021 thanks, in large part, to the country’s mining and service sectors. The country also has key resources such as copper, cobalt and lithium.

But beyond its mineral wealth, the country also intends to diversify its economy and offers scope for growth in agriculture. Driven by these facts, entrepreneurship is taking gradual roots in the central African country.

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Food processing, such as blending, packaging coffee, processing locally grown food crops etc are important planks of entrepreneurship, which is taking strong roots in the country. However, there are imponderables the people are facing, such as cumbersome procedures for importation of right machines. There are problems at the customs level when people want to import goods. Credit is another problem. Institutional sources set up for such purposes are virtually absent or non- functional in the impoverished country.