By Emmanuel Tumanjong
Special for Dow Jones Newswires
Ivorian lawmakers on Monday approved a law establishing tax incentives for processing rubber.
The law will come into force once the country’s president promulgates the legislation.
“By adopting this text, we have just given a boost to the promotion of the industrialization of Côte d’Ivoire, the only guarantee of the development of our country”, declared Emmanuel Esmel Essis, Minister of the country. in charge of promoting private investment.
Mr. Essis stressed the need “to move towards added value, which will help us build a strong and prosperous country where all will benefit from economic growth and spinoffs”.
“We want to go beyond the initial processing phase,” the government official said. “There are a lot of rubber products. There is no reason why Côte d’Ivoire, which is a major producer of this crop, should be outside the entire production chain ”.
The Ivory Coast is the largest producer of rubber in Africa and ranks fourth in the world among producers of this crop.
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Corrections and amplifications
This article was corrected on September 27, 2021 because the original version incorrectly said in the title and body of the text that all rubber produced in Côte d’Ivoire will now have to be processed before being exported, according to a new law.