UAE and the Republic of Côte d’Ivoire have inaugurated a new UAE-backed cashew processing factory in the West African country, signaling an important milestone in the two nations’ economic relations.
The cashew factory was inaugurated by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and the Prime Minister of the Republic of Côte d’Ivoire, Robert Beugré Mambé.
The state-of-the-art facility, which is located in the northern city of Boundiali, is owned and operated by Pan African Agro Commodities Holding Limited (PAACH), an entity incorporated in the Abu Dhabi Global Market (ADGM) that seeks to promote West Africa’s domestic agriculture sector and support the development of its key exports.
Côte d’Ivoire is one of the top five exporters of cashews globally, with around 80 percent of its annual production sold to overseas markets. Cashews are also Côte d’Ivoire’s second-most important export product, contributing 9 percent to the nation’s GDP. With a daily processing capacity of 100 metric tons, the facility is expected to create 500 direct and 3,500 indirect jobs and enhance the country’s role in global supply chains.
Al Zeyoudi said the facility is an embodiment of the UAE’s commitment to West Africa and expressed his optimism for the future of relations between the UAE and Côte d’Ivoire.
Dr. Thani bin Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade
“The opening of this impressive cashew-processing factory underlines the UAE’s belief in the economic potential of Côte d’Ivoire and offers a compelling model for further investments into the region as a whole. This is one of the most dynamic economies on the continent, one that is adopting bold economic policies and ambitious reforms designed to deliver sustained, diversified growth. We envision huge potential for private-sector collaboration between our nations as we support the development of Côte d’Ivoire’s industrial, agricultural and supply chain capabilities. My visit this week marks an important step in strengthening the economic partnership between our two countries, which I look forward to building on in the years ahead.”
Abdul Jabbar Al Sayegh, Chairman of the Board of Directors of Pan African Agro Commodities Holding Limited, stressed that Côte d’Ivoire is a country rich in potential. Al Sayegh stated that, “This factory not only represents a major investment in the Côte d’Ivoire market, it is also a testament to the strength of the bilateral relations between the UAE and Côte d’Ivoire. We are committed to contributing positively to the local economy and are confident that our company and its investments in the Ivorian economy will enhance growth and contribute to economic and social progress. It will be a new gateway to opportunities for both sides.”
While in Côte d’Ivoire, Al Zeyoudi also held in-depth talks with Prime Minister Robert Beugré Mambé on a wide range of economic issues, including the acceleration of private-sector cooperation, which both nations have identified as central to growth, diversification and job creation.
The meeting reflected the potential for greater collaboration between the two nations, and the potential for further investment in key sectors such as food production, agriculture, manufacturing and logistics.
Al Zeyoudi then held discussions with Dr. Souleymane Diarrassouba, Minister of Trade and Industry, and Mamadou Sangafowa-Coulibaly, Minister of Mines, Energy and Petroleum, in which they all agreed to find new avenues for increased collaboration.
In recent years, bilateral trade between the UAE and Côte d’Ivoire has flourished, with non-oil trade growing to $468 million in 2023, a 95 percent increase compared to 2020. The growing economic partnership has also seen increased investment flows, with both nations committed to further enhancing their economic ties across a range of sectors including agriculture, tourism, infrastructure and telecoms.
