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WT/TPR/S/322/Rev.1 â¢ Cabo Verde -9the business environment (sections 2.1 and 2.4). The majority of the programme expenditures have been allocated to public investments in seven priority sectors ("clusters").8 1.6. Agriculture is one of the priority sectors. In Cabo Verde, farming is mainly for subsistence and marketed agricultural production contributes only about 7% to GDP (Table A1.1). Most food is imported. Roughly one-quarter of public investment expenditures are for agriculture and water management to promote, amongst other things, a shift from rain-fed agriculture of basic staples such as maize and beans, towards irrigated agriculture and higher-value crops such as fruit and vegetables.9 The fisheries sector contributes less than 1% to GDP but makes an important contribution to export earnings. The manufacturing industry caters mainly for the small domestic market. 1.7. In the energy sector, investments have been aimed at bottlenecks in electricity-generating capacity and the distribution network by the state-owned enterprise ELECTRA. Energy policy is directed at further promoting renewable energy (20% of electricity generation in 2013), to reduce Cabo Verde's dependence on imported fuel. Regulatory reforms (including the tariff mechanism) address the loss-making performance of ELECTRA (section 4.3). State-owned enterprises play an important role in the Cabo Verdean economy (section 3.4.6). 1.8. The tourism sector contributed about 4.5% to GDP10 and 7.3% of direct employment, and generated receipts of around â¬300 million in 2014. FDI in the tourism industry is supported by tax holidays and other incentives. There are currently around 230 hotel establishments in Cabo Verde. 1.9. Maritime and air transport are priority sectors because of their linkages to tourism, and the dispersed population. Over the last ten years, the road, port and airport infrastructure has been modernized.11 The Government's strategy is to promote Cabo Verde as a hub between Africa, Europe and the Americas. The port management is under restructuring from a service port to a landlord port operated by the state-owned ENAPOR (section 220.127.116.11). In air transport, a major challenge is to enhance the efficiency and reduce the fiscal burden of the loss-making national carrier Transportes AÃ©reos de Cabo Verde (TACV). 1.10. According to the annual enterprise survey of the National Statistics Institute (INE), 9,049 businesses were active in Cabo Verde in 2013, employing some 50,975 workers in total (78% of the registered businesses and 91% of the employees were on the islands of Santiago, SÃ£o Vicente, Sal, and Boa Vista). INE surveys also indicate that enterprises with formal accounting practices represent no more than 35% of the total number of registered businesses, yet these enterprises provide 78% of all formal private sector employment and represent 96% of the total business volume. Cabo Verdean enterprises are mainly engaged in wholesale and retail trade or auto and motorcycle repair (47%), hotels and restaurants (15%), and processing industries (10%).12 1.11. Despite considerable progress over the past two decades, unemployment remains persistently high at 15.8% in 2014. Reforms to deregulate Cabo Verde's labour market, including the passage of a new Labour Code, are pending.13 Cabo Verde introduced a minimum wage on 1 January 2014 (CVEsc 11,000 per month).14 1.12. The budget deficit and public debt have increased significantly since 2009, reflecting in part the Public Investment Programme (Table A1.1). The investment programme has been financed primarily with foreign debt, taking advantage of the last window of opportunity to secure highly concessional long-term loans following Cabo Verde's graduation from LDC status. Total public debt 8 The seven clusters are agriculture, tourism, maritime economy (including fisheries), information and communication technologies, creative economy (music and other cultural activities), financial services, and air transport services. 9 World Bank (2014b), p. 22. 10 This estimate, which appears to be on the low side, is under review by the National Institute of Statistics (INE). 11 World Bank (2014b), p. 44. 12 ASemana online information. Viewed at: www.asemana.publ.cv/spip.php?article106407Â¬ak=1. 13 The Labour Code currently in force is Legislative-Decree No. 5/2007, amended by Legislative-Decree No. 5/2010. 14 Decree-Law No. 6/2014 of 29 January 2014.