(JollofNews) – In the wake of the just concluded State-visit by German President Frank Walter Steinmeier to Gambia, the business sector is optimistic about a positive outcome on the country’s economy.
This followed a Gambia-Germany joint business forum, held last week in the margins of a two-day working visit by the European nation Head of State, heralding a new era of best investment opportunities between the two countries.
“This forum creates an opportinity where investors from Germany can come in. Over four hundred thousands companies are in Germany and are looking to be investing in Africa,” The Gambia Investment and Export Promotion Agency (GIEAPA) CEO Assan Faal told JollofNews in an exclusive interview.
The tiny West African nation is recovering from 22-year of dictatorship by the Jammeh regime, and that has left the economy plumbing deeper into recession, causing a huge unemployment rate. A situation that prompted many Gambian youths to embark on a dangerous journey into Europe, risking their lives to cross the Mediterranean Sea.
GIEPA boss said it is a way of opening up Gambia to the German market. “Ultimately, employment will solve the economic problems our country is confronted with,” he stated.
He then expressed hope for such a forum to be held on a regular basis as it would help exposure and create opportunities.
“We have a diverse sector of investment opportunities ranging from energy, agriculture, infrastructures to manufacturing…” he said in an attempt to highlight the main areas German businessmen can use to create a powerful presence in Gambian market.
Faal identified the agriculture sector as the leading target for potential investors, eying for big deal.
We understand this land better than anybody else, he added. “If we can feed ourselves, and export. Then there will be a viability.”
He urged domestic investors to venture into agriculture, saying there is a moral obligation to pursue something that would create food self-suffiency.
The Chief Executive Officer (CEO) of Gambia Chamber of Commerce and Industry (GCCI) Alieu Secka, who spoke to JollofNews, that “Gambia offers some tremendous opportunities after the 22 years of closure.”
He disclosed that German businessmen have expressed interest in many areas, including renewable energy, infrastructures etc.
When asked whether there is possibility of joint ventures between Gambian private sector and large German business companies, Secka responded in the affirmative.
“Some German businessmen have already met with their Gambian counterparts. They have conducted site visits, and discussed about some projects. Now it is a matter of taking it to the next level,” he said.
I doubt very much that Gambia has the capability to nurture, consolidate and protect, Foreign investors and their investments. There venture capital will be eaten away long before profitability is attained. The present business caretakers, fall well below the skill and education level; Modern business growing requires. The Banking sector is totally useless, when it comes to providing affordable business loans and overdrafts. Of course there main business partner is Government.
The Taxation structure is outdated and virtually obsolete.
Government is so indebted as to be dependent on donors and grant aid.
I think this” reassuring the public” that the Barrow government is portraying, will catch up with them at some stage, when the substance of there impotency is known.
Far from your misinformed notion, The Gambia boasts highly educated and skilled professionals from topmost learning institutions worldwide, occupying the highest positions in many multilateral and multinational businesses. According to a World Bank 2010 report, the Gambia had the second largest rate of skilled emigration in Africa! I am confident that many Gambians are presently offering their well earned skills and education in your own country.
Furthermore, whilst we accept the common challenges of business which prevail in all developing countries, including access to and cost of finance, and dependency on taxation, these same offer opportunities for any discerning business person to provide and yield considerable income.
Mike, you may be right. But even if you are, it is as a result of greedy vultures like you who have been milking the system together with that baboon of a president in white khaftan.
Education and the skills training is required in many areas when comes to Gambia, upgrade and update is also needed to ensure proper investment can take place in the Gambia, theses skills cannot be ignored. Is now for gambian people to be more responsible and accountable, is a lot the country need to catch up.
When a government’s answer to lack of growth, finance, investment, jobs, security and under performing education and vocational training>>>is to put up taxes.
The economy will slowly starve to death.
Gambia does have some very gifted people. Unfortunately they don’t occupy any seat in the cabinet.
There is not a worthy occupant to be found anyway. But one growth area has been clearly identified. It’s the millions allocated to The Office of The President and his supporters. This is a government busy with staying in power/ Not reinforcing an economic miracle. Until Gambia’s proven wealth policy creators and experienced legislators, are chosen by the people for the people. The rich will get richer and the poor can go to hell.
So I agree.
Oouch Mike. That is a painful truth. Most are too emotional to think clearly on this subject. I know we are in trouble, some of the reasons we can’t do much about, a lot of the reasons are self inflicted and we can do something about. Realistically I never expected this administration to make great strides in economic recovery, they are incapable as rightly said, I do expect that they will send signals that we will work with trade partners and investors in good faith. Now that the citizens are getting comfortable in exercise of their free choice and voice, they can choose more capable leaders in the future. These capable leaders will build our manufacturing, service and natural resource economy. All in all if we demonstrate good judgement and love of country our future is bright.
Should we start thinking of leaning on Mike ‘Calibrated’ Scales and advocate Dr. Sarr to torch through this tunnel for us? Please don’t tell the investors to go away. Show them the way. The unemployment rate in the country could be as high as 80%. Youths need jobs so please encourage the investors to come and help them with operational guidelines to keep them viable. Moreover, one should be convinced these European investors have know how to protect their investments for their benefit and the benefit of Gambians employees.
We are all first class citizens of Gambian with undiluted love for the Gambia I guess. Yeah, I guess!
It is important that trade partners trust and respect us. Investors prefer to deal with seasoned and honest representatives of our government. How can any country or investors take us seriously when they have to sit at the table and dialogue with crooks?
Assan Faal GIEPA CEO and self proclaimed investor is a disgraced stock broker in Chicago. He has no experience whatsoever in economic policy and investment strategy. No track record period. He was accused of stealing clients funds before running away from the USA. He cannot return to the US due to pending fraud charges. For the sake of country, he must clear this mess up and restore his good name if the allegations are false. I don’t know this man, but I care about my country. I know we can do better. His benefactor The VP should terminate his service and insist on closure.
God Bless The Gambia.
That quite a good point of concern Dr. Sarr. I think it is important to be directly challenging or unambiguous in once stance at times, especially knowing the records of some of these personalities hovering up around the nation’s public offices and affairs. They will definitely plummet down for a grab at the slightest opportunity. I hate the persistence of such greedy and sycophantic characters in public trusts. One like Jack simply don’t have an idea what these names mean. I’m probably being affected by blind optimism.
Thanks for torching.
… in one’s stance