President Adama Barrow has called on international investors to take advantage of the limitless business and investment opportunities in The Gambia, announcing that the country is ready for business.
Addressing an International Business Forum, as part of the ongoing International Conference for The Gambia in Brussels, the President said that his government has gone far in addressing the inherited financial and economic management challenges that eroded investor confidence and seriously limited private sector investment and foreign direct investment inflow into The Gambia.
The regulatory environment has been reviewed to further enhance the already favourable investment environment that exists in The Gambia. The Public Procurement Act, the Gambia Investment and Export Promotion Agency -GIEPA Act, and the Income and Value Added Tax have been amended.
“The GIEPA Act and Investment Policy provide adequate investment guarantee to investors. The Gambia is a member of several multilateral organizations that protect and safeguard international investment, such as the Multilateral Investment Guarantee Agency and the International Centre for the Settlement of International Disputes.’’ said President Barrow.
The Gambian leader also informed the gathering that the financial management reforms being spearheaded by his government are paying dividend. He reported that interest rates have started going down, while lending to the private sector is significantly improving. The president attributed these developments to the steps being taken by government to reform the unfavourable laws and reduce some taxes to spur investment.
President Barrow stressed that the private sector is a cardinal ally in his development agenda by emphasizing that his government recognizes the private sector as the engine of growth. In this regard, he said, strategies have been developed and aligned with the NDP to encourage the development of the Private sector through entrepreneurship, trade and industry. ‘’Recently, my government has launched the National Business Council to serve as the platform for continuous engagement with the private sector’’, the president announced.
As an expression of political will, the presidency will assume the chairmanship of the eminent national forum.
On the fringes of the International Business forum, President Barrow met with the President of the European Parliament, Antonio Tajani. They discussed, among other things, Agriculture with focus on value addition, mechanized rice irrigation and agro-processing. The aim is to create jobs for the youth as well as grow the economy.
Yes mr president, continue doing the good work, it is a long road we will get to there. In west they work hard to build their destination, they work hard to discourage corruption, they work hard to educate each other along with discipline and finally they work hard to ensure they look after each other as a nation with respect, they shared common goods.
Direct Foreign Investment is an acronym for African countries to open their markets to Europe, America and China whilst the markets of those continents remain inaccessible to us.
My people! When will we come off our slumber to the realization that the sources of our development and progress can only be engineered from within.
We can accrue our resources , both human and financial, to kick start our own economic transformation.
Let me put this into context to avoid being labelled a xenophobe here. lol
Am saying Direct Foreign Investment can ONLY be complimentary in our stride to be economically independent. It cannot be the Alpha and Omega formula.
Above all, and so far, this phenomenon has only wreck havoc on communities and our environment. A case in point is Golden Lead in Gambia and the Multi National company Shell, in Nigeria.
For the sake of an open democratic space, am inviting anyone with a different opinion to share his/her thoughts with us.
In the service of The Gambia and Africa, I remain.
Lamin, trading within is desirable but since we are still exporting raw materials and not finished goods, we will still be depending on FDI to achieve economic success.
Why and how Kelungtang?
Please delve a little bit deeper. Examples will help me understand what you exactly mean.
Am sure people want to hear what you have to say.