Senegal has urged the Economic Community of West African States (ECOWAS) member states to step up measures that would promote and attract foreign investments to their respective countries.
Ms. Fama Fall from Senegal’s Directorate of Foreign Trade, Investment and Development, made the call in a presentation at the ECOWAS Common Investment Market (ECIM) Technical Committee Council meeting on Thursday in Abuja.
The event was organised for member states to evaluate the regional investment climate and share their knowledge of cross-border investment promotion and efforts.
It also aimed to focus on interrogating policy decisions that would attract intra-ECOWAS and extra-ECOWAS investment flows, triggering subregional economic integration and development.
Fall, who first reviewed Senegal’s investment climate and policy reforms over the past three years, highlighted its investment promotion, facilitation, monitoring, dispute settlement, and bilateral agreement efforts.
She said Senegal’s foreign direct investment hit $2.58 billion in 2022, and $2.64 billion in 2023, when the government deliberately put in place some measures to attract foreign investment.
According to her, the country’s strategic sectors include agriculture, information and communication technologies, construction, health, tourism, as well as oil and gas, all have the potential to attract more investment.
She said: “France is the biggest investor in Senegal, but more and more, new investors are coming from other horizons.
“From China (peanuts, industrial products, public works, etc.), Turkey (public works), and the United Arab Emirates (mainly for gold), not to mention countries like Morocco, Indonesia, and the United States of America.
“Senegal currently has seven officially-created SEZs (Special Economic Zones), three of which are operational and four under development.”
© Ripples Nigeria