Honourable Ministers, Members of Parliament and designated Members of the Diplomatic and Councillor Corps;
Formidable investors across OIC Members countries from both the Public and Private Sector;
My colleagues in Investment Promotion, Export Facilitation and Enterprise Development across OIC member countries;
My Honourable Minister of Trade, Industry, Regional Integration and Employment and GiEPA Board Chairman;
Distinguished all Senior Government Officials, the Media and members of the General Public;
It is an honor to address you today at the 3rd ICDT Invest days dubbed “OIC Banjul Investment Forum” perfectly flanking the 15th Organization of Islamic Cooperation (OIC) Heads of State and Government Summit in the next 48 hours. GiEPA is proud, Banjul is happy and Gambia is Grateful!
As we convene to discuss the multifaceted opportunities and challenges facing our member nations, I stand before you to highlight the unparalleled investment potential nestled within the heart of West Africa – The Gambia called “The Smiling Coast of Africa – a land of unparallel opportunities”!
In a world increasingly interconnected and globalized, our commitment to fostering robust economic relations between The Gambia and our fellow 56 OIC member countries is paramount. Today, I present to you a compelling narrative of untapped potential, lucrative opportunities with incentives across key sectors, spanning both the public and private realms.
First and foremost, allow me to underscore The Gambia’s strategic advantage in developing economic zones dedicated to export facilitation. With a burgeoning market and a strategic geographic location to Europe, USA, and Asian markets, our nation serves as an ideal gateway to the vast markets of West Africa with a population of over 420 million people and Africa in general with 1.4 billion people consumer market.
We are an ocean entry point and the most strategic air access route to facilitating global trade by every merit. Leveraging this rare advantage, we invite esteemed investors to capitalize on our well-structured and positioned economic zones, offering streamlined processes, market access, and robust incentives with a conducive regulatory environment for seamless trade and investment opportunity.
5. Furthermore, The Gambia stands poised to revolutionize the agriculture sector with focus on agribusiness and value addition. Endowed with very fertile soil, abundant water resources, and a favorable climate, the smiling coast presents a plethora of investment opportunities across the agricultural value chain.
From large-scale commercial farming ventures to innovative agro-processing initiatives, there exists immense potential for sustainable growth and profitability. Government through the Gambia Investment and Export Promotion Agency (GiEPA) has already secured land for investment particularly in this sector.
6. Your Excellencies, distinguished guest, ladies and gentlemen. In the realm of Information and Communication Technology (ICT), The Gambia emerges as a beacon of innovation and technological advancement. The country has one of the highest uses of internet services protesting the urgent need for investment to diversify data and voice services at affordable rate.
The availability of the ACE cable is a boost for market expansion and service export across the subregion. With a rapidly expanding digital infrastructure and a very high youthful (65%) tech-savvy population, our nation offers a fertile ground for ICT investments ranging from telecommunications, software development and e-commerce ventures.
The country’s incredible sea and air access coupled with the AfCFTA market benefits also makes the country an ideal place for assembling of ICT equipment and accessories to strongly penetrate the African market and beyond.
7. Moreover! As the global community rallies towards sustainable development, The Gambia stands at the forefront of renewable energy initiatives. With already a solarized power plant in motion, there exist a high potential to invest in renewable energy initiatives with more gains than the capital-intensive heavy generators with ensuing troubles for fuel, lubricants and maintenance.
The smiling coast is blessed with abundant sunshine and wind resources, and we boast of a conducive environment for the proliferation of solar, wind, and hydroelectric projects. We have already got a design for a hydroelectric project anchored on cutting edge technology which can be used as a model across the continent. By harnessing these renewable sources, we not only mitigate environmental risks but also unlock new avenues for economic growth, energy security and measured investment returns.
8. In tandem with renewable energy, The Gambia presents compelling opportunities within the realm of light manufacturing. From textile and garment production to agro-processing and assembly industries, our nation offers a skilled and formidable workforce with unparcelled wage rate, competitive production costs, and preferential market access to regional and international markets.
There exists high potential in metal and semi-metallic products, and construction materials due to high and continued construction works by both government, private sector players and Diaspora Gambians who remit more than US$800 million annually.
9. Furthermore, the transport and supply chain sector in The Gambia holds immense promise for investors seeking to capitalize on our nation’s strategic location and growing connectivity. With ongoing infrastructure projects aimed at enhancing road networks, ports, and aviation facilities, we welcome investments in transport logistics, maritime services, and air transportation, poised to facilitate seamless trade and commerce within the region and beyond.
Already the Trans African route connecting Dakar to Abidjan through the Senegambia bridge is open and there is high potential for upstream river transport to facilitating agricultural production. With 60% of the population in the urban metropolis, there is very high need for private sector investment on domestic transport services to enhancing efficiency and productivity across the formal and informal sectors of the Gambian economy. Assurance of an effective transport system will ensure 24/7 service provision, increasing trade and returns.
10. In addition to these sectors, the Smiling Coast’s rich marine resources position us as a leader in fisheries and aquaculture. With over 300km of fresh water and inland river tributaries as a spooning ground for fish and other marine products, we offer vast reserve of aquatic products that can serve the tourism and hospitality industry anywhere in the world.
However, with sustainable practices including investment in aquaculture and value-added processing capabilities, our nation presents lucrative investment opportunities in seafood production, processing, and export.
11. Your Excellencies, distinguished participants! Lastly, but certainly not least, The Gambia’s vibrant tourism industry beckons investors to partake in our nation’s natural beauty, cultural heritage and booming industry. From pristine beaches and lush mangrove forests to vibrant cultural festivals and eco-tourism initiatives, our nation offers a myriad of opportunities for hospitality, leisure, and entertainment ventures.
We have vast unexplored islands nesting in the heart of river Gambia with a perfect mixture of calm environment influxed in a natural ecosystem. The apparent existence a vast coastal line nesting along the Atlantic west coast of Africa projecting natures three most precious elements of sky, sea, and land exists a perfect spot for investment on five-star hotels and spa, restaurants, shopping malls, resort and villa for high-end tourism value.
The sector with over 5 decades of experience in tourism and hospitality requires more investment in infrastructure and 24 hours service provision. It is the second most potential area for unlimited returns for potential investors targeting a Muslim country to invest in. This is simply due to the fact that, The Gambia is a democratic country with a Muslim population of over 90% and enjoys relative peace, ethnic diversity and tolerance and freedom of the courts.
12. In conclusion, your Excellency and esteemed delegates, I stand before you today to reaffirm The Gambia’s unwavering commitment to fostering mutually beneficial economic relations with our esteemed OIC member countries.
As we embark on this collective journey towards prosperity and sustainable development, I extend a sincere invitation to investors and stakeholders alike to seize the boundless opportunities that await you in the smiling coast of Africa.
Together! let us forge ahead towards a future of shared prosperity, innovation, and inclusive economic growth. I thank the ICDT for the support and appreciate all the demonstrated commitment to visiting The Gambia. We hope to receiving your commitment and support to invest. Thank you for your kind attention.
Source link : https://thepoint.gm/africa/gambia/national-news/draft-speech-remarks-by-the-chief-executive-officer-mr-ousainou-senghore-gambia-investment-and-export-promotion-agency-giepa-on-the-official-launch-of-icdt-giepa-banjul-investment-forum-thursday-2nd-may-2024-oic-conference-center
Author :
Publish date : 2024-05-03 07:00:00
Copyright for syndicated content belongs to the linked Source.