Gambia develops strategies to enhance export performance

Stakeholders from both the private and the public sectors had converged on Tuesday to commence the formation of National Export Strategy for the Gambia, which is aimed to improve the international competitiveness of the country leading to enhanced export performance. Pic: Naffie Barry, Perm. Sec., Min. of Trade, Regional Integration and Employment Organized by Gambia Investment and Export Promotion Agency (GIEPA), the three-day national retreat, held at the Kairaba Beach Hotel in Senegambia, is to develop a framework for the Gambia national export strategy by reviewing existing national and sectoral studies and reports. The development of an export strategy is crucial for the development of the Gambia’s economy.  This is so because it guides the expansion of the production capacity and production base of an economy in efforts to meet domestic and foreign demand for both goods and services.  This, in the process, creates employment, improves standards of living and contributes to growth in gross domestic product; all of which ensures economic growth and development. Naffie Barry, permanent secretary, Ministry of Trade, Regional Integration and Employment, said the government has committed, through its Vision 2020 blueprint, to one day render the Gambia a net exporter nation. The Gambia is a net importer as merchandise export of the country in 2008 totaled to $14 million while import total to a whooping sum of $329 million in the same period and the situation has not improved so much of recent.  Gambia has experienced both balance of trade deficit as well as balance of payment deficit over various years. PS Barry said:  “The government is committed to the achievement of Vision 2020 being led by the private sector and it is for this reason that the government is doing all possible to provide the conducive environment for the private sector to lead in that vein. “The development of a national export strategy is a reflection of the creation of such conducive environment as it is private businesses that would drive the exports of this nation.” Fatou Jallow, chief executive officer of Gambia Investment and Export Promotion Agency, said her agency is the implementing agency of the national export strategy, the first ever national export strategy for the country.  The financial support of the strategy is provided by the Commonwealth Secretariat. However, the success of the export strategy, as any other strategy, lies in its implementation.  Unless a strategy is implemented, its remains just a piece of paper. GIEPA CEO recalled that a taskforce was set up in January this year, comprising different stakeholders from the private and public sectors for the development of the export strategy, which will play a crucial role for the development of the country and the realization of Vision 2020. She explained that the export strategy will lead to an increase in production to meet domestic demands as well exporting the surplus. For an economy with a population of under two million people and a Gross Domestic Product of around one billion dollars (in nominal terms), it is only prudent that the country explore market avenues that would ensure prosperity and growth within the sub-region and beyond.  The market and population size limits of the country limit the chances of the country in achieving the growth rates envisaged under Vision 2020, to render The Gambia middle income country. The Gambia’s population of less than two million with less than 30% of that population constitution the purchasing power base of the economy necessarily dictates that the country look at expanding effective demand elsewhere outside of The Gambia.  This is underlining reason why the Gambia must consciously develop an export strategy to guarantee its sustained growth by first producing enough for its market with the excess output and service destined for international markets and bringing with it ample foreign exchange to finance trade and economic expansion. The Gambia is among the new wave of Sub-Saharan African economies experimenting with the concept of a National Export Strategy.  Countries such as Malawi, Nigeria, Sierra Leone, Ghana have completed the development of their national export strategies and some have done so only recently.

Nigerian Investors Look at Gambia Business Potentials

Gambia Investment and Export Promotion Agency has made bare investment potentials in the country to Nigerian investors who are currently in The Gambia to explore investment opportunities which exist in the country, particularly in the area of light manufacturing. A delegation from the Manufacturers Association of Nigeria (MAN) are on a four day investment mission in The Gambia which is geared towards providing opportunity for Nigerian private sector operators to network with The Gambian business community and build sustainable  business relationships. Pic: Naffie Barry, P.S. Min. of Trade and Fatou Jallow, CEO of GIEPA Ben Roberts, director of business and export development department of GIEPA told the Nigerian investors that The Gambia has many unexploited investment opportunities especially in the area of agriculture, fisheries, energy, manufacturing, mining and exploration, transportation, and warehousing. Mr Roberts was speaking at a day-long forum organized by GIEPA in collaboration with Gambia Chambers of Commerce and Industry under the theme “harnessing business opportunities in The Gambia”. He said the investors should invest in The Gambia because the country is a liberal economy, it is closed to many major international markets, and the government offers attractive investment incentives. Investment incentives offer by the government includes waiver on corporate tax for 5 to 10 years, depending on area of investment, and waiver on import tax for inputs and capital equipments. Ambrose Orunche, leader of the Nigerian delegation, said the mere fact that they came to the Gambia to explore potential areas to invest in means they is ready to do business in the country The chief executive officer of GIEPA, Fatou Jallow, explained that the Nigerian delegation are in The Gambia is as a result of an initiative of their predecessor, Gambia Investment promotion and Free Zone Agency (GIPFZA), which phased out in 2010.  She said GIPFZA targets Nigeria as a source of Foreign Direct Investment for The Gambia. “We believe that it is still important to pursue the initiative not only to attract investments but also to promote trade as a tool towards regional integration and as a means to enhance business links between our two countries,” she said. Trade between Gambia and Nigeria has been decreasing since 2007. The Gambia and Nigeria has always enjoyed excellent bilateral relationships particularly at the political, social and economic levels and significant growth has been registered in terms of business and investment particularly in financial sector.  The country in recent years has witnessed an influx of banks from Nigeria. Bai Matarr Drammeh, the president of Gambia Chambers of Commerce and Industry noted that the government of The Gambia has achieved significant milestones in creating an enabling environment for the private sector through the creation of sound policies.. He said the Chambers will also continue to plays its role of encouraging investment growth, and promoting trade and partnership between the Gambia business community and members of the private sector around the world, particularly within the sub-region. Sarata Conateh, officer-in-charge of the Chambers, said the interaction between Nigerian private sector operators and their counterparts in The Gambia has provided a unique opportunity at the doorsteps of members of both private sectors to interact and draw concrete plans for partnerships and business ventures. Naffie Barry, permanent secretary ministry trade, industry and regional integration, said the mission comes to reinforce the commitment of the two governments to encourage the private sector as the engine of growth and to concretize the policy of the African Union and ECOWAS to promote South-South integration through trade. He assured the Nigerian investors of Gambia government’s support.