Business Investment in The Gambia: Commercial Investment in West Africa

The government has set priorities to the following economic sectors considered having value-added contribution, foreign exchange earnings and employment creation potential:

Projects in these sectors are awarded incentives in the form of duty waiver on capital equipment, spare parts, materials, and raw and/or semi-finished material inputs. Other incentives include preferential allocation of land to the project, on-the-job training and technical assistance, and identification of market opportunities for projects in the export sector. The government is committed to the development and expansion of export-led activities in the country. In this regard, investments in air cargo services and maritime shipping to enhance exports , are also considered for the award of investment incentives.

Investment opportunities are available in all economic sectors especially in fishing, tourism manufacturing, and horticultural sub-sector.

HORTICULTURE BUSINESS INVESTMENTS IN GAMBIA

This sub-sector is becoming a major economic activity in the Gambia due to its vast export market opportunities and conditions favoring its production in the country. There are a number of farms in this area with an average weekly export for 11 selected farms estimated at 120 tons of fruits and vegetables. Land can be obtained from traditional land owners through the Government. The process of land allocation for agriculture involves obtaining clearance from Ministry of Agriculture and Natural Resources before final approval is given by Ministry of Local Government and Lands.

The expansion in cold storage and dry cargo facilities at the Banjul International Airport compared with the demand in the export markets gives an added advantage to exporters. There are considerable investment opportunities in the sub-sector and the concept of centralized marketing that would ensure maximizing earning capacities of women and other small-scale growers, would be considered favorably. There are several large farm owners with significant investments in boreholes and equipment, seeking joint ventures.

AGRO PROCESSING INDUSTRY BUSINESS INVESTMENTS IN GAMBIA

There are no significant investments in this area; however, given the size of annual imports of commodities such as fruit juice and sauces, roasted confectionery nuts, chicken feed , and dairy products, the sub-sector offers immense investment opportunities. There is a need for establishing a fruit juice processing industry to cater for the surplus on exports of fresh mangoes, oranges, tomatoes, and other fruits. Production of hot pepper sauce tomato paste and processing of wheat flour will go a long way towards reducing their annual import requirements. Similarly, establishment of a feed mill will complement investments in the livestock sector. These products have greater export opportunities to the sub-region as well as meeting demand due to expansion in our tourism industry.

FISHERIES BUSINESS INVESTMENTS IN GAMBIA

There are a number of enterprises in this sector seeking joint venture and/or financing for expansion and modernization of their plant to meet rapid increases in demand for Gambian fish products in the export markets. Investors in the fisheries sector are accorded development incentives and also assisted by identifying export markets.

LIVESTOCK BUSINESS INVESTMENTS IN GAMBIA

Livestock production accounts for about 6% of the GDP at current market prices . The sector's activities are limited to rearing of cattle, pigs, small ruminants and poultry for the domestic market. In the absence of organized cattle ranching to cater for the demand for beef and dairy products in the domestic market as well as our growing tourism industry, the sector offers investment opportunities. Similarly, enterprises engaged in poultry production are constrained by high cost of imported feed, resulting to poor supply response in hotels and the local market.

MANUFACTURING BUSINESS INVESTMENTS IN GAMBIA

Manufacturing activities are limited to small and medium-scale enterprises producing mainly for the domestic market. There are large deposits of kaolin discovered in one of the provinces (URD), titaniferous beach sands, and salt which are currently unexploded. The demand for sanitary wares and quality ceramic tiles are currently met through imports. Investment in a foundry that uses scrap metals for the production of finished-iron and metal plates required in the construction industry and small-scale repair workshops, offers good opportunity. Similarly, light pharmaceutical industry and light engineering for manufacturing and assembling of electrical and mechanical components for domestic appliances and repair workshops, are considered to be potential areas of investment.

Due to its strategic location and competitive prices, manufacturing sector in the Gambia enjoys export opportunities to the sub-regional markets. Already, plans are under-way for the establishment of an industrial estate with factory cells and the Islamic Development Bank has been approached for financing, the project's feasibility study.

TOURISM BUSINESS INVESTMENTS IN GAMBIA

Tourism sector continues to play a dominant role in the Gambia's economic development process. The sector provides employment opportunities as well as enhances foreign exchange earnings for the country.

The government is committed to an orderly development and expansion of the sector to include cultural and eco-tourism in order to maximize the benefits from tourism. In this regard, the expansion of infrastructures to designated tourism development areas including natural forest parks, land marks and monuments of cultural significance, are considered under the sector's development strategy. Effective marketing and promotional strategies for the U.S. markets and other European destinations is currently under review and it is anticipated that these strategies will take-off.

There are number of hotel development projects seeking for joint venture and/or financing including, construction of 5 Star hotels, bar and restaurants, and recreation facilities. However, the immediate investment priority for the sector is in tour operations targeting the Middle-East, U.S. and Europe. Investments in airline operations linking the Gambia and the targeted destinations have greater potentials and will give impetus to the growth and development of the Gambian tourism industry.

SERVICE SECTOR BUSINESS INVESTMENTS IN GAMBIA

The development of capital market and expansion of financial intermediaries to broaden and ease access to credit by investors in the productive sectors of the economy will enhance the production capacity of these enterprises with the multiplier effects on the growth of the economy. Government is committed to establishment of a capital market and other financial intermediaries. Private sector investments in this area are most welcome.

Investment opportunities are available in air and sea transport services linking the Gambia and the sub-region to enhance trade as well as facilitate supply sources of raw material inputs for the industries. Similarly, investment in river transportation linking, Banjul and up-country will facilitate movement of goods and people to urban centers.

Finally, the Gambia's open door policy, respect for human rights and rule of law, provides an ideal investment climate.