Togo: Ministry of Investment Promotion Holds Meeting to Improve Relationship between Small and Big Companies

Economic governance

Friday, 17 May 2024 16:40

Togo: Ministry of Investment Promotion Holds Meeting to Improve Relationship between Small and Big Companies

(Togo First) - Togo’s Ministry of Investment Promotion (MPI) holds from today a workshop on inter-business relations. Backed by GIZ, the meeting regrouped stakeholders like SMEs, experts, and government representatives. The focus is on bolstering the relationship between large enterprises, investors, and local SMEs.

"During this meeting, we will hear perspectives from various actors, both from the private and public sectors, international organizations, and civil society. We need to find the best practices to optimize the impact of private investment on SMEs," explained Sikpa Atsouvi Yawo, Director General of API-ZF, representing the Minister of Investment Promotion. "We will consider how SMEs and large enterprises can work together to maximize positive spillover effects on our economy," he added.

The workshop follows up an assessment of business relations in Togo. It will take place in three phrases, and participants will look at ways to draw a roadmap for achieving the goal aimed.

"The goal is to create synergy so that when a foreign investor sets up shop, they have easy access to our local businesses so that these investments, indirectly, also benefit our SMEs that are already on the ground," said Rodrigue Akue-Atsa, Advisor to the Ministry of Investment Promotion. "This will also allow for knowledge sharing. There can also be technology transfer because those who come, come with new technologies and knowledge," he added.

Participants include actors like the PIA, Togo Soja, and the Association of Free Zone Companies.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.