Togo: Ministry for investment promotion team up with several Togolese embassies to attract more foreign investors

Economic governance

Friday, 23 December 2022 13:36

Togo: Ministry for investment promotion team up with several Togolese embassies to attract more foreign investors

(Togo First) - Rose Kayi Mivedor, Togo’s minister for the promotion of investment, had an official meeting with several Togolese embassies yesterday, December 22. Mivedor and her staff were looking to establish a collaboration framework with the embassies to attract more investments in Togo.

Around 30 embassies -including France, England, the U.S, Japan, and India’s- took part in the talks.

"You are the international channels through which these reforms and actions implemented by the government will be relayed to our international partners," said Mivedor, while stressing the importance of "transparency, availability of information, facilitation" in the interactions.

5d83d96600bc6b43d1a32f4245091dac L

"Our country is open to sustainable partnerships, and an enabling legal framework has been put in place with the PPP law that was adopted in December 2021. The structures of reception, support and facilitation are present and operational. It is this message that I would like you to relay," she added, while assuring that the Investment Promotion Agency and the Free Zone (API-ZF) are pursuing reforms to make things easier for investors and boost trust and transparency between them and public administrations.

"The agency is therefore your go-to source for information, and it ensures that our future partners and investors know about the various investment opportunities that our country offers."

4d83d96600bc6b43d1a32f4245091dac L

Also during the meeting, the ministry for investment promotion and its operational arm, the API-ZF, briefed participating diplomats on the favorable conditions put in place for foreign investors, as well as on results achieved leveraging technical and financial supports. The MPI’s motive in sharing this information with the embassies was to encourage them to organize activities and spark foreign investors’ interest for Togo.

Regarding the results achieved, in 2021, 38 projects were approved in the Free Zone and under the Investment Code, for a total amount of CFA277 billion–58% of which were FDIs. According to the MPI, sectors that attracted most of the investments were clothing, wood and building, agrifood, mechanics and services.

At the end of September 2021, 24 more projects were approved, totalling an investment of CFA107 billion–81.9% of FDIs and 25.3% as national direct investments (NDIs).

The ministry for investment promotion also presented various Togolese sites that attract investment, notably the Industrial Platform of Adetikope (PIA).

3d83d96600bc6b43d1a32f4245091dac L

"The PIA stands today because of five investment projects, including three in the free zone and two in the investment code, valued at about CFA125 billion," said Rodrigue Akue-Atsa, adviser to the Ministry of Investment Promotion.

Mivedor’s ministry added that several roadshows, similar to the ones organized in the UK, or with clothing investors at the PIA, are scheduled for 2023, both within and outside the country.

Ayi Renaud Dossavi

ExpandPF Project Evaluates Healthcare Facilities in Togo for Reproductive Health Support

COOPEC-Blitta: Balance Sheet Totals CFA1.3 billion in 2023, up 12% YoY

Togo: CNSS Announces Mandatory Life Check for Pensioners and Annuitants in May-June 2024

Anti-Terrorism: President Gnassingbé Calls for the Reorganization of Military Cooperation in West Africa

anti-terrorism-president-gnassingbe-calls-for-the-reorganization-of-military-cooperation-in-west-africahttps-www-togofirst-com-fr-securite-2304-13894-lutte-contre-le-terrorisme-faure-gnassingbe-plaide-pour-une-nouvelle-organisation-de-cooperation

Togo: New ECOWAS Committee Launches to Bolster Healthcare Delivery

Togo Expands Property Tax to Include Secondary Homes

Togo: Constitutional Court Welcomes Two New Members

Togo: Parliament Approves New Constitution after Second Reading

BCEAO’s foreign asset revenues soar 112% but trail potential of operations account

With UNDP, Emmanuel Adebayor’s Foundation Launch its Second Agribusiness Incubation Cohort

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.