In 30 years, Togo’s free trade zone has attracted more than CFA240 billion of investments

Economic governance
Friday, 26 February 2021 18:18
In 30 years, Togo’s free trade zone has attracted more than CFA240 billion of investments

(Togo First) - In 1989, Togo’s Free trade zone was established. At the time, the government wanted to foster economic and industrial growth, as well as boost exports, and create new jobs. 

It is now 30 years and this zone has attracted CFA240 billion of investments since it was launched. According to the Togolese presidency, 71 companies operate in this zone, benefiting from tax incentives; they are required to export 70% of their output. 

Among these firms are Wacem-Togo (clinker and cement producer), Steel Cube (which makes iron rods from liquid steel), Sivop (a cosmetics company), Unifood (sweet maker), and Do-Pharma. 

Overall, the free trade zone employs 15,392 agents and it contributes around CFA68 billion to Togo’s GDP, according to available data. 

Now, more firms are getting ready to join the free trade zone. This is in a context where Togo is doubling down on its efforts to launch the Agency for the Promotion of Investments and the Free-trade Zone (API-ZF) which is tasked with efficiently steering the new investment code. 

Already, the presidency reported, 25 companies have been accredited to operate in the free-trade area. The firms, which are settling in, are active in sectors such as agribusiness, food, plastics, pharmaceuticals, cosmetics, and metals. 

Séna Akoda

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