Togo-Turkey: Robert Dussey announces upcoming business forum in Lomé

Investments

Friday, 04 June 2021 15:56

Togo-Turkey: Robert Dussey announces upcoming business forum in Lomé

(Togo First) - Robert Dussey, the Togolese minister of foreign affairs, announced on June 3 an upcoming business forum between Togolese and Turkish business operators. The announcement came just after the official ended a five-day official visit in Turkey.

“With my counterpart, Mevlüt Çavuşoğlu, we have decided to organize a business forum this fall in Lomé with the participation of Turkish and Togolese businessmen and businesswomen,” Dussey tweeted.

A day before the announcement was made, the two countries inked new economic cooperation agreements. The latter, which plans for the establishment of a mixed economic commission, consolidates the legal framework that will help boost economic ties between Togo and Turkey.

“There are two agreements, the first is on the mutual promotion of investments and the second on the prevention of double taxation,” said Mevlüt Çavuşoğlu.

The Togolese for his part told Agence Anadolu that “for us, the goal is mainly to encourage Turkish investment in Togo. (...) We think Turkish investments, which are growing in Africa, West Africa in particular, are welcome in Togo, especially since we have a relatively open business environment.”

In 2019, exports from Togo to Turkey generated more than CFA24 billion. According to the BCEAO, cotton and coffee were the main exports that year.

"Although the trade balance between our two countries is in favor of Turkey, which is normal since Turkey is a much more industrialized country than Togo, we have a volume of trade that is very satisfactory, " he added.

On Monday, Dussey met, in Istanbul, with representatives of the Turkish private sector. He told them about investment opportunities Togo has. This desire to boost economic ties between the two nations is the reason their ministries of foreign affairs got closer.

Indeed, in July 2020, as the Turkish minister of foreign affairs was in Togo, three cooperation deals were signed by the two governments. Among other things, these contracts established the reciprocal exemption of visas for holders of diplomatic passports, and a mechanism for political consultations between the Ministries of Foreign Affairs of both countries.

Klétus Situ

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.