Foreign Investment: Togo secured over CFA43 billion in Q4 2022

Wednesday, 08 March 2023 19:01
Foreign Investment: Togo secured over CFA43 billion in Q4 2022

(Togo First) - In the last quarter of 2022, the Togolese Approval Committee examined 13 projects and approved 12 of them, for a total amount of CFA43 billion. Several sectors have attracted investment, notably the textile industry, wood and construction, agribusiness, mechanics, and services.

Foreign direct investments contributed 99% of the total amount of approved projects, with Indians and Singaporeans as leading investors; they spent CFA11 billion respectively, on four and two projects. Only one Chinese project was approved for an investment of CFA172 million. Only a small percentage of the approved projects were domestically financed, thus underscoring the need to bolster domestic investments.

Regardless, the government is happy with the performance and stressed how important investments are for Togo’s economic growth. Last December, the Ministry of Investment Promotion announced that the country had accumulated 24 new investment projects–valued at CFA107.1 billion, by the end of Q3 2022. Ten (10) out of the twenty-four (24) projects were admitted to the Free Zone regime, and 14 aligned with the Investment Code. This is proof that more foreign investors are seeing Togo.

In 2020, FDIs to Togo soared 85% YoY, from CFA191 billion to CFA352.5 billion. In 2021, 38 projects were approved for a total planned investment of CFA277 billion, consequent with the opening of the Adétikopé Industrial Platform (PIA).

It is worth stressing that investors invest mostly in the Maritime regime for now. Therefore, the government should increase its efforts to attract them to other parts of the county. 

Fiacre E. Kakpo

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.