The summit brought together entrepreneurs, policymakers, investors, and innovators to foster partnerships and explore trade, investment, and technological innovation opportunities between the United States, Africa, and Diaspora Africans.
The forum engaged in thought-provoking discussions on international finance, trade, and strategies for small to mid-sized businesses to thrive globally.
Momodou Lamin Drammeh, the Chief Executive Officer (CEO) of the American Chamber of Commerce, proposed to GIEPA a special investment package for the Diaspora to encourage them to invest in the country. The package would give them a tax break and investment subsidy through grant support that can be repaid through legislation for low-interest loans for investors in the Gambia.
He said if there’s no simplified investment procedure, there should be a streamlined policy of reducing bureaucracy that discourages many potential Diaspora investors. He added that if these avenues are created and GIEPA is there to support them, many investors can be attracted.
However, he encouraged Gambian entrepreneurs to improve quality packaging with proper labeling to meet international standards if they want their products to be allowed in global markets, especially the US.
Mr. Ousainou Senghore, Chief Executive Officer (CEO) of The Gambia Investment and Export Promotion Agency (GIEPA), said the agency’s partnership with Wisconsin Trade and Investment Promotion (WATIP) is a step in the right direction.
He indicated that the initiative will enable the Agency to attract high-value investment from the United States of America ‘by attracting both Gambian Diaspora and United States investors to select Gambia as a preferred destination for their investments.’
He underscored government’s commitment to the country’s economic and infrastructure development. Adding the government is open to businesses and always partners with WATIP and the US embassy to facilitate US businesses’ exploration of investment opportunities in the Gambia.
Alagie Fadera, Director, Development Finance at the Central Bank of The Gambia explained the importance of the forum, which will create opportunities for Diaspora investment in the Gambia, noting the important role Diaspora play in the country’s development process.
He said remittance inflows in the Gambia are significant. ‘Over the years, they have increased and been enraged into the country to finance bankable investment projects that create job opportunities and some development challenges.’
Mr. Fadera further explained that remittances in 2018 stood at 278 million and has increased to 775.6 million over the years, providing many opportunities for Gambians and country residents.
According to him, one of the direct investment projects includes Sting Corner Abuk-Mandinaba By-Pass, which will be a toll road.
However, the dinner & Networking, build valuable connections and discover exciting business opportunities over a delightful dinner
