The bill, tabled by the Minister for Trade, Industry, Regional Integration and Employment, Mod K. Ceesay, stated the amendment is the creation of a modern, coherent and development-oriented integrated investment framework designed to attract, retain and expand responsible and sustainable investment in The Gambia.
Minister Ceesay said the reforms seek to align the country’s investment regime with national and regional priorities, including the African Continental Free Trade Area protocol on investment and other international best practices.
The bill, he added, will also promotes sustainable development by integrating socio-economic and environmental considerations into investment regulation.
‘‘It also strengthens key institutions such as the Gambia Investment and Export Promotion Agency, the Gambia Competition and Consumer Protection Commission and the Gambia Standards Bureau to ensure effective implementation, monitoring and enforcement of policy.’’
He indicated that the Amendment further seeks to balance investor rights with the policy space of the state, incorporating corporate social responsibility principles while ensuring that international investment agreements support national sustainable development objectives.
‘‘It addresses systemic gaps, overlaps and inconsistencies in the current regime and harmonises provisions with related policies in trade, industry, agriculture, labour, entrepreneurship, financial services and climate change.’’
Seconding the motion, Hon Suwaibou Touray, member for Wulli East, emphasised that trade creates wealth but investment promotion serves as the first point of contact for investors by providing information, procedures and networking opportunities.
He called for a stronger focus on export promotion, noting that the country remains heavily reliant on imports.
The Wuli East lawmaker urged support for local entrepreneurs through value addition, training and incentives, warning that without capital and encouragement many youth-led initiatives struggle to survive.
During the debate, member for Latrikunda Sabiji, Hon Yahya Sanyang raised concerns over the administration of Special Investment Certificates under the 2015 Act, pointing to broad provisions and limited accountability that resulted in revenue losses. The proposed amendment, they said, would bring greater clarity and transparency.
Several lawmakers congratulated the minister on his appointment and described the Bill as timely, progressive and essential to positioning The Gambia as a competitive, resilient and sustainable investment destination in line with Vision 2035, the National Development Plan and Agenda 2063.
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