My Colleague Honourable Ministers and Members of Parliament across OIC Member Countries;
Designated Members of the Diplomatic and Councillor Corps;
Formidable investors across OIC Members countries from both the Public and Private Sector;
Distinguished all Senior Government Officials of all OIC Members states here present, the Media and members of the General Public;
As-Salam Aliekum!
- It is with great privilege and honor that I stand before you today in a prelude event to the 15th Organization of Islamic Cooperation (OIC) Heads of States and Government Summit. I am well informed that this ICDT Invest days we refer to as “OIC Banjul Investment Forum” is third of its kind and one of the key events to the summit.
- As we gather to deliberate on matters critical to the prosperity and progress of our member nations, I am profoundly honored to present to you the unparalleled investment opportunities that await discerning investors in The Gambia – The Smiling Coast of Africa.
- At the forefront of The Gambia's economic agenda lies a steadfast government commitment to fostering an environment conducive to trade development. This cannot be achieved in the absence of investment in key productive sectors that generate goods and services. Recognizing the pivotal role that private sector engagement plays in driving economic growth and job creation, our government has implemented a comprehensive policy and strategy framework aimed at facilitating investment, stimulating export growth, and nurturing a dynamic and resilient business ecosystem. My Ministry has a well-directed national investment, employment, and other relevant policies that will guide and protect your investments in The Gambia.
- Central to our investment promotion efforts is the unwavering commitment to provide investors with a conducive and investor-friendly environment. Through targeted policy interventions and regulatory reforms, we have streamlined bureaucratic processes, reduced red tape, and enhanced transparency to instill confidence and attract investment across diverse sectors in an emerging democratic society anchored on a capitalist economic model.
- Furthermore, our government has enacted a robust suite of investment incentives designed to incentivize both domestic and foreign investors to establish and expand their presence in The Gambia. These incentives and initiatives include but are not limited to:
- Special Investment Certificate (SIC): an instrument carefully issued by the Gambia government through a committee comprising of relevant state actors including Ministries, Departments and Agencies. The certificate limits the bureaucratic red tape, stimulate investment, encourage capital infusion, and fast track the process of facilitating investment through provision of tax incentives and duty waivers on imported machinery, equipment, and raw materials, thereby reducing the cost of doing business and enhancing competitiveness.
- Land for Investment: we provide land for development offering preferential access to prime land parcels for investment projects. This facilitates ease of establishment and expansion for investors across various sectors.
- Expatriate Capital Incentives: In recognition of the valuable expertise and capital infusion that expatriate investors bring, we offer attractive incentives and facilitation measures to facilitate the entry and retention of expatriate capital, fostering a conducive environment for foreign direct investment.
- One-Stop Shop Investment Approach: We are working tirelessly to have a one-stop center for investment domiciled at GiEPA to ease the turn around time for investors. As the process continues, GiEPA will still perform its role as a facilitation Agency for all your commitment to invest in key sectors of both government and the private sector. Joint Ventures, Public-Private Partnerships (PPPs), Build-Operate Transfer, Special Purpose Vehicles models are all welcome to transform our country in need of support to thrive as a member of the OIC.
- GiEPA 2015 Act Review: The GiEPA act is under review and currently on hold to incorporate some of the likely concerns to emerge from investors be considered by government. This shows how committed we are to encouraging investment in the Smiling coast and we hope you will make best use of this provided opportunity to ensuring your investments is firm protected in line with GiEPA mandate to facilitating and guaranteeing your investments.
6. Your Excellency, Excellences, distinguished delegates, ladies and gentlemen. Moreover, in alignment with our commitment to export-led growth and economic diversification, The Gambia has formulated a comprehensive National Export Strategy aimed at driving the development of trade and maximizing the value of our export potential.
Through targeted interventions and sector-specific initiatives, we seek to capitalize on our comparative advantages and harness the full potential of six identified priority export sectors, including but not limited to agriculture, manufacturing, tourism, Fisheries and services.
7. Crucially, our National Export Strategy encompasses a multifaceted approach encompassing market diversification, product innovation, trade facilitation, and capacity building to enhance the competitiveness of Gambian products and facilitate access to international markets.
8. In conclusion, Your Excellencies, I reiterate The Gambia's unwavering commitment to fostering mutually beneficial economic relations with our esteemed OIC member countries. As we embark on this collective journey towards prosperity and sustainable development among member states, I extend a sincere invitation to investors and stakeholders alike to capitalize on the boundless opportunities that await you in The Gambia.
9. As I welcome you to the Smiling coast of Africa, we remain grateful for this forum and further appeal for ICDT to continue the partnership of working with GiEPA to ensuring the Gambia’s strategic mission of economic development through leadership of His Excellency – President Adama Barrow is realized. Small as we may be, with your support, The Gambia can serve as a catalyst point in facilitating trade, services and investment across the 57 OIC member countries. I thank you for your undivided attention.
