Wisconsin-Africa Trade and Investment Promotion (WATIP) has held a landmark diaspora trade and investment summit in Banjul that may bring about more establishments and development in The Gambia.
The summit, held on 16 January at the Sir Dawda Kairaba Jawara International Conference Centre (SDKJ) in Bijilo, 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 had thought-provoking discussions on international finance, trade, and strategies for small- and medium-sized businesses to thrive globally.
In his remarks on the occasion, Momodou Lamin Drammeh, the Chief Executive Officer of the American Chamber of Commerce in The Gambia, called on the Gambia Investment and Export Promotion Agency (GIEPA) to allot a special investment package for people in the diaspora to encourage them to invest in the country.
The package could give investors in The Gambia a tax break, investment subsidy through grant support, and low-interest loans.
If there’s no simplified investment procedure, he suggested there should be a streamlined policy of reducing bureaucracy that discourages many potential diaspora investors.
“If these avenues are created and GIEPA is there to support them, many investors can be attracted,” he affirmed.
He also encouraged Gambian entrepreneurs to improve quality packaging with proper labeling to meet international standards if they want their products to be allowed or appreciated in the global market, especially in the US.
GIEPA Chief Executive Officer Ousainou Senghore said the agency’s partnership with Wisconsin Trade and Investment Promotion “is a step in the right direction”.
The initiative will enable the Agency to attract high-value investment from the United States of America by encouraging both Gambian diaspora and United States investors to select Gambia as a preferred destination for investment.
He underscored government’s commitment to the country’s economic and infrastructure development, saying “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, the Director of Development Finance at the Central Bank of The Gambia, explained the importance of the forum, saying such initiatives would create opportunities for more diaspora investment in The Gambia.
Appreciating the important role the diaspora play in the country’s development process, he said remittance inflows into the Gambia are significant. “Over the years, they have increased,” he added, saying people in the diaspora are also encouraged to the country to finance bankable investment projects that can create job opportunities and alleviate some development challenges.
From D278 million in 2018, remittances have increased to D775.6 million over the years, providing many opportunities for Gambians and country residents. One of such investment projects is Sting Corner – Abuko-Mandinaba By-Pass, which will be a toll road, he cited.
