Togo's President Faure Gnassingbé Speaks at Africa-Korea Summit

Economic governance

Wednesday, 05 June 2024 18:26

Togo's President Faure Gnassingbé Speaks at Africa-Korea Summit

(Togo First) - Faure Gnassingbé is in Seoul for the Africa-Korea Summit which started on June 4, 2024. On the opening day, the Togolese leader delivered a speech highlighting his country's commitment to economic openness and strategic development.

Gnassingbé emphasized the importance of outward-looking development, stating that Togo cannot "pretend to live isolated." He noted that his country's strategic positioning at the crossroads of West Africa makes it a major entry point, thanks to its deep-water port. "It was therefore natural for Togo to develop as a regional hub and open up to West Africa, a market of 400 million consumers undergoing rapid transformation," he said.

The Togolese president also emphasized the need for a business-friendly environment, citing legal certainty and fiscal stability as key measures to attract more players to the country. He highlighted the importance of public-private partnerships and other initiatives to promote openness.

Gnassingbé also touched on agriculture, which employs 65% of the population and accounts for 40% of GDP. He emphasized the development of agricultural development zones, agropoles, and ZAAPs, which have led to significant increases in agricultural yields. "The results of this voluntary state involvement are obvious. Agricultural yields have surged, tripling in just a few years. We need to build on these successes," he noted.

Gnassingbe then stressed the importance of reconciling "openness to the world and rootedness in our territories." He noted that economic growth and environmental concern are key priorities, as well as the accumulation of wealth and its equitable sharing.

During the summit, the leader of Korea, the host country, promised to double official development assistance to African countries, reaching $10 billion by 2030.

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.