123 European firms registered in Togo last year

Economic governance
Friday, 14 June 2019 13:34
123 European firms registered in Togo last year

(Togo First) - In 2018, 123 European firms were registered at Togo’s Business Formality Centre (CFE).

This is merely 6% of all firms registered by foreigners in the country over the period (1920 firms). While very marginal, this figure contrasts highly with the weight of European or European-owned businesses in Togo.

Indeed, in 2016, Total-Togo, subsidiary of the French oil and gas behemoth, was Togo’s second biggest tax payer with XOF22 billion paid to the Togolese Revenue Office (OTR) that year. Also, the firm paid the most to customs services, XOF19 billion, the same year. In 2017, another French-owned firm, Brasserie du Bénin, joined Total, becoming one of the country’s largest tax payers.

It should be noted that a European Chamber of Commerce of Togo (EUROCHAM-Togo) was just launched on the sidelines of the first Togo-EU economic forum in Lomé. The institution aims to boost relations between European firms and Togo. It is thus very likely that in the coming years, more European businesses and investors will flood to Togo, contributing even more to its economic growth.

Séna Akoda

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