Togo Launches New Strategy to Attract Investment in Five Cities

Investments

Monday, 04 November 2024 11:54

Togo Launches New Strategy to Attract Investment in Five Cities

(Togo First) - A new territorial marketing strategy was launched last week in five Togolese cities: Kara, Blitta, Atakpamé, Kpalimé, and Aného. The strategy aims to attract investment in these cities, picked as part of the pilot stage of a larger project. The marketing strategy was validated on October 31 during a workshop organized by the Ministry of Investment Promotion.

Developed through a participatory approach, the strategy highlights the unique features and economic potential of each city while proposing tailored development projects. Supported by GIZ through the Private Sector Competitiveness Enhancement Program (ProComp), which is co-funded by Germany and the European Union, the goal is to position Togo as a preferred destination for investors.

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“The importance of territorial marketing in the management and promotion of cities lies not only in attracting investment but also in strengthening their image among residents and visitors. We aim to create a framework that inspires confidence in investors and makes them want to get involved in the Togolese dynamic,” explained Yawo Sikpa, Managing Director of the Investment Promotion Agency and Free Zone (API-ZF).

The selected cities were chosen for their strategic positioning and advantages for attracting short-term investments. The focus will be on encouraging domestic and foreign investment in key sectors such as agriculture, tourism, industry, information and communication technologies, and financial services.

Togo attracted only CFA27.5 billion in private investment in 2023, with 80% coming from foreign direct investment (FDI), down compared to previous years. Lomé has been ramping up efforts to turn these tides. In Q1 2024, regional institutional platforms were launched to engage local communities and leverage competitive advantages. Additionally, an investor reception scheme was rolled out last August.

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.