Togo: New Industrial Investments at CFA196 Billion at End-September 2024

Investments

Thursday, 12 December 2024 14:56

Togo: New Industrial Investments at CFA196 Billion at End-September 2024

(Togo First) - Togo reported new investments totaling CFA196.29 billion at the end of September 2024. According to official sources, the amount was generated by 31 new companies, comprising 19 registered under the investment code regime and 12 operating within free zones.

A Significant Distribution of Investments

The breakdown of these investments reveals that a substantial 81% (CFA159 billion) was allocated under the investment code, while activities in free zones accounted for the remaining 19% (CFA37 billion). These investments are projected to create approximately 3,700 jobs, with nearly one-third of these positions located in free zones.

Key Target Sectors

Among the sectors attracting investment under the investment code, agri-food leads with 38% of the financing, followed by industrial plastics processing at 27%, livestock farming at 16%, motorized machinery assembly at 11%, and construction equipment at 8%. In the free trade zone, agro-industrial processing dominates at 28%, with plastics processing at 19% and garment manufacturing at 17%. Other sectors such as paper production, energy, and medical or IT equipment assembling account for 9%, each.

Foreign Investment Dynamics

Foreign capital plays a crucial role in Togo's investment landscape, particularly within the free zone, where 66% of companies are owned by investors from India, Lebanon, and China. Under the investment code regime, foreign ownership stands at 52%, including significant participation from French and Beninese partners.

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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.