A delegation of German businessmen is in Togo to prospect investment opportunities

Investments

Tuesday, 14 March 2023 03:16

A delegation of German businessmen is in Togo to prospect investment opportunities

(Togo First) - A delegation of German businessmen, from Bavaria, is on a prospecting tour in Togo. Led by the former Vice President of the Bundestag (German federal parliament), Johannes Singhammer, the delegation was at the ministry of investment promotion on March 9.

The Germans came to explore opportunities existing in Togo, among others. "We expect from the Togolese authorities guidance to see what opportunities to seize," the head of the delegation said.

Industry and agribusiness are the two main sectors targeted, but they are not the only ones.

"Our wish is that this is the beginning of a series of exchanges that will allow you to settle permanently in Togo," said Rose Mivedor, Togo’s minister of investment promotion. Togo, she stressed, is well located, has several partners, and is a gateway to a market of 320 million consumers.

The German delegation will spend many days prospecting the country.

Octave A. Bruce

REFORMS OVERVIEW

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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)

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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 .

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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)

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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)

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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.