Togo: 84% of Investments Approved in Q1 2023 Come from Mauritius and France

Investments

Wednesday, 14 June 2023 18:02

Togo: 84% of Investments Approved in Q1 2023 Come from Mauritius and France

(Togo First) - Togo greenlit four new investment projects in Q1 2023. According to a report recently released by Lomé, they are worth a total of CFA19 billion.

Three of the projects, valued at CFA18 billion, were approved under the investment code (CI). The last one was approved under Free-Trade Zone status. The projects, the report further indicates, are mainly focused on the sectors of wood/construction, agri-food, and asphalting.

Most of the funds going into these projects are Foreign direct investments (FDIs). Out of the 18 billion approved under the Investment Code, 15 billion comes from Mauritius, while the only project approved in the Free-trade Zone (CFA1 billion) is financed by France.

National Investments

As for national direct investments (NDI), they amount to CFA3 billion, or 16% of the approved projects’ value.

In 2022, the Project Investment Approval Committee approved a total of 36 projects, including 18 under the investment code (CI) and 18 under the free-trade zone status, for a total provisional amount of 150.2 billion FCFA. Among these projects, 24 were backed by foreign direct investments (FDI). The latter contributed 83% of the total value of approved projects last year. The agri-food/agro-industry sector attracted 67% of all FDI.

Ayi Renaud Dossavi

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 .

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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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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)

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