Togo: Chinese and South Korean companies invested over CFA64 billion in the free-trade area (end 2022)

Investments

Friday, 22 December 2023 12:48

Togo: Chinese and South Korean companies invested over CFA64 billion in the free-trade area (end 2022)

(Togo First) - Chinese and Korean companies active in Togo’s free-trade area weighed about CFA64 billion at the end of 2022. The evaluation was made by the Investment Promotion Agency and Free Zone (API-ZF) and relayed by the Minister of Investment Promotion, Manuella Santos, on December 21, 2022, in Lomé. Alongside the figure, Santos reported that the Asian firms created over 3,000 local jobs. She spoke during an Investors' Breakfast held yesterday, at the 2 Février Hotel.

"As of December 31, 2022, your companies, in the free-trade zone alone, were estimated to have invested nearly CFA64 billion and created 3,036 jobs for local workers, according to the agency's international statistics," Minister Santos told the businesses. She took the opportunity to present them with investment opportunities available in Togo, as well as take stock of their concerns and requests.

"We invite you to get involved in the implementation of our economic policy presented in the Togo 2025 roadmap," added Manuella Santos.

Some of the companies that attended the meeting included Leopard Moto Sarl (which sells bikes), Amina Togo Sarl, West Africa Battery (which makes batteries for bikes and cars), YSO Daily Products Manufacturing Sarl; Sofina Sarl (they make nylon thread, fishing nets, spool thread, nylon thread, packages, ropes), and China Sinomach-Hi West Africa.

The businesses present expressed their satisfaction with Togo’s investment climate but underscored a few challenges, such as access to land, and bottlenecks at the customs level.

A few days before meeting with the Korean and Chinese firms, Minister Santos had met with an Indian delegation in the same framework.

Ayi Renaud Dossavi

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