By Kebba Jeffang
Gambian president Adama Barrow, has said the country is ready for business and call on international investors in Brussels, to explore the West African nation, a statement from the presidency stated.
Barrow was speaking at the International Business Forum in Belgium on Wednesday May 23rd, as part of the International Donor Conference on The Gambia. Mr. Barrow urged investors to take advantage of the limitless business and investment opportunities in the country.
‘‘The GIEPA Act and Investment Policy provide adequate investment guarantee to investors. The Gambia is a member of several multilateral organizations that protect and safeguard international investment, such as the Multilateral Investment Guarantee Agency and the International Centre for the Settlement of International Disputes,’’ the President said. Barrow said his Government has gone far in addressing the inherited financial and economic management challenges that eroded investor confidence and seriously limited private sector investment and foreign direct investment inflow, into The Gambia. “The regulatory environment has been reviewed to further enhance the already favorable investment environment that exists in The Gambia. The Public Procurement Act, the Gambia Investment and Export Promotion Agency, GIEPA Act and the Income and Value Added Tax, have been amended,” he said.
The president stressed that the private sector is a cardinal ally in his development agenda as his Government considers them as the engine of growth; that strategies have been developed and aligned with the National Development Plan (NDP), to encourage the development of the private sector through entrepreneurship, trade and industry.
“Recently, my government has launched the National Business Council to serve as the platform for continuous engagement with the private sector,’’ he said.
Barrow informed that the financial management reforms being spearheaded by his Government are paying dividend; that the interest rates have started going down, while lending to the private sector is significantly improving.
The European Union announced on Tuesday May 22nd, that it will mobilize the amount of 1.45 billion Euros, to help The Gambia implement its National Development Plan.