UAE trade delegation learn about investment opportunities in Senegal

The event organized at King Fahd Conference Complex in Le Meridien Dakar Hotel in Senegal, aimed to introduce the UAE delegation to the investment opportunities and economic positions in Senegal and the incentives offered to attract investors.

Mr. Aminata Niyani, Director General of APIX authority that works on promoting investment and projects in Senegal, opened the business seminar and road show in Senegal with a speech in which he stressed the importance of the infrastructure projects carried out in Senegal playing a key role in speeding up the economic growth in Senegal. He said that the most growing sectors include agriculture, tourism, information and communication technology, textiles and ready-made garments. He pointed out that Senegal's economy recorded 7 to 8% rate of growth this year, as it preserved a high rate of growth last year despite the oil price hike.

Mr. Niyani added that Senegal's market caters for more than 70 million consumers who form the economic federation of West African countries including Mali, Ivory Coast, Burkina Faso, Togo, Benin and Senegal. He noted that the commodities produced in Senegal entered the markets of these countries free of customs, treated as national products.

Mr. Ateeq Juma Naseeb, Director of Business Development Department in the Dubai Chamber of Commerce and Industry (DCCI), said that the trade between the UAE and Senegal has dramatically increased during the past few years stating that the non-oil trade volume between the two countries increased from AED 52 million in 2003 to AED 110 million in 2004.

"The huge leaps in the volumes of trade revealed the size of economic investment opportunities available in both countries," said Ateeq adding that the DCCI aims to enhance cooperation and communication between the business communities in both countries during the visit to Senegal.

Mr. Sultan Majid Lootah, Acting Director of Business Promotion Department in the DCCI, said that the delegation of the DCCI is looking for establishing trade relations and join ventures with the businessmen in Senegal, adding that the meeting reflects the goal of his department in promoting businesses abroad and supporting the DCCI's members to enter foreign markets through creating new channels of communication and cooperation between both countries.

The UAE trade delegation to Senegal included 70 businessmen and representatives of different government and private economic establishments. The seminar held in Senegal included a presentation about the activities and services provided by the DCCI to its members. Another presentation was also conducted in the seminar about the investment opportunities in Senegal and type of facilities the Senegalese government provides to individual investors and companies.

Mr. Mamadou Mansour Ly, Economical Adviser at the Embassy of Senegal in the UAE, said that the bilateral meetings held between the members of the UAE trade delegation and their counterparts from the Senegalese businessmen and businesswomen discussed the possibility of setting up joint ventures or granting commercial distribution agencies in the local markets of West Africa region.

He talked about the giant projects that help support the Senegalese infrastructure such as constructing highways, a new international airport and an equipped business center, in addition to a large number of hotels and tourist resorts and Corniche development project along the Senegalese coasts. These projects offer various significant opportunities for investors that could help upgrade the facilities of the capital city, Dakar, for the next few years.

Mr. Ly pointed out that launching direct flights between Dakar and Dubai would help support the trade ties and increase the bilateral trade volumes, as well as facilitating the movement of businessmen and tourists between the two countries. He noted that these bilateral meetings between the businessmen from the UAE and Senegal help establishing new joint ventures and stimulating the private sector to play a greater role in enhancing the bilateral relations.

On the other hand, His Excellency Al Haji Alio Mahama, Vice President of Ghana, visited the UAE Trade Fair in Ghana and arranged a business dinner on the honor of the businessmen participating in the UAE Trade Fair in Ghana. The dinner was attended by His Excellency Alan Kyeremanteng, Ghanaian Minister of Trade and Industrym, and other executive officers and managers of leading private sector companies in Ghana, as well as top officials from the government promotional centers of investment and trade in Ghana.

The Vice President of Ghana visited the joint stand of the DCCI with the Department of Tourism and Commerce Marketing. He addressed the media people visiting the fair stating that establishing joint trade and industrial ventures in Ghana are expected to take place after the exhibition. He noted that Ghana has prepared promotional and marketing plans focusing on the role played by Ghana as a gate to the African markets. He also stressed his government's support to the small and medium-sized enterprises adding that the government has established a special ministry to develop private sector.

His Excellency Jake Optespi Lambti, Ghanaian Minister of Tourism and Capital Development, and other government officials from the Ghanaian ports authority, customs, communications, immigration and other investment and tourism promotional centers have visited the UAE Trade Fair in Ghana.

Mr. Naseeb, Director of Business Development Department in the DCCI, said that the non-oil bilateral trade volume between Dubai and Ghana has doubled 12 times during the last four years surging from AED 22 million (US Dollar 6 million) in 2000 to AED 266.8 million (US Dollar 72.6 million) in 2004.

The participants of the exhibition expressed their satisfaction with the organization of the fair and its positive results in having received a large number of applications for purchasing goods and others for getting commercial agencies, adding that they would take part in the exhibitions to be organized by the DCCI in the future.

Mr. Radwan Halabi, Director of Exports in Nafco Company specialized in fire control, said that his company signed a deal with Senegalese businessmen estimated at US Dollar 180,000. He hoped his company would report better sales through its distributors in Ghana.

Mr. Mohammed Tafasouli, Vice Chairman of Mammut Group, said that his company also succeeded in signing a big deal during the exhibition with a total value of AED 10 million with one of the major Senegalese companies.