By Fatou Dahaba
The Wisconsin-Africa Trade and Investment Promotion (WATIP) held a trade and investment summit in the Gambia on Thursday, January 16th, at Sir Dawda Jawara International Conference Center in Bijilo to empower connections and enable trade growth.
This unique gathering brings together entrepreneurs, policymakers, investors, and innovators to foster partnerships and explore trade, investment, and technological innovation opportunities between the United States, Africa, and Diaspora Africans.
The Trade Summit is a transformative event designed to explore trade, investment, and economic opportunities within and beyond the nation’s borders. The summit focuses on fostering sustainable partnerships, empowering local enterprises, and maximizing the potential of The Gambia’s resources.
The summit’s discussions are centered on encouraging and creating avenues for the diaspora to invest back home and possible opportunities for Gambian entrepreneurs to compete in international markets by exporting their products that meet standards and are well packaged, which can impact growth in the country’s economy.
This will also provide an opportunity to earn foreign exchange, which can strengthen the domestic economy. At the same time, businesses can benefit from export growth, leading to more sales and revenue.
Alagie Fadera from the Central Bank of The Gambia emphasizes the importance of the forum, which will create opportunities for diaspora investment in the Gambia, noting the important role diaspora play in the country’s development process.
He said remittance inflows in the Gambia are significant. ‘Over the years, they have increased and been enraged into the country to finance bankable investment projects that create job opportunities and some development challenges.’
Mr. Fadera further noted that remittances in 2018 stood at 278 million and have increased to 775.6 million over the years, providing many opportunities for Gambians and country residents.
According to him, one of the direct investment projects includes Sting Coner Abuk-Mandinaba By-Pass, which will be a toll road.
Mr. Ousainou Senghore, Chief Executive Officer of the Gambia Investment and Export Promotion Agency (GIEPA), said the agency’s partnership with Wisconsin Trade and Investment Promotion (WATIP) is a step in the right direction. ‘The initiative will enable the Agency to attract high-value investment from the United States of America by attracting both Gambian Diaspora and United States investors to select Gambia as a preferred destination for their investments.’
He assured the government of its continued commitment to the country’s economic and infrastructure development. He said the government is open to businesses and always partners with WATIP and the US embassy to facilitate US businesses’ exploration of investment opportunities in the Gambia.
Momodou Lamin Drammeh, the CEO of the American Chamber of Commerce, proposed to GIEPA a special investment package for the diaspora to encourage them to invest in the country. The package would give them a tax break and investment subsidy through grant support that can be repaid through legislation and low-interest loans for investors in the Gambia.
He said if there’s no simplified investment procedure, there should be a streamlined policy of reducing bureaucracy that discourages many potential diaspora investors. He added that if these avenues are created and GIEPA is there to support them, many investors can be attracted.
However, he also encourages Gambian entrepreneurs to improve quality packaging with proper labeling to meet international standards if they want their products to be allowed in global markets, especially the US.
Ngosong Fonkem, Partner at Amundsen Davis LLC, discussed the need for local products to meet US food safety standards and certification that would allow them to know where the product is being produced.
He said health and safety certificates must be available, and a packing list must be included so that customs officers know what is in the package. He stressed that perishable foods are not allowed in the US.
Mr. Eric Mahler, Deputy Head of Mission at the US Embassy, said good progress has been made in the bilateral relationship between the US and the Gambia. Gambia is now allowed to export textiles to the US, and the embassy is also helping the country construct its first food testing lab, which is essential to exporting Gambian food products.
He added that the Gambian diaspora has played a critical role in the country’s economy. “In 2024, remittances increased significantly and represented 30% of the GDP, highlighting the diaspora’s potential to drive economic growth and development. So, creating a platform to engage the diaspora community in investment opportunities is crucial in harnessing potential development’,” he said.
The summit includes panel discussions with various speakers, mainly entrepreneurs from Wisconsin and other states, who testified about their businesses and encouraged young entrepreneurs to explore internationally through innovation and creativity.
