The Gambia, Open for Business

The Gambia is blessed with a long and glorious tradition of trade. It is strategically situated at the African end of the Atlantic Trade Triangle, a trade route dating back into centuries between Africa, Europe and America. It is the nearest harbour on the African continent to the two overseas markets and its geographical features make it the natural entreport into Africa.

As early as the 16th century when Portuguese explorers - then masters of international trade-first discovered the land, its people and various attractions, they were apparently convinced of its trade capabilities that they unanimously named it "El Cambio"(the exchange). To the Portuguese, the land of Cambio, which later became The Gambia, provided an excellent access to the market hinterland and its features was just the right mix for trade and commerce. About three centuries later, it would be for the same strategic considerations that British administrators would pay the French any price for a control of the land. The purpose differed, but the reasons were same.

The River Gambia, one of the world's most navigable, provided easy and unhindered access into the hinterland of West Africa at the time of Portuguese and British presence. Today, in the face of globalisation, it is a cocktail of geographical advantages, socio-political stability; a governance orientation committed to free enterprise and liberal market principles. Membership of major international and regional trade and economic organisations and the hospitable reliability of Gambians that dovetails perfectly into making The Gambia an excellent marketing and investment springboard for the 270 million-strong West African market.

But the battle for foreign investments is fierce, and The Gambia is under no illusion that mere geography and political serenity could win it an automatic edge. In consolidating its trade and development potentials therefore, The Gambia has initiated a constellation of policies designed to transform it from an agrarian based economy into a modern, middle-income service and export-oriented nation. Detailed in the Vision 2020 policy statement, the strategy is to invest the private sector with the necessary requisites for development, attract foreign capital, encourage technological transfer and gain access to the international markets.

This is no simple goal for a poor nation like The Gambia. But its approach is creating the most conducive and incentive-laden corporate environment, which would self-cater for the demands of increasing economic growth. That added to its geography and socio-political quiet is The Gambia's recipe for a competitive advantage. "We have the best incentives package in Africa", remarks President Yahya Jammeh, The Gambia's young and dynamic leader. At 35 years of age, six of which he has spent as leader of his nation, Yahya Jammeh cuts the figure of one who understands why his country must develop. "Our logic is to put ourselves in a sub-regional and regional context and offer the best incentives for foreign investors", he adds. For a country with a least-developed status, per capital gross domestic product (GDP) of a meagre $335 and a tiny resource base, the journey to development would demand a lot of courage. President Yahya Jammeh says The Gambia is ready and determined, "we will do our best to develop this country".

When there is a will, they say, there is a way. That way, for The Gambia, would have to be paved with a lot of foreign investments.

Source: World Investment News.