Senegal Urges ECOWAS Countries to Boost Foreign Investment Attraction
ECOWAS Meeting Highlights Investment Promotion Strategies
Senegal has called on member states of the Economic Community of West African States (ECOWAS) to implement stronger measures to attract foreign investments. The recommendation came during the ECOWAS Common Investment Market (ECIM) Technical Committee Council meeting held in Abuja.
Key Investment Growth Areas Identified
Ms. Fama Fall from Senegal’s Directorate of Foreign Trade, Investment and Development presented the country’s successful investment strategies. She revealed that Senegal’s foreign direct investment grew from $2.58 billion in 2022 to $2.64 billion in 2023 following targeted policy reforms.
Strategic sectors with high investment potential include:
- Agriculture
- Information and Communication Technologies
- Construction
- Healthcare
- Tourism
- Oil and Gas
Diversifying Investment Sources
“France remains our biggest investor, but we’re seeing growing interest from other countries,” Fall explained. She noted increasing investments from China (peanuts and industrial products), Turkey (public works), and the United Arab Emirates (gold sector), along with Morocco, Indonesia, and the United States.
Senegal has established seven Special Economic Zones (SEZs), with three currently operational and four under development, to further attract international business.
Regional Economic Integration Focus
The Abuja meeting aimed to evaluate regional investment climates and promote cross-border investment strategies. Participants discussed policy decisions to stimulate both intra-ECOWAS and external investment flows, supporting economic integration across West Africa.
Related: Ghanaian President Urges ECOWAS Dialogue With Burkina Faso, Mali and Niger