| The Gambia is an investment haven. This potential and promise is predicated upon sound and consistent macroeconomic polices, constitutional guarantees against expropriation of investment and for protection of investment|
The Gambia has an investment policy, which is premised on six important pillars/premises. These pillars essentially include:
A national resolve and commitment to transform The Gambia into a middle income country by the year 2020
The Priority Areas of Investment in The GambiaAlthough foreign and domestic investment is encouraged in virtually all the sectors of the Gambian economy, the Government is giving the highest priority to, and is especially keen about increased flow of investment into the following areas:
No restrictionsNotwithstanding Government's wishes in influencing location of investment, the investment and other Government policies do not have any restrictions on the range of business activities in which investors may engage. The government is maintaining its open-door non-discriminatory policy of ensuing that no foreign investor is subject to restrictions that are not applicable to domestic investors and vice versa. The policy also seeks to encourage equity participation of foreign investors as a means of enhancing the spread and transfer of technology, technical, managerial and entrepreneurial skills.
There are legal guarantees and protections too���Within the broad legal framework, the Government assures investors security of title and guarantees that investment in the country will not be expropriated. There is also a statutory guarantee for contract enforcement, recourse to legal systems for redress and binding arbitration conclusions. These are all part of a well-established legal system whose independence and integrity continue to be guaranteed by the national Constitution.
There are incentives and concessions for which investors can be eligible ���..
The Government of the Gambia accords investors certain incentives and concessions. To be eligible for these an investor has to fall under the special investment category . To be classified in the special investment category an investor has to fulfill three eligibility criteria. Firstly, the investment must be organised as a company or a partnership under the laws of The Gambia. Secondly, value of tangible capital has to reach a minimum of US$100 000 or its local/freely convertible currency equivalent. Thirdly, the investment must be in the list of highly prioritised sectors (already noted above). Upon meeting these criteria, an investor will be issued a certificate of Special Investment by the Secretary of State for Trade, Industry and Employment for a period of three years. The implementation of the concessions and incentive package under the special investment shall be monitored to ensure compliance with the rights and obligations of special investment.
Incentives awarded to investors in the special category include:
The Trade Policy for The Gambia: Proposal Towards a New Trade Regime
The Gambia has an open-door, liberal trade policy. The country is seeking an export led growth through value added productivity and, to that end, the government is committed to elimination of tariff and non tariff barriers. There are no quantitative restrictions on imports and tariffs have been reviewed and lowered. Consequent upon this review a tariff rationalisation has been effected and includes tariff reduction to a maximum of 18% and the reduction of tariff bands to four (4) economic groupings. Tariff levels in The Gambia will be subject to further review in order to ensure that The Gambia remains competitive.
Tariff Regime in The GambiaThe tariff regime of The Gambia is based on the Harmonized System (HS). Only eight (8) of the tariff lines are specific, whiles the rest are all ad-valorem rates. Most rates are below 30%,and only 0.5% of all the lines have a rate which exceed 40%.
The current tariff rates range from 0% (duty free) for some capital equipment, raw materials and goods imported by the government, to 90% on luxury goods. There are 31 rates in the HS-tariff schedule. There still exists much scope for refining certain areas of the tariff regime in order to evolve a more competitive schedule towards improved and liberal trade development in The Gambia.
For details on available trade information, and all inquiries, please contact: