The government has created particular priorities for
the following economic sectors considered having value-added
contribution, foreign exchange income & employment
expansion potentials for Gambia:
Agriculture
(15 sectors)
Banking
Energy
Financial
Fisheries
Food
& Drinks Processing
Forestry
Information
Technology
Livestock
Manufacturing
Mining
Oil
/ Petroleum
Telecommunications
Tourism
Transportation
Projects in the above business sectors & sub-sectors
are accorded incentives in the form of duty waivers
on capital equipment, materials, spare parts and raw
and / or semi-finished material inputs factors. Other
incentives include preferential distribution of land
to the development scheme, on-job training and technical
help, and identification of market opportunities for
projects in the export sector. Investments in maritime
shipping and air cargo services to enhance exports,
are also considered for the award of investment incentives.
Opportunities are available in all economic sectors
especially in fishing, tourism, manufacturing, and horticultural
sub-sector.
Horticultural Sector:
This sub-sector is a major economic activity in the
Gambia due to its large export market opportunities
favouring its production in the country. Plots can be
obtained from traditional customary land owners through
local government councils.
The expansion in cold storage and dry cargo facilities
at Banjul Airport compared with the demand in the export
markets gives an extra advantage to exporters. There
are considerable investment opportunities in the sub-sector
and the concept of centralised marketing that would
ensure maximising earning capacities of women and other
small-scale growers, would be considered favourably.
There are several large farm stakeholders with significant
interests in equipment and boreholes, looking for joint
ventures partnerships.
Agricultural Processing Industries:
There is little major investments in this area; however,
given the size of yearly imports of goods such as fruit
juice, chicken feed, roasted confectionery nuts and
dairy products, the sub-sector offers significant investment
opportunities. There is a need for establishing a fruit
juice processing industry to cater for the surplus on
exports of fresh tomatoes, mangoes, lemons, oranges
and other fruits. The production of tomato paste, hot
pepper sauce and processing of flour from wheat will
should significantly reduce the Gambia's annual import
requirements. In the same vein, creating a feed mill
should complement the livestock sector. These food commodities
have greater export potential to the West African sub-region
as well as satisfying local demand caused by the growth
of the country's tourism sector.
Fisheries Sector:
There are a number of enterprizes in this sector looking
for joint ventures and / or financing for expansion
and modernisation of their plant to meet rapid increases
in demand for Gambian fish products in the export markets.
Potential investors in the fisheries sector are accorded
development incentives and also assisted by identifying
export markets. There are only several businesses with
processing facilities of which only a couple are operating.
Livestock Sector:
Livestock production accounts for about 6% of the GDP
at current market prices (1991/92 preliminary estimates).
The sector's activities are limited to rearing of cattle,
pigs, small ruminants and poultry for the domestic market.
In the absence of organised livestock ranching to cater
for the demand for beef and milk products in the domestic
market as well as our growing tourism industry, the
sector offers opportunities for further investment.
Similarly, enterprizes engaged in chicken production
are limited by the high cost of imported feed stuffs,
resulting in unsatisfactory supply delivery to hotels
and the local consumer market.
Manufacturing Sector:
Manufacturing activities are limited to small and medium-sized
enterprizes producing mainly for the local domestic
market. There are large deposits of Kaolin discovered
in one of the provinces in the Upper River Region (URR),
Titaniferous beach sands, and salt which are currently
unexploited. The demand for sanitary fittings and quality
ceramic tiles are at the moment met through local imports.
Investment in a foundry that uses scrap metals for the
production of finished-iron and metal plates required
in the construction industry and small-scale repair
workshops, offers good opportunities. Similarly, light
pharmaceutical industry and engineering for manufacturing
and assembling of mechanical & and components for
domestic appliances and repair shops, are considered
to be potential areas of investment.
Because of The Gambia's strategic location and competitive
price costings, the manufacturing sector in the enjoys
export opportunities to the sub-regional markets.
Tourism:
The Tourism Sector continues to play a significant role
in the Gambia's economic development process. The sector
provides employment opportunities as well as enhances
foreign exchange earnings for the country. The number
of visitors to the country in 1991/92 was estimated
at 109,164 of which air chartered visitors accounted
for 60% of the total. The estimated average daily expenditure
for tourist for the period under review, was D300 and
gross earnings was estimated at D432.00 million. The
number of hotel beds was 5,070 for 22 hotels operating
during the same period of time.
The government is committed to a planned development
and expansion of the vacation sector to include cultural
and ecotourism in order to maximise the benefits from
tourism. In this regard, the growth of infrastructures
to designated tourism development areas including natural
forest parks, monuments of cultural significance, land
marks, are considered under the sector's development
strategy.
There are number of hotel development projects seeking
for joint venture and/or financing including, construction
of 5 Star hotels, restaurants and bars, and recreation
activities. However, the immediate investment priority
for the sector is in tour operations targeting the Middle-East,
United States and the EU. Investments in airline operations
linking the Gambia and the targeted destinations have
greater potentials and will give sustenance to the growth
and development of the tourism industry.
Services Sector:
The development of capital markets and growth of financial
middlemen to expand and facilitate access to credit
by investors in the productive sectors of the economy
will enhance the production capacity of these enterprizes
with the multiplier effects on the growth of the Gambian
economy.
Investment opportunities are available in sea and air
transport services which link the Gambia and the sub-region
to promote trade as well as allow supply sources of
raw material inputs for the services industry. Also
investment in the river transportation industry which
links, Banjul and the up-country areas will ease the
flow of goods and persons to the urban towns and cities.
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