Togo-EU forum : Organizers, private sector and EU delegation all satisfied with the event

Economic governance

Thursday, 20 June 2019 15:47

Togo-EU forum : Organizers, private sector and EU delegation all satisfied with the event

(Togo First) - More than 1,000 participants, and 141 bankable projects for which XOF852 billion were mobilized and six billion for the PND’s key projects. These are the highlights of the recent Togo-EU economic forum (FETUE) that took place in Lomé on June 13 and 14.

They were confirmed Wednesday at a press conference reviewing the event.

Besides investment promises, talks at the forum revolved around improving the business climate. “We all acknowledged that private sector is the driver of economic growth. And the private sector’s needs usually revolve around an attractive investment environment,” says Sanda Johnson, head of Togo’s business climate cell (CCA).

The official also referred to recent data released by UNCTAD revealing an increase of about 15% of FDIs to Togo. This performance is recorded in a context where in some African countries, the figure slumped by up to 45%.

“The seed is planted, and now the tree is sprouting; we must now hang unto it and get the most out of its fruits,” she concludes.

On another part, Kodjo Adedze, minister of trade and private sector, said the Togo-EU forum boosted Togo’s visibility and credibility as a safe destination for investment. The event, he lauded, “started as a trial was more than a masterpiece.”

Germain Mèba, president of the chamber of commerce and industry of Togo (CCIT) also praised the event declaring that “it is the first time we have experienced a sincere collaboration between the government and the private sector.” He added that the forum met all expectations and urged concerned parties to make sure they optimally leverage commitments made at the event.

FETUE, a starting point for the renewal of relations between Togo and the European Union

“More than a mere business meeting, the FETUE we believe marks the renewal of relations between Togo and the European Union,” says Bruna Hanse, Chargé d’Affaires of the EU delegation in Togo. “The FETUE was a great international showcase for Togo but this should not be the end. This event should be the beginning of a new partnership between Togo and the EU, one focused on investment support, bettering trade ties and creating more jobs,” Hanse added.

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.