Cooperation: Togolese Top Officials meet with Commonwealth Enterprise and Investment Council

Economic governance

Thursday, 25 April 2024 16:36

Cooperation: Togolese Top Officials meet with Commonwealth Enterprise and Investment Council

(Togo First) - A meeting occurred on Wednesday, April 24, between the Togolese government and a delegation from the Commonwealth Enterprise and Investment Council (CWEIC), led by its Vice President. The primary aim was to explore cooperation opportunities between Togo and the Commonwealth.

Guided by Togolese Prime Minister Victoire Tomegah-Dogbe, the session facilitated idea exchange and strategy development, focusing on investment prospects in vital sectors like health, energy, tourism, sanitation, and digital. The potential organization of an investment forum in the future was also discussed.

"We received a delegation from the Commonwealth today. We discussed Togo's investment opportunities in health, energy, tourism, sanitation, and digital. And we also explored the possibility of holding an investment forum in the future with the Commonwealth," said Manuella Santos, Togo's Minister of Investment Promotion, on the sidelines of the discussions. "These exchanges were really satisfactory," she added.

Lord Swire, Vice President of the Commonwealth Enterprise and Investment Council, echoed the sentiment, describing the initial meeting with the Togolese executive as productive.

The CWEIC, a non-profit organization endorsed by Commonwealth heads of government, is tasked with promoting trade and investment among the 56 member nations. With around 140 strategic partners from business and government sectors across 35 countries and territories, including major banks, the CWEIC network aims to facilitate economic collaboration within the Commonwealth.

Togo officially joined the Commonwealth, a group historically comprising former British colonies, in June 2022 in Kigali, Rwanda.

Ayi Renaud Dossavi

REFORMS OVERVIEW

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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)

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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 .

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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)

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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.