The government has created particular priorities for the following
economic sectors
considered having value-added contribution, foreign exchange income &
employment expansion potentials for Gambia:
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.
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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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