The Gambia: Open for Business
The Gambia is blessed with a long and glorious tradition
of trade. It is strategically situated at the African end
of the Atlantic Trade Triangle, a trade route dating back
into centuries between Africa, Europe and America. It is the
nearest harbour on the African continent to the two overseas
markets and its geographical features make it the natural
entrepot into Africa.
As early as the 16th century when Portuguese explorers -
then masters of international trade-first discovered the land,
its people and various attractions, they were apparently convinced
of its trade capabilities that they unanimously named it "El
Cambio"(the exchange). To the Portuguese, the land of
Cambio, which later became The Gambia, provided an excellent
access to the market hinterland and its features was just
the right mix for trade and commerce. About three centuries
later, it would be for the same strategic considerations that
British administrators would pay the French any price for
a control of the land. The purpose differed, but the reasons
were same.
The River Gambia, one of the world's most navigable, provided
easy and unhindered access into the hinterland of West Africa
at the time of Portuguese and British presence. Today, in
the face of globalisation, it is a cocktail of geographical
advantages, socio-political stability; a governance orientation
committed to free enterprise and liberal market principles.
Membership of major international and regional trade and economic
organisations and the hospitable reliability of Gambians that
dovetails perfectly into making The Gambia an excellent marketing
and investment springboard for the 270 million-strong West
African market.
But the battle for foreign investments is fierce, and The
Gambia is under no illusion that mere geography and political
serenity could win it an automatic edge. In consolidating
its trade and development potentials therefore, The Gambia
has initiated a constellation of policies designed to transform
it from an agrarian based economy into a modern, middle-income
service and export-oriented nation. Detailed in the Vision
2020 policy statement, the strategy is to invest the private
sector with the necessary requisites for development, attract
foreign capital, encourage technological transfer and gain
access to the international markets.
This is no simple goal for a poor nation like The Gambia.
But its approach is creating the most conducive and incentive-laden
corporate environment, which would self-cater for the demands
of increasing economic growth. That added to its geography
and socio-political quiet is The Gambia's recipe for a competitive
advantage. "We have the best incentives package in Africa",
remarks President Yahya Jammeh, The Gambia's young and dynamic
leader. At 35 years of age, six of which he has spent as leader
of his nation, Yahya Jammeh cuts the figure of one who understands
why his country must develop. "Our logic is to put ourselves
in a sub-regional and regional context and offer the best
incentives for foreign investors", he adds. For a country
with a least-developed status, per capital gross domestic
product (GDP) of a meagre $335 and a tiny resource base, the
journey to development would demand a lot of courage. President
Yahya Jammeh says The Gambia is ready and determined, "we
will do our best to develop this country".
When there is a will, they say, there is a way. That way,
for The Gambia, would have to be paved with a lot of foreign
investments.
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