The Gambia

1
The Gambia
2
Sandwiched
3
Gambia No Problem

• English speaking
• Peaceful environment
• Low crime under 1
• Low HIV/AIDS rate- under 2
• Religious tolerance
• Access to Ports
• Home of Alex Haley, Author of Roots-home to
  bi-annual Roots Festival

4
Market Overview

• Population 1.2 million
• Less than half the size of Maryland
• Per capita income (2007) 400
• GDP (2007) 709 million.
• Annual growth rate (2007) 6.5.

• Principal imports--345.7 million including food
  and beverages, manufactures, machinery and
  transport equipment, and minerals and fuel.
• Major suppliers--Denmark, United States, China,
  Germany, U.K., Cote d'Ivoire, and Netherlands.

5
Principal Imports

• Principal imports--345.7 million including food
  and beverages, manufactures, machinery and
  transport equipment, and minerals and fuel.
• Major suppliers--Denmark, United States, China,
  Germany, U.K., Cote d'Ivoire, and Netherlands.

6
Principal Exports

• Principal exports--14.5 million 43.33
  groundnut products, 25.18 fish and fish
  preparations, 2.43 cotton, 11.18 fruits and
  vegetables, 0.17 hides and skin, 6.191
  re-exports, and others 11.52.
• Major markets--France 48.85, Senegal 22.62,
  Netherlands 10.21, United States 7.02, Germany
  3.46, and Japan 3.05.

7
Bi-lateral Agreements

• The Gambia has bilateral investment agreements
  with Mauritania, Morocco, the Netherlands,
  Switzerland, and the United Kingdom however,
  only the agreement with Switzerland has come into
  force.
• The Gambia has no bilateral investment agreements
  with the US.

8
Agricultural Growth and Opportunity Act (AGOA)

• With the passage of the African Growth and
  Opportunity Act (AGOA), and the current
  negotiations for a United States-South African
  Customs Union Free Trade Agreement, there will be
  increased opportunities for American business
  looking to enter or expand their presence.

9
Enhanced Infrastructural Base

• There has been sustained improvement in basic
  infrastructure, including notably, expanded road
  network, airport facilities, and a
  telecommunication system which is one of the best
  in Africa.

10
Market Overview

• The Gambia has benefited from a peaceful
  political climate since its independence in 1965.
  The country's only non-violent coup d'etat
  occurred in July 1994 and was followed by a free
  and fair election.
• Since 1994 elections have been free and fair.
• U.S. Government lifted section 508 sanctions
  shortly thereafter in April 2002.

11
Market Overview

• The National Assembly passed the Investment
  Promotion and Free Zones bills in 2000,
  establishing the first-ever institution in The
  Gambia called The Gambia Investment Promotion and
  Free Zones Agency (GIPFZA). This Agency is
  responsible for coordination of all matters of
  investment promotion, and management of the Free
  Zones.

12
Corruption

• Corruption exists, and the government continues
  its efforts to combat it. The Criminal Code
  provides the legal platform for combating
  corruption

13
Currency Rates

• The Gambian currency, the dalasi, is generally
  stable against all currencies, including the
  dollar, the pound, the Euro and the CFA Franc.
• The country is planning to adopt the proposed
  common currency of the five-nation West African
  Monetary Zone (WAMZ), the ECO, which it plans to
  launch in the near future

14
Trade Sector

• The trading sector has a heavy presence of
  Lebanese, Mauritanian and Senegalese businesses.
• Almost non-existent US presence.

15
Market Challenges

• Corruption-The Gambia has signed and ratified the
  African Union Convention on Preventing and
  Combating Corruption and Related Offences, but
  has not ratified the UN Convention Against
  Corruption or the OECD Convention on Combating
  Bribery of Foreign Public Officials in
  International Business Transactions.
• Absence of mortgage banks
• High interest rates
• Presidential Seal
• Public image
• MCC

16
More Challenges

• Cultural traditions Greetings
• In Gambia the business concept of "time is money"
  is approached in a very relaxed and flexible
  manner.
• People do not rush through business negotiations.
  
• Punctuality is not always observed, as
  businessmen do not like to feel hurried and do
  not have the western sense of urgency.
• Religion Gambians pray 5 times a day

17
Market Opportunities

• The Gambia is an English speaking country
• Need for a major Airline-Runway built by NASA
• Seismic studies indicate the possible presence of
  oil and gas offshore. Drilling will begin soon.
• Cashews are becoming the number one export,
  replacing groundnuts.
• Completely untapped sectors telecommunications,
  infrastructure, medical equipment, food, packaging

18
How to Enter the Market?

• Develop a ready made plan to purchase aircraft-
  offering research and substance to balance
  Gambian lack of knowledge in this area.

• Expose Gambian companies to the US market.