sign in sign up
<<
Home , Dakar, Dakar Region, Foreign trade of Benin, Gabon, Mozambique, OHADA

Invest in A competitive investment destination in West March 2017 Proposal title goes here | Section title goes here

“Senegal offers astable political environment, a favourable geographic position and strong institutions with growing opportunities for foreign investment. “

03 Invest in Senegal | Table of contents

Table of contents

Executive summary 2 Country overview 4 Senegal’s economy 5 Business environment 12 Investment opportunities 18 Challenges and risks 22 References 23 Contacts 24 Invest in Senegal | Executive summary

Executive summary

Senegal offers a stable political According to the 2016 Bank Doing Recent findings of oil and gas could see environment, a favourable geographic Business report, the country is one of Senegal’s energy sector enter a new position and strong institutions with the world’s top business reformers and and impact the structure of Senegal’s growing opportunities for foreign among the top ten business environment economy. Recoverable reserves of oil are investment. The Government of Senegal improvers for two consecutive years. estimated between 350 and 500 million welcomes foreign investment and has barrels. This corresponds to more than prioritised efforts to improve the business Senegal is also actively involved in 65 000 barrels of oil per day. Gas reserves climate in what is one of Africa’s fastest- several international investment-related are estimated at about 590 billion cubic growing economies. organisations, and is a member of the meters. African Intellectual Property Organization With a GDP growth rate of 6.6% in 2016, (OAPI), the International Centre for the Despite its laudable economic performance Senegal is classified among the top three Settlement of Investment Disputes (ICSID) over the past two recent years, some fastest-growing economies in Africa, behind and the Multilateral Investment Guarantee improvements are required to strengthen Côte d’Ivoire and . With a low Agency (MIGA). In addition, Senegal the achievement of a sustainable and rapid inflation rate of only 1% in 2016, Senegal’s created an investment arbitration centre in growth path. Senegal still experiences monetary policy mirrors the objectives 1998, which is administered by the a notable infrastructure gap, and rural of economic stability and growth. Since Chamber of Commerce. The country has communities have little access to socio- 2004, its regional currency, the CFA , bilateral investment treaties with , economic facilities (water, transport, energy has been stable at a peg of 655.96 CFA , , , , , and economic services) with wide regional franc per . According to International the , , , disparities. Also, the country has one of Monetary Fund (IMF) estimations, a , and the US. Senegal has the highest electricity production costs in stronger and sustainable annual growth also concluded treaties with France, sub-Saharan Africa (SSA): about US$0.30 rate is anticipated up until 2021, estimated and the French-speaking African per kWh. In addition, the sector, to be 7-8%. This is underpinned by exports, states of the ‘Organisation Commune which employs 60% of the , as well as foreign and local investments. Africaine et Malgache’ (Joint Afro-Malagasy still depends on rain-fed crops, which are Organization). vulnerable to adverse weather conditions. Senegal has also put in place a series of economic reforms as part of the Emerging As part of Senegal’s regulatory framework, Senegal Plan (ESP) adopted in 2014 to an investment incentive regime is in accelerate progress towards becoming an place that aims to improve the business emerging economy by 2035. The ESP aims environment and gives support to private to promote fiscal consolidation, increasing and foreign investments. The basic public savings to support higher public guarantees that the code assures is the investment in human capital and public protection against nationalisation, a stable infrastructure; and envisages structural currency, free repatriation of profits and reforms to attract foreign direct investment funds, and equal treatment between local (FDI), boost private investment and drive and foreign entities with access to raw export diversification. It focuses on four materials, customs and tax incentives. key sectors to unlock inclusive growth, including energy, agriculture and land, ICT Tax incentives include a three-year and transport. exemption on customs duty for capital goods imports and VAT exemption on The government is focusing on production and purchase of local products infrastructure projects to reduce and services. transaction costs, setting up the country to become a regional business hub for logistics, services and industry.

2 Proposal title goes here | Section title goes here

3 Invest in Senegal | Country overview

Country overview Senegal is located in and has a national of 196 722 km2. The country enjoys a favourable geographic location, with a major seaport and easy access to European and North American markets.

Bordered by in the north, Mali to the east, to Senegal has the fourth largest economy in the West African sub- the southeast, and Guinea- to the southwest, Senegal also region after , and Côte d’Ivoire. The country is the shares borders with and a maritime border with second largest economy in Francophone West Africa behind Côte Verde. d’Ivoire, with an average growth rate of 5.4% in the five past years. It is an open economy with major trade flows with Europe and Senegal has maintained a stable macroeconomic environment . Its main economic partners are France, India, Italy, in recent years. The country is a member of the West African and the US. Economic Monetary Union (WAEMU), an eight country1 customs and in which all members use the CFA franc (CFAF). Senegal has several trade agreements and benefits from The economic union has a market of 112 million consumers.2 It is preferential market access, including bilateral agreements with based on the free movement of persons and goods, a common several large economies (in particular China and the US). The trade policy with a common external (CET), and a regional country is also signatory to the Agreement, which financial market with a regional securities stock market (the provides (reciprocal) duty-free access to EU markets for African, Regional Securities Exchange in West Africa or BRVM). and Pacific (ACP) country exports.

The banking sector of WAEMU member countries is regulated by Senegal’s mostly young population is estimated at 15.3 million the Central Bank of West African States (BCEAO) which maintains in 2016.5 23% of the population lives in the greater a fixed exchange rate of the CFA franc with the euro. Senegal is (which makes up 0.3% of the territory), and 40% lives in other also a member of the Economic Community of West African States urban zones. People under the age of 24 represent more than (ECOWAS) made up of 15 countries3 and approximately 360 million 60% of the population. inhabitants, 4 promotes economic integration and regional peace and stability.

1. Besides Senegal, WAEMU also includes , , Cote d’Ivoire, Guinea Bissau, Mali, and . 4. , 2016 2. http://www.uemoa.int 5. World Bank, 2016 4 3. ECOWAS includes the eight countries of WAEMU plus , the Gambia, Ghana, Guinea, , and . Invest in Senegal | Senegal’s economy

Senegal’s economy

“Senegal was one of the first African countries to introduce a multiparty system, with the government recognising opposition parties since 1974.”

In the energy sector, the state-owned Snapshot of the past This reform coincided with the devaluation electricity company, Senelec, operates Political and institutional context of Senegal’s currency, the CFA franc, which transmission and distribution networks Similar to most African countries, Senegal was pegged to the former French franc at while the government has encouraged gained independence in 1960. The country a fixed rate. After the shock, prices initially private participation in electricity is one of the most stable countries in soared and the national inflation rate hit generation under power-purchase Africa and has considerably strengthened 32%; but with time the devaluation and agreements. In the telecommunication its democratic institutions since reform programme began to pay dividends. sector, the government privatised the independence. Thanks to the reforms, Senegal enjoyed national telecommunication company, a GDP growth rate of around 5% per year Sonatel, in 1997, when France Telecom Senegal was one of the first African over the 1995-2000 period and inflation purchased 42% of Sonatel’s capital. countries to introduce a multi-party stabilised. system, with the government recognising The government is still involved in opposition parties since 1974. There was Privatisation in the 1990s and infrastructure projects but has been no change of power until March 2000 During the 1990s, the government of granted a private concession for container when Senegalese citizens exerted their Senegal privatised companies involved ports. It also resorted to a public-private political might and ushered in a new era of in the airline, water, finance, real estate partnership (PPP) to complete a toll road the country’s political history. Since 2000 and telecommunications sectors with no connecting the Dakar peninsula with Senegal has had two peaceful political restriction on the participation of foreign interior roads. transitions. Today the country is firmly investors. Several state-owned firms entrenched in multi-party rule and counts privatised in the 1990s were sold in part or around 250 political parties. in full to foreign entities.

Economic context (before 2000)

The objective of macroeconomic Figure 1. Senegal’s macroeconomic instability (%), 1980-2000 stability The 1980s and early 1990s were 40 characterised by volatile and unsustainable GDP growth (annual %) Inflation, consumer prices (annual %) 10 30 economic growth rates. Growth fluctuated with international raw-materials prices 5 20 % %

(both in imports and exports). In the 1990s % % 0 10 the low level of GDP growth was linked to a -5 0 lack of investment and various imbalances, especially in terms of debt management -10 -10 and inflation (alternating between periods 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 1980 1982 1984 1986 1988 1990 1994 1996 1998 2000 of high inflation and deflation). Source: World Bank, 2016 Since the mid-1990s, Senegal has adopted a radical economic reform programme (in accordance with the directive of the international donor community) in order to strengthen its macroeconomic fundamentals.

5 Invest in Senegal | Senegal’s economy

Current state of the economy Figure 2. Senegal’s macroeconomic performance (%), 2000-16 Macroeconomic performance

Senegal’s macroeconomic performance 8 has been strong in recent years. Real GDP 7 6 more than doubled (increase of 108%) 5 between 2000 and 2016, driven mainly 4 by the telecommunication and financial 3 % services sectors, which together accounted % 2 1 for 70% of growth. 0 -1 Senegal has boasted a low inflation rate, -2 -3 with an average rate of 1.6% between 2000 and 2016. However, it reached an all-time 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 high of 5.85% in 2008. The main reason behind this price inflation was the sharp , constant prices Inflation, average consumer prices rise in product prices, in particular food Source: IMF database, 2016 and energy products.

Figure 3. Africa’s 10 fastest-growing economies, 2016 Senegal is today among the fastest-growing economies in Africa. With a GDP growth Côtete d’Ivoire oire 8.5% rate of 6.6% in 2016, Senegal is classified Tanzaniaaaia 6.9% among the top three fastest-growing Senegaleegal 6.6% economies in Africa, behind Côte d’Ivoire ioti 6.5% and Tanzania. aa 6.3% ea 6.0% oaie Senegal’s monetary policy mirrors the 6.0% Centraletral African ria epli 5.7% objectives of economic stability and Sierraierra Leone eoe 5.3% growth. It is defined by the regional central gaa 5.3% bank, the BCEAO, with the aim of reducing inflation and preserving a fixed exchange- Source: WEF, 2016 rate between the CFA franc and the euro. Figure 4. CFAF vs major currencies, 2007-16

Since 2004, the official exchange rate has 800 remained stable with a fixed exchange 800 rate of 655.96 CFA franc per euro and 600 600 an average value of 509 CFA franc per

% 400 US dollar. The CFAF - 400 exchange rate has also remained stable 200 with a small appreciation of the CFAF 200 against the rand. 00

CFAF er US dollar euro and rand 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Offical exchange rate (CFAF per euro, fixed) Official exchange rate (CFAF per US dollar, period average) Exchange rate (CFAF per rand, period average)

Source: World Bank, 2016 and Bank of , 2016

6 Invest in Senegal | Senegal’s economy

Sector contribution to GDP fax, and services are available. However, the country still faces important The sectoral breakdown of GDP shows There has been a boom of internet-related infrastructure challenges, including the predominance of the tertiary sector. activities and services and in cellphone improving road conditions, boosting Activities in the services sector accounted usage. The last years have witnessed air and rail traffic, updating electricity for nearly 60% of total value added spectacular growth of mobile telephone infrastructure, and boosting the pace of between 2000 and 2015. The primary use from 1.5 million subscribers in 2005 expansion of the water and sanitation sector only accounts for 16% of GDP to 15.3 million in 2016, when mobile network. over the same period. The weight of the penetration reached about 117% by mid- secondary sector in value added has been 2016. consistent since 2000, at around 23%.

Figure 5. Sectors value added (% of GDP), 2000-15 Within the tertiary sector, trade (18%), post 100 100 and telecommunications (9%), financial 90 90 services (3%) and government services 80 6 80 (9%) were the main drivers of growth. 57.6% 57.0% 59.0% 58.4% 59.5% 59.6% 61.1% 62.1% 61.2% 59.4% 59.2% 60.7% 60.1% 60.8% 60.5% 59.1% 7070 Senegal’s early bet on telecommunications 6060 infrastructure, with significant investments 5050 in terms of capacity and modernisation 4040 resulted in the country to date having a % of GDP 3030 23.2% 24.5% 25.5% 24.4% 24.8% 23.6% 23.9% 24.1% 22.9% 23.3% 23.3% 24.6% 24.2% 23.6% 24.1% 23.4% well-established telecoms infrastructure, 2020 and ranks first in West Africa in terms of 1010 17.5% penetration and quality service growth. 0 0 19.1% 18.5% 15.5% 17.2% 15.7% 16.8% 15.0% 13.8% 15.9% 17.3% 17.5% 14.7% 15.6% 15.7% 15.4% Also, Senegal has in the last ten years

become a destination of choice for 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 outsourcing of customer relationships and Primary Sector Secondary Sector Tertiary Sector value-added IT services.

Thanks to public expenditure (see ‘Building Source: World Bank database, 2016 and public works’ in Figure 6), Senegal has made significant progress in infrastructure, Figure 6. Composition of GDP (%), 2015 including transport, electricity, and water sectors. For example, the country has today about 864MW of installed generation capacity, up from only 540MW in 2010. Post and telecommunications, 9% Trade, 18%

Senegal currently spends around US$910m Agriculture, 16% Buildings & public works, 5% per year on infrastructure. Real estate services, 4% Financial services, 3% Others, 32% Senegal also has excellent telecommunications infrastructure. The Government services, 9% country is connected to more than 40 Transport, 4% countries around the world and is well integrated into the global network of submarine fibre optic cables. Cable, telex, Source: Agence Nationale de Statistiques et de la démographie, ANSD, 2015

6. International Telecommunication Union (ITU), 2016 7 Invest in Senegal | Senegal’s economy

Trade relations Figure 7. Senegal’s trade performance (US$bn), 2006 vs 2014/15 During the last ten years Senegal’s exports 6 of goods and commercial services have 6 +52% increased at an annual average rate of 55 6.4%, and 5.5% respectively. Exports of 44 goods have increased from US$1.5bn in 3 3 +74% US$bn

2006 to US$2.61bn in 2015, while exports US$bn 22 of commercial services have increased +63% +72% 11 from US$0.8bn in 2006 to US$1.3bn in 00 2014. Despite the growth in exports, Senegal’s trade balance continues to 2006 2015 2006 2014 2006 2015 2006 2014 record a deficit, which reached US$3bn in Goods Com. Serv Goods Com. Serv 2015 (22% of GDP). Exports Imports

Source: UN Comtrade database, 2017 According to the UN Comtrade database 2017, Senegal’s main export markets Figure 8. Senegal’s global trade balance (US$bn), 2006-15 for goods in 2015 were Mali (US$443m), 8 Switzerland (US$225m), India (US$140m), 8 6 5.8 5.9 5.9 Côte d’Ivoire (US$122m) and China 6 5.6 5.2 4.4 4.5 5.1 4 4.3 (US$120m). 4 2.3 2.3 2.3 2.4 2.3 2 2 1.6 1.6 1.7 1.5 1.2 In 2015 the country’s imports originated 0.6 00 mainly from France (US$917m), China -2-2 -0.9 (US$544m), Nigeria (US$453m), India -2.9 -2.7 -2.9 -2.9 -3.2 -4 -3.4 -3.6 -3.5 (US$355m), Spain (US$289m), and the -4 -4.0 Netherlands (US$230m). -6-6 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 The main exports products of Senegal Senegal’s Imports Senegal’s Exports Trade Balance in 2015 were gold (US$240m), fresh fish (US$230m), oil products (US$212m), cement (US$167m), Source: UN Comtrade database, 2017 (US$150m) and groundnut products (US$123m). Figure 9. Senegal’s top markets for goods exports and imports, 2015 Exports Imports In the last five years, Senegal’s export Country Value (US$m) Share in % Country Value (US$m) Share in % growth mainly has been driven by Mali 443 17% France 917 16% phosphates and groundnut products. Switzerland 225 9% China 544 10% Phosphates exports have increased from India 140 5% Nigeria 453 8%

4.7bn CFAF in 2011 to 34bn CFAF in 2015, Côte d’Ivoire 122 5% India 355 6% while groundnut products exports have China 120 5% Spain 289 5% increased from 47bn CFAF to 77bn CFAF United Arab The 107 4% 230 4% over the same period. Emirates Netherlands

Guinea 99 4% Germany 177 3%

France 98 4% 144 3%

The Gambia 90 3% Japan 125 2%

Italy 83 3% Côte d’Ivoire 101 2%

Other 1 085 42% Other 2 261 40%

Total 2 612 100% Total 5 686 100%

Source: UN Comtrade database, 2017

8 Invest in Senegal | Senegal’s economy

In terms of imports, Senegal is dependent Figure 10. Senegal’s main export products (%), 2015 on external partners to provide local companies with equipment and machinery, Fresh fish, 11% necessary for industrial processes. Also, Other products, 41% Shellfish, 4% the national refining company – the oldest refinery in West Africa – imports crude Phosphoric acid, 7% oil and products as its refining capacity is lower than the national demand. Oil Products, 10% The main import products in 2015 were Phosphates, 3% thus machines and apparatus (US$7.6bn), Gold non-monetary, 11% refined petroleum products (US$5.2bn), Groundnut products, 6% crude petroleum (US$4.2bn), transport Cement, 8% equipment (US$3.9bn), (US$3.1bn), and Source: Agence Nationale de Statistiques et de la démographie (ANSD), Note d’analyse du commerce extérieur, 2015 wheat (US$1.4bn).

Figure 11. Senegal’s main import products (%), 2015 Foreign investment Senegal is actively involved in several international investment-related Machines and organisations, and is a member of the apparatus, 16%

African Intellectual Property Organization Refined petroleum (OAPI), the International Centre for the products, 11% Settlement of Investment Disputes (ICSID) Rice, 6% and the Multilateral Investment Guarantee Wheat , 3% Agency (MIGA). In addition, Senegal Other products, 47% created an investment arbitration centre in Transport equipment Crude oil, 9% 1998, which is administered by the Dakar and spare parts, 8% Chamber of Commerce.

Source: Agence Nationale de statistiques et de la démographie (ANSD), Note d’analyse du commerce extérieur, 2015 Senegal has bilateral investment treaties with Australia, Denmark, Finland, France, Italy, Japan, Romania, South Korea, Spain, Figure 12. FDI net inflows to Senegal (US$m), 2000-15 Switzerland, the Netherlands and the US. Senegal has also concluded tax treaties 500 with France, Mali and the French-speaking 500 450 454 African states of the “Organisation 450 400 403 Commune Africaine et Malgache” (Joint 400 350 351 350 338 Afro-Malagasy Organization). 330 311 345 300300 290 250 US$m 250 276 US$m 272 Senegal’s Investment Code includes 200 200 168 guarantees for access to foreign exchange 150 150 137 and repatriation of capital and earnings, 100 100 82 86 though transactions are subject to 81 5050 45 procedural requirements of financial 00 regulators. There are today no barriers to 100% ownership of businesses by 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 foreign investors except in sectors that Source: World Bank, 2016 government and state-owned enterprises are active such as physical infrastructure including water, electricity distribution, and services. 9 Invest in Senegal | Senegal’s economy

According to the Word Bank, FDI inflows to The main objectives are to obtain a GDP •• the reinforcement of security, stability, Senegal more than doubled from US$168m growth rate of 7-8%, create 600 000 formal governance, the protection of rights and in 2005 to US$345m in 2015. This is jobs and reach a GDP per capita of liberties, and the consolidation of the rule largely due to the country’s privatisation US$1 500 by 2035.8 The vision of the of law in order to create better conditions programme launched in the 1990s. plan is based on three pillars: for social peace and the fulfilment of The Government of Senegal partially or potential. •• a structural transformation of the totally withdrew its shares in national economy through the consolidation companies in the 1990s, most of which The ESP will be implemented in three of current engines of growth; and, the provided public services (, phases from 2014 until 2035. The ESP also development of new sectors to create telecommunications, and refinery). The calls for continuing fiscal consolidation, wealth, jobs, and social inclusion, with effects of the 2008 international crisis have increasing public savings to generate the a strong capacity to export and attract provoked a reduction of about 20% of FDI fiscal space for higher public investment in investment. This pillar is based on a more in 2009.7 human capital and public infrastructure, balanced approach to development, with and envisages structural reforms to attract the promotion of regions and economic Since 2014, FDI inflows have been linked FDI, boost private investment and drive poles in order to stimulate the potential to the Emerging Senegal Plan (ESP) for the export diversification. for development across the entire development of infrastructure, electricity, territory agriculture, drinking water and health. Growth acceleration will be driven by the Senegal has a stock of FDI estimated at •• a significant improvement in the well- implementation of flagship projects and US$2 426m in 2014, mainly of French origin being of the population, a more sustained multi-sector structural reforms. (US$823m). (US$95m), struggle against social inequality, while (US$93m), and the US (US$66m) are also preserving the resource base and key investors in the country. supporting the emergence of viable regions Outlook for the future During the period 2005-15, the average GDP growth rate was estimated at 4%, Figure 13. GDP growth, GDP per capita growth and (%), 2000-15 while the population grew at a pace of 3%. 8 This did not allow for a significant reduction 7 in poverty rates, especially in rural areas. 6 5 Emerging Senegal Plan 4 In 2014, Senegal adopted a new 3 development model to accelerate its

% 2 % progress towards becoming an emerging 1 economy. The ESP 2014-18 was developed 0 to adopt a model focusing on accelerating -1 the GDP growth rate and providing better -2 living conditions for the population. -3 It establishes the framework for the country’s economic and social policy over the medium and long term and calls for 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Senegal to be an by 2035, GDP per capita growth (annual %) as well as a business hub for the region. Population growth (annual %) GDP growth (annual %)

Source: World Bank, 2017

10 7. IMF Coordinated Direct Investment Survey (CDIS), 2015 8. SEN-PPP Finance, 2015 Invest in Senegal | Senegal’s economy

In this sense, the reforms will focus on modern public transport system. In rail like , which is Africa’s 12th largest four sectors, which have been identified transport, Senegal has recently launched oil producer. Moreover, US company as critical binding constraints to inclusive its largest project since independence, the Kosmos has realised two discoveries of growth: (i) the energy sector; (ii) the TER (Regional Express Train). This high- gas in 2016. The Guembeul-1 discovery in agriculture sector and land; (iii) the ICT speed train of the latest generation aims the block of St Louis is the largest gas field sector; and (iv) the transport sector. to revolutionise the transport system. The in West Africa. The well found 101 meters train will connect Dakar to the new airport deep with estimated reserves at about 450 In terms of agriculture, despite a shortfall via 14 stations with a speed of 160km/h, for cubic meters. The of Cayar discovery, in rainfall in recent years, Senegal has a load capacity of 115 000 people per day. which is located 65km north-west of Dakar, significantly improved its results due has estimated reserves of about 140 billion to the selection of seeds and strong Energy discovery in Senegal cubic meters. mechanisation, which have had a positive Senegal’s energy sector enters a new area impact on agricultural yields. Yields have after recent findings of oil and gas. The The first gas production is anticipated to seen a dramatic increase. Scottish operator, Cairn, has discovered start in 2021, while the first oil production two petroleum deposits SNE and FAN in could take place between 2021 and 2023. For the energy sector a 2015-25 production 2014. As a result of the evaluation drilling Thanks to those new discoveries, the plan has been put in place on the basis of carried out during 2015 and early 2016, country could turn into the new energy long-term demand forecasts associated recoverable reserves for the SNE and FAN hotspot of the continent. with a transmission system development deposit are estimated by the company programme. The energy sector has made between 350 million and 500 million Growth outlook remarkable progress with an average barrels of oil. A stronger and sustainable annual growth cut-off time that has increased from rate is anticipated by the IMF in the coming 912 hours in 2011 to 72 hours in 2016. This corresponds, to more than years, estimated to be between 7% and 8% The implementation of a programme to 65 000 barrels of oil per day – superior to until 2021. Anticipated growth is driven by rehabilitate power stations over the 2014-15 the current daily production of a country exports, FDI and local investments. period has resulted in a 52MW increase in electricity generation. The recently Figure 14. Senegal’s economic outlook (%), 2014-21 forecast inaugurated Tobène Power plant adds 8 another 96MW. The diversification of energy Macreconomic performance (%) sources has also become a reality with the 6 6.8 7.0 7.1 7.1 7.0 installation of the Bokhol and Malicounda 6.5 6.6 4 solar power stations and six other solar or 4.3 % wind power projects that are expected to be % 2 launched in the course of 2018. Gross domestic product, constant prices % 0 Inflation, average consumer prices % 0.1 1.0 1.8 1.8 1.8 1.8 1.8 For the transport sector, Senegal has -2 -1.1 built 1 520km and rehabilitated 4 015km 2014 2015 2016 2017 2018 2018 2019 2020 2021 of roads over the past four years. Senegal has expanded its highway system with the construction of the Diamniadio highway 2929 Total investment (% GDP) and a new 115km highway (the Ila 28.3 2828 highway) is under construction. 27.7 27 27 27.1 27.2 26.6 26.4

% 26

The government’s objective is to equip % 26 25.1 25.3 Senegal with a 520km motorway network 2525 by 2025. 2424

2323 Senegal is also counting on the 2014 2015 2016 2017 2018 2018 2019 2020 2021 modernisation of transport services through the development of a more Source: IMF estimations, 2016

11 Invest in Senegal | Business environment

Business environment

Senegal offers acompetitive destination for investments in Africa on account of its political stability, strategic geographical position, access to sub-regional markets and improving infrastructure.

Many international organisations and The key objective of OHADA is to businesses have made Dakar their base for harmonise business law in member states operations across the West African region. and to address judicial uncertainty. The legal framework forms existing in Senegal Political environment are governed by the OHADA Uniform Act Senegal has provided an exemplary lesson relating to commercial companies and of . The Government of Economic Interest Groups. Senegal has prioritised efforts to improve its business climate and is making efforts The tax code reform, which entered to address some of challenges such as into force in January 2013, reflects the streamlining bureaucratic procedures and government’s aspiration to use the tax improving Senegal’s competitiveness. system as an instrument to support economic growth. Declaring and paying A Presidential Investors Council (PIC) was has become easier. Efforts to develop set up in 2002 as an ideal framework for paperless operations are well underway identifying obstacles to the development of and include: private investment and constraints to the •• the Generalisation of e-VAT reporting for country’s competitiveness. SMEs

This advisory body has become one of •• paying taxes online using an e-tax the most dynamic frameworks for PPPs platforms and has enabled the Government and •• fee exemptions for online payments; Public Administration to carry out many reforms that have significantly improved •• a 50% reduction in the notification period the competitiveness of companies and the (from 26 to 13 days) Senegalese economy in general. •• guidance on repayment schedules for VAT. Legal and taxes Senegal is one of the first countries to According to the World Bank’s Ease of ratify the Treaty of , establishing Doing Business rankings for 2017, Senegal the Organization for the Harmonization is ranked 174th out of 190 economies on the of Business Law in Africa (OHADA) whose ease of paying taxes, up six positions from texts form the basis of a modernised 2016. business law common to countries of the West African Economic Monetary Union (WAEMU) and the Economic Community of Central African States (CEMAC).

12 Invest in Senegal | Business environment

During the last ten years, Senegal made Figure 15. Senegal vs comparator economies’ rank on the ease of paying taxes paying taxes less costly. The total tax rate as a percentage of profit decreased by GhanaGhana (Ran (Rank 122) 122) 62.6 about five percentage points, from 50.3% MaliMali (Ran (Rank 144) 144) 57.5 in 2005 to 45.1% in 2016. This decrease RegionalRegional average: average: Sub Sub-Saharan Saharan Africa Africa 55.9 is mainly due to a decline in corporate TogoTogo (Ran (Rank 169) 169) 48.2 income tax from 35% to 30%. Senegal also has reduced the time that taxpayers spend SenegalSenegal (Ran (Rank 174) 174) 43.7 preparing, filing and paying their taxes from CCôteôte d’Ivoire d’Ivoire (Ran (Rank 175) 175) 43.4

696 hours in 2005 to 441 hours in 2015. CameroonCameroon (Ran (Rank 180) 180) 35.9

GuineaGuinea (Ran (Rank 184) 184) 24.3 The General Tax Code which was published in January 2013 and includes: 0 10 20 30 40 50 60 70 Source: World Bank, 2017 Distance to frontier Corporate Tax Rates The standard corporate tax rate in Figure 16. Total tax rate and time to pay taxes (% of profit & hours), 2005-16 Senegal is 30%, with a 15% rate applying to companies with “Free Exporting Enterprise” 52 status. 52 800 50 50 600 Withholding Taxes (WHTs) 48

400 Hours For non-residents the WHT is a final tax. 46 hours % of profit % of profit 200 Dividends paid to a non-resident company 44 200 are subject to a 10% WHT, unless the rate 42 0 0 is reduced under a tax treaty. Interest paid 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 to a company, or individual, is subject to a Total tax rate (% of profit) Time to prepare and pay taxes (hours) 16% WHT, unless the rate is reduced under a tax treaty. The rate is 8% for interest on a Source: World Bank, 2016 bank or stockbroker account, and 20% on interest on cash vouchers.

Figure 17. Senegal’s WHTs Capital Gains Tax Capital gains are treated as operating WHT Rate Note Resident Non-residents profits and included in the corporate Dividends 1 10% 10% income tax base. Interest 2 16% 16%

Anti-avoidance Royalties 3 20% 20% Senegal has integrated in the General Tax Code a regulation regarding transfer Technical service fees 4 20% 20% pricing. Tax authorities are entitled to Other (Value-Added Tax (VAT)) 5 18% 18% reintegrate to the taxable profits of Senegal resident companies or branches of foreign Source: Deloitte, 2016 companies the profits indirectly transferred to non-resident related companies.

13 Invest in Senegal | Business environment

Two companies are considered related if: Imports of mobile and landline phone Transfer Tax devices by individuals and legal entities The tax rate depends on the nature of the •• One of them has a direct or indirect liable to the tax on telecommunication transfer. minimum holding of 50% in the capital services, are exempt from customs duties. of the other or exercises de facto control Inheritance/Estate Tax over the other company; or The common external tariff of ECOWAS Tax deeds of pure and simple acceptance •• A third party has a direct or indirect was entered into on the 1st of January 2015. of succession or legacy are imposed on the minimum holding of 50% in the capital Under this tariff structure, Senegal has five fixed amount of 25 000 CFAF. of both companies or exercises de facto simple tariff rate categories: control over both companies. Real Estate Tax Property tax is due at a 5% or 7.5% rate. i. 0% on key social goods However, the related company requirement does not apply where the transaction ii. 5% on essential goods, basic raw Payroll Tax involves companies incorporated in a low material, capital goods, specific inputs The payroll tax is 3% of taxable gross tax jurisdiction or in non-cooperative states salary. iii. 10% on intermediate goods, and diesel or . and fuel oil Other Taxes Value-Added Tax (VAT) iv. 20% on goods of final consumption A business license tax is comprised of a All economic activities are within the scope fixed annual payment and a proportional v. 35% on specific goods for economic of VAT, including activities of independent duty, with the amounts and rates fixed development. professionals. The main exemptions according to the nature and size of the relate to healthcare, education, banking, business activity. For import duties, an exemption is applied insurance and reinsurance, farming and Specific taxes are levied on the sale of on imported goods that are not made in transportation. Banking transactions are petroleum products, alcohol and tobacco Senegal, and exclusively used in approved subject to the tax on financial transactions as follows: projects. This exemption does not however (taxe sur les operations financières). The cover the WAEMU comminatory tax of 2.9% standard single rate in Senegal is 18%. on imported goods which will be levied. Banking transactions are subject to 17% Nature of Tax Rates tax. This rate is reduced to 10% for services Stamp Duty provided by approved accomodations, Stamp duty is levied on cash transactions Cosmetic products catering and tourist establishments. based on the amount of the transaction. (incl. perfumes) and vehicles (with 100% Customs and Excise Duties engine capacity equal Capital Duty to/higher than 13hp) Senegal customs operates under the The initial capital duty is 1% of capital if authority of the Ministry of Finance. the amount of capital is higher than 100m Payment of taxes and duties are performed and 5% CFAF, and 25 000 CFAF in all other cases. through a customs and excise bond. The The tax on a capital increase is 1% of the Tobacco tax 40-45% on cigarettes customs and excise bond is handled by the amount of the increase, with 3% surtax in Treasury. 21 665 CFAF per the case of contributions of real property. hectolitre for super fuel; 19 847 CFAF per Import Duties hectolitre for ordinary Tax on petroleum Real Property Tax fuel; 3 856 CFAF per Customs duty is levied on the customs products Tax is charged at 5% of the value of real hectolitre for fuel used value of imported goods at different rates. property other than factories and industrial on canoes; and 10 395 However, most products coming from CFAF per hectolitre for premises, and 7.5% of the value of factories member countries of WAEMU are exempt gas oil and industrial premises. from customs duty. Source: Deloitte, Guide to Fiscal Information, Key Economics in Africa 2015/2016

14 Invest in Senegal | Business environment

New tax deductions from the taxable Figure 18. Distance to frontier scores on Doing Business in Senegal, 2017 profits are granted to enterprises which invest more than 100m CFAF in the creation Starting a or the extension of a business in specific Business sectors. The deduction rates are set as Resolving Dealing with Insolvency Construction Permits follows: •• 40% of the investment’s value for the creation of a new business Enforcing Getting Contracts Electricity •• 30% of the investment’s value for the extension of an existing business

•• 50% of the taxable profits for enterprises created in Dakar Trading across Registering Borders Property •• 70% for enterprises created in other regions. Paying Taxes Getting Credit A 50% tax deduction from the taxable Protecting Minority profits is granted to enterprises which Investors export more than 80% of their production or services. and oil companies are Source: World Bank, 2017 excluded from this measure.

Doing business Figure 19. Ease of Doing Business Comparison, 2017 Senegal has shown commitments towards improving its business environment. The country has adopted the Three-year GhanaGhana (Ran (Rank 108) 108) 58.8 Programme of Business Environment and CaboCabo erde Verde (Ran (Rank 129) 129) 55.3 Competitiveness Reforms (2013-15 PREAC) MaliMali (Ran (Rank 141) 141) 53.0 updated to cover 2016-18. Recent measures include the reduction of the property CôteCôte d’Ivoire d’Ivoire (Ran (Rank 142) 142) 52.3 transfer tax to 5% from 10% in 2013. BurinaBurkina Faso Faso (Ran (Rank 146) 146) 51.3

SenegalSenegal (Ran (Rank 147) 147) 50.7 The minimum capital required to start a business was abolished in 2015 as well as TogoTogo (Ran (Rank 154) 154) 48.6 stamp duties on business start-ups. BeninBenin (Ran (Rank 155) 155) 48.5 According to the World Bank’s 2016 Doing GuineaGuinea (Ran (Rank 163) 163) 46.2 Business report, the country is one of the world’s top business reformers and CameroonCameroon (Ran (Rank 166) 166) 45.3 among the top ten business environment Guinea-BissauGuinea-Bissau (Ran (Rank 172) 172) 41.6 improvers for two consecutive years. 0 10 20 30 40 50 60 70 th out of 190 countries Senegal ranked 147 Distance to frontier in 2017, a six position improvement from its Source: World Bank, 2017 2016 ranking.

15 Invest in Senegal | Business environment

Starting a business Figure 20. Establishing a company, 2005-16 In the past few years, the procedures 120120 Cost of starting a business, 2005 - 16 10 Time to start a business, 2017 for establishing a company have been 109 100100 simplified. The 2017 Doing Business report 98 87 th 8080 ranks Senegal 90 out of 190 economies 76 % 60 for starting a business. The cost and % 60 65 Days days 54 time to start a business has decreased 4040 43 since 2005 as well as the cost to register 20 32 property. To start a business takes six 21 0 10 days, which is less than the average time 0 required in both OECD countries and in Time required to start a business 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Men (days) Senegal SSA. Cost to start a business (% of income per capita) Sub-Saharan Cost to register property (% of property value) OECD high income Getting electricity Source: World Bank, 2017 The Doing Business Report ranks Senegal nd in 162 place out of 190 countries in Figure 21. Time required to connect to electricity (days), 2009-16 getting electricity. The electricity utility of Senegal has reduced the time it takes to 140 140 get a new connection by streamlining the 120120 review of applications and the process for 100100 the final connection, as well as by reducing the time needed to obtain an excavation 8080 permit. Since 2012, the time required to Days Days 6060 connect has fallen from 125 days to 40 75 days in 2016. 40 20 20 Senegal’s competitiveness 0 0 Despite the progress recently recorded 2009 2010 2011 2012 2013 2014 2015 2016 by Senegal, the World Economic Forum’s (WEF) Global Competitiveness Report Source: World Bank, 2016 2016-2017 ranks Senegal in 112th position out of 138 countries, placing it behind the Kyrgyz Republic, Cape Verde, , and Figure 22. Senegal’s competitiveness performance .9 Areas in urgent need of attention 1st Pillar: th Institutions nd include health and basic education, for 12 Pillar: 2 Pillar: Innovation Infrastructure which Senegal ranks 126th. th rd 11 Pillar: 3 Pillar: th Higher education and training (111 ) as Business sophistication Macroeconomic environment th well as infrastructure (also 111 ) are in need of significant improvement and th th 10 Pillar: 4 Pillar: upgrading, respectively. Senegal scored Market size Health and primary education better on national institutions (69th), with 9th Pillar: 5th Pillar: signs of steady improvement across a Technological readiness Higher education and training range of other indicators. The report also recognises Senegal’s relatively efficient 8th Pillar: 6th Pillar: Financial market development Goods market efficiency goods and labour markets (84th). 7th Pillar: Labour market efficiency

Senegal Sub-Saharan Africa

Source: WEF, 2016-17

16 9. The report ranks countries according to 12 pillars of competitiveness, which include macro-environment, infrastructure, health and primary education, and labour market efficiency. Proposal title goes here | Section title goes here

17 Invest in Senegal | Investment opportunities

Investment opportunities

Within Senegal’s regulatory framework, an investment incentive regime is currently in place. It looks after the improvement of business environment and gives support to private and foreign investments.

ESP 2014-18 investment opportunities For the PPP component of PAP there is a wide diversity of sectors Senegal has put in place a five-year Priority Action Plan (PAP) for requiring investment. The most representative sectors include the period 2014-18 in order to operationalise the decennial ESP infrastructure and transport services (26%), agriculture (25%) and, strategic plan. housing and living environment (16%).

The cost of the PAP is estimated at 9.7trn CFAF, out of which 5.7trn Under the PAP framework, 18 out of 26 projects are in the CFAF was already secured (8% from the private sector). There is still a development phase and are seeking investment. funding gap of 3.9trn CFAF, planned to be financed by: PAP by donors (47%), state contributions (25%), and from private investors (28%).

Figure 23. Priority Action Plan, 2014-18

PAP funding sources 2014-18 PAP funding gap 2014-18 5.7trn CFAF 3.9trn CFAF

Private sector: 463bn, 8% State: 984bn, 25%

Technical and financial partners: 2.1trn, 36% Private sector in PPP projects: 1.1trn, 28%

State: 3.2trn, 56% Donors: 1.9trn, 47%

Source: Ministry of Economy, Finance and Planning, 2014

Figure 24. PPP component of PAP funding gap

Infrastructure and transport services 1% 1% Agriculture 3% Housing and living environment 3% 6% Tourism 9% Education and training

10% Mines and quarries

Industry

Water and sanitation

Health

Trade

Source: Ministry of Economy, Finance and Planning, 2014

18 Invest in Senegal | Investment opportunities

Figure 25. PPP projects seeking investment

PPP Projects Sector Estimated cost in US$m Description

Dry port of Infrastructure 60 Build port infrastructure covering a surface area of 70ha.

Dakar Tramway Infrastructure 734 Build an urban tram network of of 35km.

Integrated Falémé iron project Mining 202 Exploitation of 15-25 million tonnes of iron ore.

Build a world-class university oriented in Science, Second University of Dakar Education 200 Technology, Trade, Management, Economics and Social Sciences.

City of Knowledge Education 90 Develop the "City of Knowledge" on a site of 12ha.

Set up a network of vocationally oriented public higher Higher vocational training institute Education 160 education institutions.

Build several university residences of international University residences Education 280 standard with a total accommodation capacity of over 40 000 students.

Build a health centre specialised in cancer prevention to Cancer prevention centre Health 30 provide care, education and perform research.

Overhaul of the Aristide Le Dantec Hospital which has the Aristide Le Dantec Hospital Health 160 greatest potential of human resources in the health field throughout West and .

Implementation of 100-150 Creation of 100-150 aggregation projects (farms) in the aggregation projects targeted at the Agriculture 178 sectors of horticulture (fruits and vegetables) and livestock livestock and high-value agriculture (dairy, poultry, etc.). sectors

Expand 3-4 grains corridors and intensify irrigated Grain corridors Agriculture 620 agricultural watersheds for the production of cereals.

Build a water desalination plant to obtain drinking Sea water desalination plant Agriculture 80 water that can also be used for .

Develop the tourist island Joal Finio called "Shells Island", Tourist site of Joal Finio Tourism 16 which is 800 meters long.

Tourist site of Mbodiene Tourism 406 Develop touristic infrastructure on a total area of 504ha.

Tourist site of Pointe Sarene Tourism 282 Develop touristic infrastructure on a total area of 110ha.

Develop a reception area for economic activity, with a Industry and Integrated Special Economic Zone 90 range of facilities and services of international standard services (50ha for the priority phase).

Develop of a 220ha zone for the establishment of Industry and Business Park 540 headquarters of major multinationals and companies services operating on a regional scale.

Social housing provision Housing 440 Build and develop social housing.

TOTAL 4 568

Source: Advisory Group Senegal, 2014

19 InvestProposal in Senegaltitle goes | here Investment | Section opportunities title goes here

Tourism, Agriculture, Fishing and Figure 26. Tourism product categories Aquaculture Opportunities Tourism 1. Seaside 2. Business 3. Nature 4. Cultural Geographical location, a hospitality 700km of coastline Political stability and Natural landscapes like Strong cultural activity tradition, underdeveloped sites and diplomatic dynamism beaches, (e.g. World Festival of and rivers Negro Arts 2010) generous incentives are some of the Host of international Biodiversity Music and performing advantages for exploiting Senegal as a 3 000 hours of sunshine annually and sub-regional arts (drama and dance) touristic hub. Within the country there corporate events are four important categories of tourism Numerous beaches World-class conference Six national parks Historic heritage: products that are detailed. rooms Colonial capital during eighteenth and nineteenth centuries Along the country there are different Many tour operators Luxury business hotels Four nature reserves Geological and sites with exploitation potential such as prehistoric sites Mbodiène, Pointe Sarene and Joal Finio in the Petite Côte; Saint Louis, Potou Sea and Shopping centers International centre for Safari, fishing, bird Wealth of traditions Djouj Bird Sanctuary in the North Zone; foreign trade watching and hunting and the Delta Islands. activities

Source: http://investinsenegal.com, 2016 Since 2007, arrivals to the country, for touristic purposes, have been stable with a slight decrease in 2014. The number of Figure 27. Tourism arrivals (number of tourists), 2007-14 arrivals in 2014 was estimated at 836 000 (1.3 million in Kenya for the same year). 1 200 000 1 200 000 1 000 000 According to government statistics tourism 1 000 000 800 000 decreased by 20-30% in 2015 due to the 800 000 600 000 outbreak in the region. Given the 600 000 increasing potential of the sector and its 400400 000 000 positive impact on Senegal’s economy the Number of tourists of Number 200 000 government aims to reach 2 million tourist Number of tourists 200 000 arrivals by 2018. 0 0

To facilitate the arrival of tourists, the 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 authorities recently decided to abolish the entry visa and reduce airport taxes. Source: World Bank, 2017 The ESP also wants to reinforce tourist infrastructure.

20 Invest in Senegal | Investment opportunities

•• tropical products for exports, especially Within the sector there are different Agriculture the Bio-banana is very promising in the incentives implemented by the National Like many countries in Africa, Senegal is south of the country Aquaculture Agency with the United also an agricultural economy producing a Nations Food and Agriculture Organization wide variety of fruits and vegetables. The •• . (FAO): agribusiness sector offers room for growth especially in conservation and versatility of Fishing and aquaculture •• a Strategic Operational Plan for producing equipment. The sector is an important component of Sustainable Development of Aquaculture Senegal´s development policies because in Senegal with a five-year production The ESP brought new impetus to the of its high export earnings, strong target for the period 2010-15 to development of primary industry sectors. contribution to local consumption and its compensate for a shortfall in fishing Special programmes for products like rice, labour-intensive nature. Aquaculture is yields corn, sesame, etc., were implemented a pillar of the ESP plan, which is a policy •• an Investment Plan for small-and followed by grants for agricultural inputs based on sustainable growth looking to medium-aquaculture enterprises and equipment leading to satisfactory crop make Senegal an emerging country. yields. •• a Code of Aquaculture with incentives Each year, 30 000 tonnes of shrimp are to facilitate the acquisition of land, For example Senegal’s rice production harvested in and Saint Louis remission of facilities, and extendable almost doubled from 559 021 tonnes in regions, with an increase consumption of business tax exemption for the first three 2014 to 950 779 tonnes in 2016, thanks the product in national and international years. to the National Rice Self-Sufficiency markets due to its health properties. Programme. The ESP also encourages the The sector has a promising future for development of production and Senegal’s aquaculture potential is on Senegal especially the aquaculture activity substitution of 20-30% of the consumption account of its 719km of with exponential growth since 2010 of imported oils by locally-produced coast, the 1 700km long , motivated by increases in consumption. peanut oils. Gambia and and dams of different sizes with Guier Lake dam with a Senegal is recognised for a favourable capacity of 280km2. oceanic climate along the south and central coast with different types of soil suitable, for example, for cereal and horticultural Figure 28. Fishing and aquaculture, 2000-14 crops. Considering the country’s large, under-exploited hydraulic potential, Senegal provides important business 500 000 1 200 opportunities in the agriculture sector. Key 1 000 400 000 opportunities include: 800 300 000 600 200 000 400 Aquaculture •• a dynamic horticultural sector based in Total fisheries 100 000 200 0 particular on export horticulture 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

•• the production of irrigated rice, which Aquaculture production (metric tonnes) Total fisheries production (metric tonnes) has one of the best yields in Africa (5-7 tonnes per ha), with strong national demand for rice (annual consumption of Source: World Bank, 2017 more than 70kg per capita)

21 Invest in Senegal | Challenges and risks

Challenges and risks

While Senegal’s outlook is promising, there are some aspects of improvement required to strengthen the achievement of a sustainable and rapid growth path.

Energy sector These infrastructure gaps represent Senegal’s electricity is generated primarily bottlenecks to the development of by oil-fired plants, Senegal has one agribusiness, value chains and the of the highest electricity production competitiveness of Senegalese products. cost in SSA: about US$0.30 per kWh. Developing countries power tariffs range In addition, rural communities have little between US$0.04 and US$0.08 per kWh. access to socio-economic facilities (water, This averages US$0.13 per kWh for SSA transport, energy and economic services) countries, but US$0.22 per kWh in Senegal. with wide regional disparities. The 187 This too is four times more than tariffs most isolated rural (RM) are in South-East and Central Asia and Latin scattered over 11 of the country’s regions. America and the Caribbean, impairing In terms of urban mobility, pressure private sector competitiveness. exerted by strong demand for transport in the Dakar peri-urban area in relation to Agricultural sector weak supply remains a challenge. Agriculture, which employs 60% of the population, remains heavily dependent Social inequalities and regional on rain-fed crops which are vulnerable disparities to adverse weather conditions. Despite The salient feature of Senegal’s economic interventions by central government and demographic geography is the and the country’s technical and financial dominance of Dakar over other towns partners, constraints remain. In this and regions. The city held 23% of the context, food security remains a key population in 2013, i.e. about 3 million challenge. people. Occupying less than 0.3% of the national territory, almost one quarter of the The country is experiencing regular food population is concentrated in the capital crises and acute malnutrition rates exceed which contains almost 80% of services and the emergency threshold of 10%. Irrigated corporate headquarters. areas remain very low despite the country’s fairly high potential in terms of land and Rural areas, in which 60% of the population water. Agriculture is also constrained by live, are affected by the migration of a lack of access to land, and insufficient young people to the towns and cities high quality inputs (especially fertiliser looking for employment opportunities. and seeds). Value chains are also poorly Rural communities have little access to structured and synergies between family infrastructure as noted. For example, the farming and agribusiness is weak. urban electricity access rate was 86.9% compared to a rural access rate of 33% Transport infrastructure gap and in 2014. The availability of tap water in regional access households is highly biased in favour of Senegal still experiences a notable urban (55.48%) rather than rural (19.54%) infrastructure gap. As a result, the country areas. needs to invest in infrastructure to improve its internal and external accessibility through regional programmes to reduce intra-ECOWAS trade-related costs.

22 Invest in Senegal | References

References

African Development Bank. (2010). US Department of State. (2015). Senegal Country Strategy Paper 2010-2015 Investment Climate Statement

AfDB, OECD, UNDP. (2016). African United States Agency for International Economic Outlook 2016. : OECD Development. (2012). Senegal Country Publishing. Development Cooperation Strategy 2012- 2016 AfDB, OECD. (2002). African Economic Outlook, Dakar World Bank Group. (2014). Situation Économique Du Sénégal, Apprendre du Group. passé pour un avenir meilleur (2016). Bank Group’s Country Strategy Paper for Senegal (2016-2020) World Bank Group. (2016). Global Economic Prospects, Divergences and Agence Nationale de la Statistique et Risks de la démographie. (2015). Note d’analyse du commerce exterieur World Bank. (2017). Doing Business in Senegal Autorité de régulation des télécommunications et postes au World Economic Forum. (2016). The Sénégal. (2016). Observatoire de la Global Competitiveness Report (2016– téléphonie mobile, Tableau de bord au 31 2017) décembre 2016 Conference on Trade British Embassy. (2012). Doing Business and Development. (2016). World in Senegal, Dakar Investment Report. Investor Nationality: Policy Challenges Deloitte. (2016). Guide to Fiscal Information - Key Economies in Africa Databases accessed: 2015/16 http://www.ansd.sn/ http://www.worldbank.org/ International Monetary Fund. (2016). http://www.imf.org/ Regional Economic Outlook Sub-Saharan https://comtrade.un.org/ Africa

Ministry of Economy, Finance and Planning. (2014). Emergent Senegal Plan Priority Actions 2014-2018

Perspectives économiques en Afrique. (2016). Villes durables et transformation structurelle

23 Invest in Senegal | Contacts

Contacts

Dr Martyn Davies Managing Director Emerging Markets & Africa Deloitte Africa [email protected]

Thiaba Camara Sy Managing Partner Deloitte Afrique Francophone [email protected]

Sidy Diop Director, Economic Consulting Deloitte France [email protected]

Hannah Edinger Associate Director Deloitte Africa [email protected]

24 Proposal title goes here | Section title goes here

25 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.

Deloitte provides audit, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 245 000 professionals make an impact that matters, please connect with us on , LinkedIn, or Twitter.

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.

© 2017. For information, contact Deloitte Touche Tohmatsu Limited (107204/ame)