By: Kebba AF Touray
The Minister for Finance and Economic Affairs, Seedy Kieta has reported that 11 companies are projected to invest a total of US$37.4 Million (approximately Two Billion, Two Hundred and Ninety-Four Million Dalasi (D2,294,000,000) in the trade and industry sector.
He said this during the budget speech at the National Assembly.
Keita said Friday, 8th December, 2023 that facilitating investment is a key focus, and the government, through the Ministry of Trade, is in the process of reviewing the GIEPA Act of 2015.
He said the government acknowledges the challenges faced by investors in acquiring land for commercial activities, which is crucial for boosting economic productivity.
“To address this issue, a high-level technical committee is being formed to collaborate with regional governors and allocate land for commercial activities. These lands will be held by GIEPA under a head lease arrangement,” he said.
He reported that in 2023, the government has provided incentives to 11 companies through the GIEPA Special Investment Certificate.
He said: “These companies are projected to invest a total of US$37.4 million, creating over 1,000 jobs. Most of these investments are concentrated in the manufacturing sector, and roughly half of them are led by domestic investors.”
He said Gambia Competition and Consumer Protection Commission (GCCPC) has been working to protect consumers’ rights and ensuring fair competition.
“The Commission has successfully handled 88 consumer cases with a total value of GMD1, 921,250; conducted market investigations into essential commodities; and has taken decisive actions against businesses found in violation of the Competition Act 2007,” he said.
Minister Keita also informed the assembly that the Commission also initiated bi-weekly market surveillance of essential commodities to combat anti-competitive practices, and carried out weekly inspections of expired products to safeguard consumers, in compliance with the Consumer Protection Act of 2014.
He said the Ministry (MoTRIE) plays a pivotal role in enhancing the export market and facilitating access to international markets for Gambian products.
The Finance and Economic Affairs Minister, also reported that his Ministry supports agricultural value addition, small and 31 medium-sized enterprises in adopting smart technologies and facilitates access to export financing.
He added: “The Ministry prioritizes the establishment of accredited testing laboratories for both food and non-food products to help local producers meet global standards.”
Additionally, he said a new Legal Metrology Bill is set to be presented before the National Assembly, with the intention of merging the Gambia Standard Bureau and the Weights and Measures Bureau to improve operational efficiency and effectiveness.
He said that in the realm of industrialization, the Ministry is actively pursuing the construction of a Special Economic Zone (SEZ) along the Trans Gambia Bridge corridor.
He added that a feasibility study has been commissioned to assess the viability of this project, and efforts are underway to mobilize resources for the necessary infrastructure.
He stated that recognizing the importance of improving labor conditions and enhancing employment and productivity, the government has launched the new Employment Policy for 2023-2028, and in line with modern labor standards and practices, the government has enacted a revised Labour Act 2023.
“To further enhance the policy environment, the Ministry of Trade plans to submit a revised Injuries Compensation Bill, Revised Factories Act of 1963, and Trade Union Bill for consideration in 2024. These initiatives collectively reflect the government’s commitment to strengthening labour administrative systems for the betterment of workers and the economy,” Mr Keita added.
