 INVESTING IN THE GAMBIA. GAMBIA´S OPPORTUNITIES |
In view of the important need to attract, support and stimulate private investment in The Gambia, to encourage and enhance the private sector capacity to bridge the resource gap and power economic growth and industrial development, sets of investment initiatives in the form of incentives and increased institutional support have been listed.
Investments fulfilling the stipulated criteria listed below is conferred a Special Investment status and enjoys the special incentive.
The investment must be in one of the priority areas
The investment must be of a minimum value of US $100,000.00 (One hundred thousand US Dollars) or its equivalent in dalasis.
The investment must be organised as a company or a partnership under the laws of The Gambia.
The priority sectors and detailed qualifying activities are as follows:
| SECTOR QUALIFYING ACTIVITIES |
 1. AGRICULTURE |
- crops: groundnuts, cashew, sesame, cotton, and cereals
- Animal husbandry: livestock, poultry including meat
- Processing, tannery, export of live animals
- Floriculture and horticulture
- Agro-processing.
| 2. FISHERIES |
- aquaculture: fish and shrimp farming
- Fishing and fish processing at industrial level
| 3. TOURISM |
- eco-tourism: national heritage and others
- Up-country tourism: motels, tourist camps, ground tour operators, river cruising
- Hotel development: up-market 4-5 stars
| 4. FORESTRY |
- development of private/community forest parks
- Agro-forestry plantation
| 5. MANUFACTURING |
-assembling and packaging
- processing
- foundry and forging
- light pharmaceuticals and cosmetics
| 6. ENERGY |
- electricity generation and distribution
- renewable energy sources: solar, wind, hydro-energy
| 7. SKILLS DEVELOPMENT |
- vocational training: carpentry, welding, masonry
- development of specialized skills: electronics, computing, others.
| 8. OTHER SERVICES |
- financial services
- off-shore services
| - health and veterinary services
- river and air transportation
- information technology
| 9. MINERALS EXPLORATION AND EXPLOITATION |
- petroleum exploration: refer to Petroleum Act and regulations
- mining of precious stones and others: refer to Mineral Act.
| 10. COMMUNICATION |
- transportation (land, sea and air)
- communication equipment.
The incentives include:
(a) Exemption from customs duties on the following items:
(i) The approved capital equipment, machinery, appliances, furniture and fittings to be used in establishing the projects;
(ii) The approved quantity of semi-finished products, spare parts, raw materials and other supplies to be used in the production process.
(b) Exemption from the sales tax on the above mentioned imported goods.
(c) Exemption from the turnover tax.
(d) Preferential treatment for the allocation of land for the site of the proposed investment and the provision of infrastructure facilities.
(e) Special schemes of accelerated depreciation as follows:
Year Building Plant Fittings Other
1 10% 20% 20% 20%
2 10% 20% 20% 20%
3 10% 20% 20% 20%
4 10% 20% 20% 20%
5 10% 20% 20% 20%
6 to 10 10% (each year)
To ensure that all investments in The Gambia are fully protected and guaranteed towards profitability, the government assures the following:
Availability of foreign exchange
Free and unhindered repatriation of funds payable to shareholders abroad.
Full security of little over the investment
Non-expropriation of investment
Constitutional obligation to pursue a policy of encouraging and promoting beneficial investments as reflected in Gambia membership of MIGA, Multilateral Investments Guarantee Agency and WTO, World Trade Organisation.
An international standard, World Bank assisted commercial court ensuring speedy and judicial settlement of industry related dispute.
A liberal free market economy based on sound macroeconomic policies supported by International Finance Institutions.
Repatriation of proceeds in the case of selling an investment or reduction of share capital
Payment of license fees and royalties due to persons resident outside The Gambia.
To facilitate the various approval procedures, encourage investors, ensure the efficient implementation of the investment policy and actively promote The Gambia, a one-stop agency is being established. The Gambia Investment Promotion and Free Zones Agency shall, among others, be responsible for obtaining visas and extension of stay; business registration; allocation of land for investments; grant duty waivers and concessions as well as provide finance to appropriate investments. |
