Boureima Amadou
The President of Senegal is making a strong pitch to attract foreign investment during an official visit to Berlin. Bassirou Diomaye Faye met with German Chancellor Friedrich Merz and President Frank-Walter Steinmeier to underscore the country’s economic potential and business-friendly environment.
On Monday, the Senegalese leader took part in the German-Senegalese Economic Forum in the German capital, where he outlined key reforms and opportunities designed to position Senegal as a prime investment destination.
Promising reforms and investment climate
During his address, Bassirou Diomaye Faye emphasized Senegal’s improved business climate, commitment to fighting corruption, and recent legal reforms such as a new investment code and a revised customs code aimed at “eliminating delays” in trade procedures.
He also highlighted Senegal’s “political stability” and “long-standing democratic traditions”, positioning the country as a gateway to a market of over 300 million consumers within the Economic Community of West African States (ECOWAS) and nearly 1 billion within the African Continental Free Trade Area.
Natural resources and workforce
The Senegalese president pointed to the country’s abundant natural resources, including recent oil and gas discoveries now under development, as well as significant reserves of phosphate, iron, gold, zircon, and potential uranium. He also stressed the vitality of a young, dynamic workforce.
Germany, facing its own skilled labor shortages, is particularly interested in strengthening vocational training partnerships with Senegal, especially in the energy sector.
IMF assessment and ongoing reforms
The International Monetary Fund has recently completed an assessment mission in Senegal, acknowledging the country’s resilient economy, which last year benefited from strong hydrocarbon sector performance despite a challenging global environment.
Senegalese authorities have reaffirmed their interest in engaging in a new IMF-supported program, though discussions remain sensitive amid ongoing political debates within the country.
