An investment policy review (IPR) was officially launched in Lomé on May 16, 2022.
Formally requested to the UNCTAD by the Togolese government, the review aims to draw and set up a targeted approach that will help Togo attract more FDIs and develop all the regions of the country, not only the capital.
According to Rose Kayi Midevor, the minister for investment promotion, “the IPR will identify levers that will bolster Togo’s attractiveness, and explore new development mechanisms,” in line with the national economic policy.
Over 10 days, a UNCTAD team will meet several stakeholders (public or decentralized government, local authorities, elected officials, private sector, etc.) as part of the review. The team will identify competitiveness factors and assess the country’s potential for attracting FDIs.
Subsequently, a report will be released, towards drawing a new investment promotion policy–one focused on local development.
In 2020, FDIs in Togo surged by 85% year-on-year, from CFA191 billion to more than 352.5 billion. Last year, 38 projects were approved, consequent of the opening of the Adétikopé Industrial Platform (PIA). These projects should absorb CFA277 billion of investments.
While this is good news, the main issue is that the maritime region remains the country’s most attractive region.