Economic Overview and Business Opportunities in The Gambia
Business opportunities are abundant in Gambia, otherwise known as the “melting pot” of West Africa. It’s peaceful and stable, and it’s the perfect place for your next business venture.
If you’re seeking business opportunities in Gambia, this guide is for you.
Economic Overview of The Gambia
In 2019, Gambia’s growth was a robust 6.2%, thanks largely to the tourism sector. Gambia’s strategic port location makes it an ideal location for bustling trade and export businesses. With its easy tax system and relatively low corporate tax rate of 27%, the Government is doing what they can to encourage investment in the country.
Like many other countries, Gambia was affected by the Covid-19 crisis, but it rebounded to 5.5% in 2021. Public investment and household consumption were among the contributors to this growth. Growth in 2023 is projected at 5.8%, supported by finance, transportation, energy, finance, agriculture, the digital economy, and tourism.
With its business friendly environment and supportive Government, Gambia’s economic overview is set to remain positive for the foreseeable future. Its low labour costs and proximity to America and Europe are some of the many reasons why investors are looking to Gambia for their next business opportunity.
Business Opportunities in The Gambia
Gambia may be a small market, but there is no shortage of business opportunities for the investor with a passion. The Government introduced a National Development Plan (NDP 2018-2021) to help stabilise Gambia’s economy and stimulate growth.
Business opportunities in Gambia await in several sectors, thanks large to its natural resources. One example of a potential sector is the energy sector. At the moment, the country is experiencing gaps in its transmission lines. However, once this has been sorted, business opportunities in wind and solar energy will be significant.
Potential business opportunities are available in the biofuels sector too. Agriculture is another sector that could be explored. Agriculture is one sector that Gambia depends upon heavily. The demand in Gambia for post-harvest storage has been increasing in recent years as the country moves toward urbanisation.
Other business opportunities in Gambia are in the infrastructure and manufacturing sectors. Gambia’s government has also been encouraging investment in sectors in ICT, tourism, and transportation.
Ready to Invest?
As an investor, a developing economy and stable Government are two factors that you look for when starting a business. Luckily, Gambia has both these qualities and more. This includes a peaceful, safe, and secure environment for investing.
Come take advantage of our award winning extensive range of business solution services. If you’re ready to invest in Gambia, we’re ready to help. Our one-stop company formation solutions provide everything you need to launch your business from start to finish.
For more information about how to start a business in Gambia, contact the 3E Accounting team today.
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