Economic Overview & Business Opportunities
As a landlocked country of western Africa, Mali is one of the largest countries in Africa. The key geography feature of the country, Niger River, flows from Guinea in the southwest and crosses right through the country to the east. Although Mali is one of the biggest countries in Africa, its population remains very small. For centuries, its northern city of Timbuktu was an important regional trading centre.
Mali is a member of the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (WAEMU), which aim to reduce trade barriers, harmonize monetary policy, and create a common market. Though Mali made the list among the 25 poorest countries in the world, its economy has a positive outlook. Mali depends largely on gold mining and agricultural exports for revenue where cotton and gold exports make up nearly 80% of export earnings. In fact, the gold and agricultural commodity prices affect the country’s fiscal status. Other than that, trade is relatively important to Mali’s economy where the value of exports and imports contribute around 51% to the GDP.
Ranked 141st out of 190 countries in the 2017 Doing Business report published by the World Bank, Mali gain two positions compared to the previous year’s performance. Mali welcomes all kinds of foreign investment. Foreign and domestic investments receive equal treatment in Mali. Over the years, Mali has undertaken some significant reforms to improve its economy and reduce poverty. The Mali’s government has put in efforts to improve tax administration, implement strong policies to promote FDI as well as restraint government spending in order to promote the growing entrepreneurial sector. In Mali, foreign companies will receive beneficial tax and customs regimes depending on the size of the investment.
On a final note, Mali’s economy has a positive outlook due to many reasons. Among them, effective implementation of macroeconomic stabilization and economic liberalisation policies as well as the stable political situation are the factors that contribute to the country’s good economic performance.
- Mali Company Setup
- Financial Accounting, Auditing and Tax
- Human Resources
- Managerial Accounting and Control
- Information Systems and Technology
- Adivsory and Strategy
- Operations and Logistics