Senegal’s President Bassirou Diomaye Diakhar Faye has vowed to prioritise the manufacturing of the nation’s raw materials to give a boost to steadiness of alternate.
Faye reiterated this commitment in the course of an interview on the sidelines of the eighth version of the Future Funding Initiative, organized in Saudi Arabia. The match geared toward promoting funding in taking part worldwide locations.
When asked in regards to the fundamental priorities of Vision 2050 to attain growth, the Senegalese head of advise said underscored the importance of transformation of raw materials in the nation earlier than any export.
“We have noticed that in Senegal, and in Africa in general, there are significant mining and mineral resources, but which are exported in raw material form, not offering countries the opportunity to transform them on site and add value,” President Faye renowned. “We said that we had to reverse this cycle and this is the basis of the systemic transformation of our economy on which Vision 2050 is based.”
He added: “We said that we must start by transforming raw materials on site, adding value, exporting and rebalancing the country’s trade balance.”
Senegal will need industries able to remodeling these raw materials into carried out items to toughen its financial system. “Obviously, this can only be done when we have industries capable of transforming these raw materials. But the world today is at a major climate concern, which imposes ecological challenges on us. And we have a 2nd pillar (of Vision Senegal 2050) which is to have a much more accessible, much greener economy, to have an economy that is both sustainable, but resilient,” he added.
President Faye referred to as for a favourable framework for funding in the transformation of raw materials.
He renowned that the serene favorable stipulations brought on the emergence of younger financial avid gamers on which the “Investment Promotion Agency has been working for several years, to provide the best climate and the best opportunities for investors to arrive in the country in conditions.”
