President Bassirou Diomaye Faye has told global leaders and captains of industry attending Invest in Senegal international forum on Tuesday that the vision for his nation is driven by innovation, sustainability, and human capital development.
Speaking at the opening ceremony of the second edition of the Invest in Senegal Forum in Diamniadio, President Faye called for a new era of investment based on strategic partnerships and a deep transformation of the business environment.
“We have undertaken major reforms to create the legal and regulatory conditions essential for investment,” he said, addressing an audience that included African leaders, diplomats, and investors from across five continents.
According to President Faye, the newly enacted Investment Code is accompanied by comprehensive reforms of the General Tax Code, Labour Code, Customs Code, and Public Procurement Code.
“These new instruments will provide targeted incentives and stronger legal guarantees for businesses,” he added. The reforms aim to enhance Senegal’s competitiveness and attractiveness within the framework of the African Continental Free Trade Area (AfCFTA).
President Faye emphasized the need for a new approach to foreign investment — one that goes “beyond the mere search for capital.” Senegal, he said, now seeks “strategic partnerships grounded in technology and skills transfer, local value chain integration, and co-investment with national stakeholders.”
This transformation is part of Vision Senegal 2050, which is structured around four pillars: building a sustainable and competitive economy, promoting local development, strengthening governance, and investing heavily in human capital. “Without a well-trained and skilled youth, there can be no lasting prosperity,” he stressed, noting that over half of Senegal’s population is under 25 years old.
Held under the theme “Putting Innovation to Work for Sustainability,” the forum highlights opportunities in agro-industry, green energy, mineral processing, the blue economy, and the digital sector.
President Faye presented the priority sectors under the new 2025–2029 Five-Year Plan: agro-industry, green energy, mineral and petrochemical transformation, blue economy, and digital and creative industries.
“We want to move from importing agri-food products to processing them locally,” he declared, urging investors to help build integrated agricultural hubs and regional agro poles.
In the energy sector, he underscored Senegal’s potential in solar, wind, and green hydrogen, while the mining industry is set for a shift toward local value addition through processing plants for zircon, gold, phosphate, gas, and oil.
He also estimated investment needs at US$1.7 billion for the country’s New Technological Deal, which aims to equip Senegal with critical digital infrastructure.
“This forum reflects our ambition to build bridges between talent, ideas, resources, and markets. It is a call to co-create sustainable solutions for shared progress,” he said.
Saudi Arabia, the guest of honour at this year’s forum, symbolizes the growing economic partnership between Dakar and Riyadh, with joint projects focusing on urban mobility, agricultural connectivity, and access to clean water.
President Faye also highlighted Senegal’s political stability and democratic tradition as key guarantees for investors. He praised the Senegalese Agency for Investment Promotion and Major Works (APIX) for its role in supporting investors through a fully digital one-stop shop.
“Senegal is moving forward despite global challenges. We remain open and ready to welcome investments that bring added value and shared prosperity,” he concluded, commending the strong engagement of both domestic and international private sectors.
Additional Source: APA News
