Following discussions between Investment Promotion Minister Manuella Santos and the American Ambassador to Togo, Elizabeth Fitzsimmons, on Wednesday January 17, 2024 in Lomé, the United States of America may invest in Togo’s agro-industrial and textile sectors. This initiative is part of the country’s drive to become a prosperous and secure investment destination for investors. In 2020, Togo’s exports to the United States will amount to just 12.9 million USD, compared with imports of 213.5 million USD
Minister of Investment Promotion Manuella Santos and Elizabeth Fitzsimmons, U.S. Ambassador to Togo, discussed partnership prospects between the two countries on Wednesday, January 17, 2024. The aim is to increase private American investment in Togo, through the African Growth and Opportunity Act (AGOA).
“By coming to sign with the Togolese government, especially for its cotton, with an agro-industry, the United States is simply coming to the rescue of a notorious inability to process, as is the case in most African countries. Togo could take advantage of this operation to launch a textile business and, in so doing, improve its exports.”
Meissa BABOU, Economist – Senegal
The authorities spoke of the importance of carrying out joint actions during 2024 to promote the Agro-Industry and Textile sectors, in order to generate joint-venture opportunities between the respective private sectors of the 2 countries. According to AGOA statistics, Togo’s exports to the United States in 2020 will amount to just $12.9 million, compared with imports of $213.5 million.
“These exports are extremely limited in terms of raw materials, and as long as they remain unprocessed, the export value cannot be boosted in view of the enormous internal difficulties that exist, even though there are massive imports, as in many African countries.”
Meissa BABOU, Economist – Senegal
Indeed, the U.S. African Growth and Opportunity Act (AGOA) aims to help sub-Saharan African countries increase their access to the U.S. market in order to improve trade. In November 2023 in South Africa, Togo and several African countries called for a 10-year extension of this initiative, which was adopted in 2000 and is due to expire in September 2025.
