With a stable political environment, advantageous geographic position and an innovative development model in place, Senegal is propelling economic growth while consolidating its position as a competitive investment destination in West Africa.
Senegal has been described as one of the most welcoming, peaceful, tolerant and friendly countries on the continent, with the World Economic Forum ranking it sixth most welcoming country in the world. Driven by its philosophy of teranga, the Wolof word for hospitality, Senegal has focused on boosting trade and investment opportunities on the West African regional market while prioritising a consistent improvement of its business climate.
Plan Sénégal Émergent (PSE)
The nation’s high level of Foreign Direct Investments (FDI) is irrevocably linked to President Macky Sall’s Emerging Senegal Plan (Plan Sénégal Émergent, PSE) launched in 2014.
The Plan aims to drive the national economy with a new impetus and direction, growing the GDP by 8%, creating 600,000 formal jobs and becoming a middle-income nation by 2035.
In order to do this, the PSE has focused on boosting four key sectors of its economy: agriculture, ICT, transport and energy. Indeed, regarding the latter, Senelec’s MD, Pape Mademba Biteye, states:
“Senegal’s energy sector is currently a booming sector and is an essential engine for improving the country’s economic performance, as seen in the PSE.”