After the 4th edition held in 2021, the 5th edition of Benin Investment Forum opened on Thursday 23 June 2022. An opportunity for the Managing Director of the Société d ‘Investissement et de Promotion de l ‘Industrie (SIPI-Benin) to present the advantages of the Glo-Djigbé Special Economic Zone (GDIZ) to participants, who are mainly composed of private actors.
The Benin Investment Forum (BIF 2022) has been held in Cotonou since yesterday with the aim of « bringing together and mobilising key players in the investment sector in Benin » with a view to mobilising funds for the financing of large-scale projects and increasing and diversifying Direct Foreign Investment (FDI). At this meeting, which runs over two days (23 and 24) and whose theme is « Benin, a new frontier for emerging markets », the actions underway for an industrial Benin were presented. The Director General of SIPI, Létondji Béhéton, was the main speaker in relation to the Economic and Special Zone of Glo-Djigbé. In his speech, he recalled the objectives of GDIZ, which, he explained, is the result of a public-private partnership between ARISE Integrated Industrial Platforms (IIP) and the Republic of Benin.
According to the DG SIPI, the ambition through the GDIZ is to contribute to the industrialization of Benin by promoting the local transformation of Benin’s natural resources (cotton, cashew nuts, pineapple…) and thus maximize their economic potential. GDIZ aims to create a virtuous ecosystem in order to promote the emergence of local businesses, job creation and Foreign Direct Investment (FDI) in Benin. Furthermore, taking the opportunity, Létondji Béhéton indicated that to date, 32 contracts for installations on the GDIZ site have been signed, including a dozen sites under construction. To further convince investors of Benin’s ambition to be an industrial hub for the local processing of its agricultural materials, the authority in charge of the development of the SEZ recalled the government decree that prohibits the export of raw Beninese cashew nuts from 1 April 2024 in order to facilitate local processing. It should be noted that cashew nuts, Benin’s second largest export product, are quite popular on the international market. The aim of this decision is to boost the sector. It is important to remember that more than 90% of the work within GDIZ is carried out.
Adapted and Translated from French into English by:
Albéric Djomaki,
CEO at LMS (www.lmsgroupafrica.com)
American Translators Association (ATA) Associate Member
References:
https://leconomistebenin.com/2022/06/23/benin-investment-forum-2022-le-dg-sipi-presente-les-opportunites-de-la-gdiz-aux-investisseurs/
