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Business Profile
Economy: In a good year, Senegal is the world’s leading producer of groundnuts, which are the country’s key export commodity. The farming industry also produces millet, sorghum, maize, rice and vegetables for domestic consumption. Fishing is important both as a food source and an export earner: by the mid-1980s it had become the country’s largest single source of external revenue. The Government also accumulates revenues from the sale of fishing licences to other countries, mostly from the EU, and fish products have become an important export commodity, accounting for one third of total export earnings. Both faming and fisheries currently face severe problems: the former due to drought; the latter due to over-fishing by foreign fleets, which has depleted stocks and undermined the local industry. Exploitable mineral deposits are limited to phosphates (the chemical industry draws on sizeable deposits of lime phosphate and aluminium phosphate within Senegal); some iron ore and gold deposits have been identified, and there are thought to be oil deposits both on- and offshore.
Senegal is the most industrialised country in French West Africa after Côte d’Ivoire; but the country has yet to achieve self-sufficiency in basic foodstuffs, owing partly to its vulnerability to extreme weather conditions. The main industries – which are almost exclusively geared to domestic consumption – involve the processing of agricultural products and phosphates, milling, textiles, commercial vehicle assembly, food and drink, farming materials (implements, fertilisers), paint, asbestos, cement, printing and boat building. There is also, unusually in this part of Africa, a lively information technology sector.
Although the country remains dependent on foreign aid and its finances are weak, it has shown signs of recovery after a stagnant spell in the late 1990s. Current annual GDP growth is five per cent. In 1998, negotiations with the IMF led to the introduction of a Structural Adjustment Programme in exchange for financial support. Senegal is a member of the CFA Franc Zone and the West African trading bloc, ECOWAS. France is its major trading partner, followed by Côte d’Ivoire, Mali, Spain and the USA.
Business: A lightweight suit is acceptable for business. French will generally be needed for meetings. Appointments should be made and punctuality is expected, despite the fact that a customer may be slightly late. Visiting cards are essential, preferably in French and English. The right hand should be used for shaking and to pass items. The period from July to October should be avoided for business visits, as many people are on holiday. Office hours: Mon-Fri 0800-1230 and 1300-1600. During Ramadan, some offices open 0730-1430.
Commercial Information: The following organisations can offer advice: Chambre de Commerce et d’Industrie et d’Agriculture de la Région de Dakar, BP 118, 1 place de l’Indépendance, Dakar (tel: 823 7189; fax: 823 9363; e-mail: cciad@telecomplus.sn; website: www.tpsnet.org/cciad/acceuil.htm).
Conferences/Conventions: A number of hotels and conference centres offer facilities. Further information can also be obtained from the Embassy of the Republic of Senegal in Washington (see Contact Addresses section).
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