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Viewing cable 07DAKAR112, SENEGAL: 2007 INVESTMENT CLIMATE REPORT
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| Reference ID | Created | Released | Classification | Origin |
|---|---|---|---|---|
| 07DAKAR112 | 2007-01-12 15:44 | 2011-08-24 16:30 | UNCLASSIFIED | Embassy Dakar |
VZCZCXRO7040
RR RUEHMA RUEHPA
DE RUEHDK #0112/01 0121544
ZNR UUUUU ZZH
R 121544Z JAN 07
FM AMEMBASSY DAKAR
TO RUEHC/SECSTATE WASHDC 7317
RUCPDOC/USDOC WASHDC
INFO RUEHZK/ECOWAS COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHDC
RUCPCIM/CIMS NTDB WASHDC
RUEHLMC/MCC WASHDC
UNCLAS SECTION 01 OF 07 DAKAR 000112
SIPDIS
SIPDIS
STATE FOR EB/IFD/OIA - JNHATCHER, AF/EPS AND AF/W
STATE PLS PASS USTR - JSHRIER AND OPIC - RO,SULLIVAN
USDOC FOR ITA/ATAYLOR
TREASURY FOR DO - GCHRISTOPOLUS
E.O. 12958: N/A
TAGS: EINV KTBD OPIC EFIN USTR ETRD SG
SUBJECT: SENEGAL: 2007 INVESTMENT CLIMATE REPORT
DAKAR 00000112 001.2 OF 007
SUMMARY
-------
¶1. Senegal offers investors political stability, democracy,
advanced telecommunications infrastructure, an advantageous
geographic location, a bilateral investment treaty with the
United States, low inflation, a currency pegged to the euro,
easy repatriation of capital and income and abundant
semi-skilled and unskilled human resources. Despite these
obvious strengths, overly rigid and demanding labor laws,
lack of clear title to property outside the greater Dakar
area and an inefficient, and occasionally corrupt, judiciary
have restrained foreign investment. Judicial, tax, customs
and regulatory decisions are frequently inconsistent, tardy
and non-transparent. Although Senegal does have a
&one-stop8 investment agency, it can take well over a year
to start a business. The country,s Investment Code offers
incentives to companies willing to locate off the Cap Vert
peninsula. Senegal accepts binding foreign arbitration of
investment disputes. French companies are the largest
foreign investors, and U.S. direct investment is about USD
100 million. END SUMMARY.
OPENNESS TO FOREIGN INVESTMENT
------------------------------
¶2. The Government of Senegal officially welcomes foreign
investment, but non-transparent regulation combined with high
factor costs are obstacles for potential investors. There is
no legal discrimination against businesses conducted or owned
by foreign investors. There are no barriers regarding 100
percent ownership of businesses by foreign investors in most
sectors. In some key sectors such as electricity,
telecommunications, water and mining, foreign investors may
have majority control, but may not acquire 100 percent
ownership.
¶3. In recent years, Senegal has pursued a privatization
program, and most of the country,s most important and
strategic parastatals have been fully or partially
privatized, including the peanut processing plant SUNEOR
(formerly SONACOS) (2005), the railroad company TRANSRAIL as
a public-private partnership (2003), the national airline Air
Senegal International (2000), the telecommunication company
SONATEL (1997), the water company SONES (1996), and the
phosphate company SSPT (1990). Senelec, the country,s
electricity purchasing and distribution monopoly, remains the
most significant state enterprise yet to be privatized. The
Government was unsatisfied with previous efforts to privatize
Senelec and in December 2000 re-acquired a controlling share.
In addition, the Government is reportedly engaged in
negotiations with private investors on divesting its majority
interest in Industries Chimiques du Senegal (ICS), a
phosphate processor and the country,s largest industrial
concern. In 2006, the Government purchased 12.3 percent and
11.3 percent from shareholders Total and Mobil/Exxon to
establish a plurality control of 33.6 percent of the
petroleum refinery company SAR.
¶4. The Government of Senegal is reportedly also considering
three additional actions in the Telecom sector: 1) the sale
of its remaining shares in SONATEL; 2) renegotiating the
financial terms of the contract with TIGO, the second mobile
operator; and 3) authorizing a third telecom operator in
Senegal. According to the World Bank, these three actions
could generate up to USD 1 billion, which is almost the
equivalent of the government,s annual investment budget.
¶5. While the Government does not screen investments, foreign
investors are encouraged to utilize the &one stop8 service
of Senegal,s Investment Promotion Agency (APIX) for
registration and obtaining approvals needed to operate a
business in Senegal. The Government established APIX in 2000
in order to attract foreign investors and simplify the
administrative procedures they face. APIX changed its status
in December 2006 into a Societe Anonyme, &APIX S.A.8 to
open its capital to private investors. The World Bank,s
2006 &Doing Business8 survey (www.doingbusiness.org) ranked
Senegal 146 out of 175 countries evaluated, noting that it
takes over 57 days for obtaining all necessary governmental
permits for opening a business at a cost of 108 percent of
average annual income (approximately USD 600).
¶6. The Investment Code, updated in 2004, remains Senegal,s
main body of law regulating foreign investments. The Code
provides basic guarantees for the repatriation of profit and
DAKAR 00000112 002.2 OF 007
capital and equality of treatment. It also specifies tax and
customs exemptions according to the size of the investment,
classification of the investor (SME versus a larger
corporation), and location (investments outside of Dakar
receive longer periods of exoneration from taxes). Following
IMF and World Bank recommendations, the GOS established the
Presidential Investors Council (PIC) in November 2002,
designed to improve the business climate and reduce obstacles
to domestic and foreign private investment. In 2005, the PIC
successfully lobbied for some &pro-business8 changes in
Senegal,s tax code, which lowered the corporate tax rate
from 33 to 25 percent, eliminated the equalization tax on the
informal sector, and lowered the VAT on tourist industries
from 18 percent to 15 percent.
¶7. There is no provision in Senegalese law permitting
domestic businesses to adopt articles of incorporation or
association that limit or control foreign investment. There
is no pattern of discrimination against foreign firms making
investments in Senegal. Both foreign and domestic firms tend
to cite the same problems in doing business in Senegal -)
inefficient regulation and bureaucracy, ineffective
commercial courts, labor laws that makes it difficult to fire
for cause, and occasional disputes over customs valuations
and taxation.
CONVERSION AND TRANSFER POLICIES
--------------------------------
¶8. Commercial transfers are normally carried out rapidly and
in full by local banking institutions. Companies find that
the import and export of funds can be accomplished quickly
and easily as commercial bank transactions. The African
Financial Community franc (CFAF), used by Senegal and 13
other African countries, is pegged to the euro at the rate of
100 CFAF equals 0.152 euros. At present, there are no
restrictions on the transfer or repatriation of capital and
income earned or on investments financed with convertible
foreign currency. However, the Government does limit the
amount of foreign exchange individuals may obtain for trips
outside Senegal. Outgoing travelers may obtain a maximum of
6 million CFAF in euros or other foreign currency/travelers
checks (approximately USD 12,000) upon presentation of a
valid airline ticket at banks. The black market for currency
exchange is limited in Senegal.
EXPROPRIATION AND COMPENSATION
------------------------------
¶9. In recent history, there have been no major
expropriations in Senegal. In 2000, the Senegalese
Government ended the management contract with the
French-Canadian consortium running Senelec, the national
electricity company. The Government and the consortium
negotiated an acceptable outcome, under which the Government
repurchased the 34 percent shares held by the consortium for
45.2 billion CFAF (USD 90.4 million). In September 2000 the
Government announced it was revoking the license of Sentel, a
cellular telephone service provider majority owned by
Millicom International Cellular (MIC), alleging failure to
meet certain contractual obligations. Sentel vigorously
contested those allegations. In August 2002, the GOS and MIC
signed an accord under which the company,s original contract
was honored.
¶10. There have been several instances recently in which the
Government has revoked minerals concessions or contracts to
develop housing projects, alleging failure to pay taxes or
meet contractual obligations. Foreign investors have
generally failed to obtain compensation or damages through
the courts. In other cases, the Government has failed to
intervene to resolve disputes between foreign investors and
firms with local ownership or substantial local
participation. This failure to provide mediation, or any
decision in some cases, has been noted as less-than-equitable
treatment for foreign investors. However, there is no
indication of discriminatory treatment against U.S. investors.
DISPUTE SETTLEMENT
------------------
¶11. Senegal and the U.S. have a Bilateral Investment Treaty,
which allows for international arbitration, and Senegal is a
member of the International Center for the Settlement of
Investment Disputes (Washington Convention). In theory,
Senegal accepts binding foreign arbitration of investment
disputes. Foreign creditors receive equal treatment under
DAKAR 00000112 003.2 OF 007
Senegalese bankruptcy law in making claims against liquidated
assets. Monetary judgments are normally in local currency.
U.S. companies entering the Senegalese market should ensure
that their contracts with third parties make a provision for
binding international arbitration in case of a dispute.
¶12. While Senegal has well-developed commercial and
investment laws, and a legal framework for regulating
business disputes, settlement of disputes within the
cumbersome, slow and occasionally non-transparent Senegalese
judiciary can be a significant burden to business. Senegal
has an arbitration center administered by the Dakar Chamber
of Commerce, but the arbitration process is practically
untested.
¶13. Few judges or lawyers are conversant in commercial laws.
Court cases are expensive and rarely resolved expeditiously.
Decisions can be inconsistent, arbitrary and
non-transparent. Foreign investors have found it difficult
to fire employees for cause or malfeasance. Foreign firms
are often sued in the Senegalese courts by terminated
employees who are frequently awarded damages and placement in
their former positions. Although these decisions are
sometimes overturned on appeal, the appeals process is costly
and time consuming. Foreign firms in Senegal often cite
frustrations with labor law and arbitrary rulings by courts
on labor cases as their number one frustration in doing
business in Senegal.
PERFORMANCE REQUIREMENTS AND INCENTIVES
---------------------------------------
¶14. Senegal,s Investment Code defines eligibility for
investment incentives according to a firm,s size and type of
activity, the amount of the potential investment, and the
location of the project (with higher incentive benefits for
investments outside of the capital, Dakar). To qualify for
significant investment incentives, firms must invest above
100 million CFAF (approximately USD 200,000) or in activities
that lead to an increase of 25 percent or more in productive
capacity. New enterprises are eligible for five years,
exoneration from Senegal,s payroll tax (eight years from
investments outside of Dakar). Investors may also deduct up
to 40 percent of retained investment over five years.
However, for companies engaged strictly in &trading
activities,8 defined as &activities of resale in their
existing state products bought from outside the
enterprises,8 investment incentives might not be available.
¶15. Eligible sectors for investment incentives include
agriculture, fishing, animal-rearing and related industries,
manufacturing, tourism, mineral exploration and mining,
banking, trading complexes, and cultural activities. All
qualifying investments benefit from the &Common regime,8
which includes two years of exoneration from duties on
imports of goods not produced locally for small and medium
sized firms, and three years for all others. Also included
is exoneration from direct and indirect taxes for the same
period.
¶16. Exoneration from the Minimum Personal Income Tax and
from the Business License Tax is granted to investors who use
local resources for at least 65 percent of their total inputs
within a fiscal year. Enterprises that locate in less
industrialized areas of Senegal benefit from exemption of the
lump-sum payroll tax of three percent, with the exoneration
running from five to 12 years, depending on the location of
the investment. The investment code provides for exemption
from income tax, duties and other taxes, phased out
progressively over the last three years of the exoneration
period. Most incentives are automatically granted to
investment projects meeting the above criteria as well as to
those with the &Enterprise Franche d,Exportation8 (EFE)
status, which is directed at export-oriented firms.
¶17. Further, an existing firm requesting an extension of
such incentives must be at least 20 percent self-financed.
Large firms -- those with at least 200 million CFAF (USD
400,000) in equity capital -- are required to create at least
50 full-time positions for Senegalese nationals, to
contribute the hard currency equivalent of at least 100
million CFAF (USD 200,000), and keep regular accounts that
conform to Senegalese standards. Furthermore, firms must
provide APIX with details on company products, production,
employment and consumption of raw materials.
DAKAR 00000112 004.2 OF 007
RIGHT TO PRIVATE OWNERSHIP AND ESTABLISHMENT
--------------------------------------------
¶18. In addition to traditional guarantees offered to
investors, e.g., free transfers of capital and income, and
national treatment, private entities are permitted to
establish and own businesses and to engage in most forms of
remunerative activity. Foreign nationals are permitted to
buy and hold land. Local majority ownership is not
necessary. Several of the state-owned firms privatized in
the mid to late 1990,s and in the early 2000,s were sold in
part or in whole to foreign entities.
PROTECTION OF PROPERTY RIGHTS
-----------------------------
¶19. The Senegalese Civil Code, based on French law, enforces
private property rights. The code provides for equality of
treatment and non-discrimination against foreign-owned
businesses. Property title and a land registration system
exist in Senegal, but application is uneven outside of
Senegal,s urban areas. Senegal,s housing finance market is
underdeveloped and few long-term mortgage financing vehicles
exist. There is no secondary market for mortgages or other
bundled revenue streams. The judiciary is inconsistent when
adjudicating property disputes.
¶20. Senegal is a member of the African Organization of
Intellectual Property (OAPI), a grouping of 15 francophone
African countries, which has established among its member
states a common system for obtaining and maintaining
protection for patents, trademarks and industrial designs.
Senegal has been a member of the World Intellectual Property
Organization (WIPO) since its inception. Local statutes
recognize reciprocal protection for authors or artists who
are nationals of countries adhering to the 1991 Paris
Convention on Intellectual Property Rights. In particular:
¶I. Patents: Patents are protected for 20 years. An annual
charge is levied during this period. Trade secrets and
computer chip designs are respected.
II. Trademarks: Registered trademarks are protected for a
period of 20 years. Trademarks may be renewed indefinitely
by subsequent registrations.
III. Copyrights: Senegal is a signatory to the Bern
Copyright Convention. The Senegalese Copyright Office, part
of the Ministry of Culture, attempts to enforce copyright
obligations. The bootlegging of music cassettes and CDs is
common and of concern to the local music industry. The
Copyright Office undertook actions in 2001, 2002, 2003 and
2006 to combat media piracy, including seizure of counterfeit
cassettes and CD/DVDs.
¶21. However, despite an adequate legal and regulatory
framework, enforcement of intellectual property rights is
weak. In general, the Government lacks the resources or
commitment to seize counterfeit goods. Customs screening for
counterfeit goods coming from China, Nigeria, Dubai and other
centers of illegal production is weak and confiscated goods
occasionally re-appear in the market. Nonetheless, there has
been a recent effort by Customs to understand the impact of
counterfeit products in the Senegalese market place, and
officers have participated in trainings offered by
manufacturers to identify counterfeit products. Philip
Morris International notes that it signed a cooperative MOU
with Senegalese Customs whereby a minimum of 60 customs
officials will undergo two days of training.
TRANSPARENCY OF THE REGULATORY SYSTEM
-------------------------------------
¶22. There is no public comment process for proposed laws and
regulations. However, the National Assembly debates most
substantive legislation. The Government frequently holds
public hearings and workshops to discuss proposed initiatives
and programs.
¶23. In general, the Government of Senegal favors the
principles of free competition. However, some foreign and
domestic investors believe that the investment climate in
Senegal is worsening. Judicial, tax, customs, and other
regulatory decisions are frequently inconsistent, tardy and
non-transparent. Procurement decisions often fail to follow
government guidelines mandating a free and transparent tender
DAKAR 00000112 005.2 OF 007
process. Weak application of labor laws is seen as a
disincentive to investment by foreign investors.
¶24. The Government has created several regulatory agencies
in sectors seeking foreign investment. Faced with an
increasingly liberalized electricity generation sector, the
Government has created an electricity regulatory body
responsible for approving investment plans for the power
sector, preparing terms of reference for tenders and
monitoring prices. In 2003, as the Government moved towards
further telecommunications deregulation and the introduction
of new products and services, it established a
telecommunications regulatory agency. Following new telecom
guidelines, a tender was issued in late 2005 for a third
global telephone services provider, but the license has yet
to be awarded.
EFFICIENT CAPITAL MARKETS AND PORTFOLIO INVESTMENT
--------------------------------------------- -----
¶25. In general, domestic investment is hampered by an
under-developed financial sector. A few French-owned banks
with conservative lending guidelines and high interest and
collateral requirements dominate bank lending. Claims on the
central bank have nearly doubled in the past five years to
800 billion CFAF (USD 1.6 billion), indicating excessive
liquidity and insufficient loans in the commercial banking
sector. Few firms are eligible for long-term loans, and
small and medium sized enterprises have little access to
credit. However, because the Senegalese banking sector is
dominated by foreign banks, foreign investors can take
advantage of parent banks in France and the United States
(Citibank). U.S. firms also have access to U.S. Overseas
Private Investment Corporation (OPIC) and Export-Import Bank
(EXIMBANK) facilities.
¶26. Private bond issuances are an emerging topic of some
interest, but have yet to make a tangible impact on
investment in Senegal, and the infrastructure for expanding
business lending, credit risk analysis, skilled commercial
law legal specialists and auditors etc . . . does not exist.
The West African Regional Stock Exchange (BRVM),
headquartered in Abidjan, with local offices in each of the
member countries of the West African Economic and Monetary
Union (WAEMU or UEMOA) offers member countries additional
opportunities to attract increased foreign capital and to
give private investors access to more diversified sources of
financing. However, to date only two Senegalese companies,
Sonatel and ICS, are currently traded on the BRVM. There is
no system to encourage and facilitate portfolio investment.
¶27. Legal, regulatory and accounting systems closely follow
French models and WAEMU countries present their financial
statements in accordance with the SYSCOA system, which is
based on Generally Accounting Principles in France.
POLITICAL VIOLENCE
------------------
¶28. Senegal is a free and functioning democracy with no
history of coup d,etats or military government. However, in
2005 and 2006, human rights organizations expressed concern
about the police harassment and arrest of opposition leaders
as well as several lawsuits filed against independent media
organizations. There have been incidents of sporadic civil
disturbances over the past two years, but they have generally
taken place in the context of unions or student demands for
better conditions. Since October 2006, there have been
sporadic violent incidents in the Casamance region often
linked to petty banditry or a two-decade-old rebel movement
seeking independence for the region. Presidential and
legislative elections are scheduled for February 2007.
CORRUPTION
----------
¶29. The potential for corruption is a significant obstacle
for economic development and competitiveness in Senegal, in
spite of the country,s laws, regulations, penalties and
agencies to combat it. Credible allegations of corruption
have been made concerning government procurement, dispute
settlement, and decisions by the judiciary as well as
regulatory and enforcement agencies. Transparency
International, in its 2006 Perceptions of Corruption index,
ranked Senegal 70th out of 163 countries, moving up seven
places from 2005.
DAKAR 00000112 006.2 OF 007
¶30. Senegal is a signatory to the UN Anticorruption
Convention, and Senegalese authorities have initiated reforms
to strengthen the rule of law, increase transparency, and
fight corruption. Senegal,s Customs authority has initiated
an &action plan8 to combat fraud. Other steps to improve
the legal and judicial environment include better training
for magistrates and commercial law practitioners, and the
establishment of an arbitration court and to adopt new
recovery and enforcement procedures consistent with the
Harmonization of Commercial Laws in Africa (OHADA), a
regional initiative to harmonize commercial codes in Africa.
¶31. Senegal has several government agencies authorized to
fight corruption and fraud. These include &L,Inspection
Generale d,Etat,8 a cabinet-level office; &La Commission
de Verification des Comptes8 and &La Cour des Comptes,8
and Cotecna S.A., a pre-shipment inspection contractor hired
by the Government. At a higher level, President Wade has
made numerous pronouncements against corruption, but a
significant gap persists between the rhetoric and its
implementation. A new procurement code was approved in May
2004, but, to date, the President has not brought the code
into force; thus, many projects continue to be sole-sourced
or receive exemptions from following international tender
procedures.
¶32. The Government of Senegal has established a monitoring
council for good governance and anti-corruption measures, but
has yet to prosecute any cases. In 2005, the country,s
financial intelligence unit (CENTIF) began operation,
collecting information on suspicious financial transactions
from financial institutions. The CENTIF is reportedly
pursuing several money laundering and drug money cases.
Senegal is also represented by a Financial Action Task Force-
(FATF-) style regional body for the 15-member Economic
Community of Western African States (ECOWAS), the African
Anti-Money Laundering Inter-governmental Group (GIABA), which
is based in Dakar.
BILATERAL INVESTMENT AGREEMENT
------------------------------
¶33. Senegal and the United States signed a Bilateral
Investment Treaty in 1983. The treaty provides for Most
Favored Nation treatment for investors, internationally
recognized standards of compensation in the event of
expropriation, free transfer of capital and profits, and
procedures for dispute settlement, including international
arbitration. Senegal has signed similar agreements for
protection of investment with France, Switzerland, Denmark,
Finland, Spain, Italy, the Netherlands, South Korea, Romania,
Japan, and Australia. Senegal has concluded tax treaties
with France, Mali, and WAEMU member states. There is
currently no tax treaty and no imminent prospect of one
between the United States and Senegal.
OPIC AND OTHER INVESTMENT INSURANCE PROGRAMS
--------------------------------------------
¶34. EXIMBANK is actively looking for potential projects in
Senegal and has a Master Guarantee Agreement with the local
offices of the Banque Senegalo-Tunisienne (BST). OPIC has
been examining possible investments in Senegal but has no
current projects. Senegal is a member of the Multilateral
Investment Guarantee Agency (MIGA), an arm of the World Bank.
LABOR
-----
¶35. Unskilled and semi-skilled labor is abundant in Senegal,
but there are relatively few highly-trained workers in the
fields of engineering, information systems and management.
In-country opportunities for these workers are not numerous,
and as a result, many look outside Senegal for employment.
¶36. Relations between employees and employers are governed
by the labor code, collective bargaining agreements, company
regulations and individual employment contracts. There are
two powerful industry associations that represent
management,s interests: the National Council of Employers
(CNP) and the National Employers, Association (CNES). The
principal labor unions are the National Confederation of
Senegalese Workers (CNTS), affiliated with the former ruling
Socialist Party, and the National Association of Senegalese
Union Workers (UNSAS), a federation of independent labor
unions. Labor issues are often high on the list of
complaints by investors.
DAKAR 00000112 007.2 OF 007
FOREIGN TRADE ZONES/FREE PORTS
------------------------------
¶37. Senegal,s Dakar Free Industrial Zone (ZFID) is largely
inactive and stopped issuing new licenses in 1999. Firms
already located there may continue receiving benefits until
¶2016. Pfizer is located in the ZFID and does some production
and packaging for the African market. Senegal,s Free Trade
Zone initiatives have largely been replaced with the
Entreprise Franche d,Exportation (EFE), which reduces taxes
and provides for duty-free imports as noted above.
MAJOR FOREIGN INVESTORS
-----------------------
¶38. The dearth of reliable investment statistics makes it
difficult to provide a detailed breakdown of foreign direct
investment in Senegal. For the first half of 2004, foreign
direct investment inflows were estimated to be USD 94.4
million, but such transactions are highly variable from year
to year. FDI assessments also tend to not include the
estimated several hundred million dollars per year in
remittances, which fuel much of the growth in the real estate
as well as capital investments in small and medium size
businesses.
¶39. France is overwhelmingly the most important foreign
investor, and French interests control many sectors in the
economy. Approximately 235 subsidiaries of French groups are
present in Senegal, accounting for 25 percent of all formal
enterprises. French investors are present in the major
multinational import-export firms, shipping companies,
banking, food production, mechanical engineering,
agribusiness, petroleum distribution, industrial equipment,
vehicles, chemicals and pharmaceuticals, tourism and
insurance industries. Privatizations in telecommunications
and public utilities have confirmed and increased the
predominance of France as Senegal,s leading foreign investor
with Bouygues present in the water sector and
telecommunications giant Orange the operating partner of
Sonatel.
¶40. Investments by Senegalese citizens of Lebanese origin
are frequently found in light import-substituting industries
such as food products, textiles, chemicals, plastics and
rubber. Swiss investment is concentrated in food processing
with the active presence of the multinational Nestle and a
waste management company. Germany, Japan, and South Korea
have moderate investments in Senegal. Taiwan was active in
Senegal,s fish and canning industry. Indian interests have
historically been a major investor in Senegal,s phosphates
industry and purchase nearly all phosphate output; India is
also providing buses and mini-buses to Senegal. Moroccan
investment has substantially increased since Royal Air Maroc
took a controlling interest in Air Senegal International in
¶2000. In 2006, China made pledges of significant new
investment in Senegal in the coming years, including a 250 MW
coal fired power plant.
¶41. U.S. direct foreign investment in Senegal is estimated
at approximately USD 100 million. Significant U.S. investors
include General Electric, Crown Manufacturing,
Colgate-Palmolive, Pfizer, and Citibank. Major U.S. direct
investments in Senegal include the 1998 USD 65 million GE
Independent Power Production (IPP) gas turbine project and
Colgate-Palmolive,s investment in a new toothpaste and
glycerin plant in 2000. Philip Morris has announced plans
for a new USD 30 million cigarette factory in Senegal in
¶2007. In 2006, Delta Airlines began non-stop Atlanta-Dakar
service, continuing to Johannesburg, South Africa. Also in
2006, Exxon-Mobil ended its presence in Senegal by ceding its
distribution rights for a number of African countries,
including its 44 service stations in Senegal, to the Libyan
firm Tamoil African Holdings Ltd.
JACKSON