The government of Togo has signed a memorandum of understanding with Singapore Cooperation Enterprise (SCE) on a wide-ranging plan to develop infrastructure, industrial zones, agribusiness and improve the business climate in the west African country.
The agreement in principle was concluded on Tuesday after a virtual ceremony, with Rose Kayi Mivedor, the minister for investment, signing for the Togolese side.
SCE is an agency set up by the Singaporean government to offer its administration skills to other countries and promote investment and trade.
In a press release, the Togolese ministry said the SCE could help attract Singaporean companies to invest in the country.
It added that Singapore and Togo are similar countries in size, with economies based on trade. Togo hopes to emulate Singapore’s rise from relative poverty to economic success based on state planning to develop certain economic sectors.
Rose Kayi Mivedor signing the agreement on Tuesday (Ministry of Investment)
Togo presently has a per capita GDP of $1,600, compared with $5,968 for neighbouring Ghana and $3,600 for Benin, however its total GDP is growing at around 5.3% a year.
The country’s development plans are centred on making the most of the $380m state-of-the-art deepwater container port in the capital of Lomé (see further reading). To do this, it must also develop its export sector and improve transport networks and electricity generation.
Singapore has a long involvement in the country. Agri-business Olam International opened an office there in 1996, and has since become a major player in the economy, most recently taking a role in the opening of the €200m Adétikopé industrial park (see further reading).
Top image: The €200m Adétikopé industrial park was financed partly with Singaporean money (Arise IIP)