Benin is a booming West African country that, for over twenty (20) years, has combined democracy and political stability; reliable economic growth, stable inflation; sound public finances and confidence of the African and International Financial Institutions.
Apart from its strategic geographical location, which is very favorable to business and investment, and its stable political and democratic context and a growing economy, Benin still has two other major assets that should be taken up.
• A favorable and constantly improving business climate supported by several business incentive reforms
Today Benin has an attractive business climate for investment which is constantly improving thanks to the various reforms undertaken by the government. The major reforms made to improve the business climate include:
The establishment of a new mechanism for coordinating and facilitating relations with the private sector and promoting investments and exports, concretized by:
– The creation of the Interministerial Committee for the Promotion of Investments (CIPI) to improve the strategic coordination of relations with the private sector and a follow-up at the level of the Presidency of the Republic
– The Restructuring of the Investment and Export Promotion Agency (APIEX), the operational arm of the implementation of the Government’s strategy for the promotion of investments and exports (reception, orientation and support for investors and exporters Benin), which has become the one-stop shop for entrepreneurship and the gateway for investors in Benin;
Adoption of the legal framework for the Public-Private Partnership (PPP);
Revision of the Law on Public Procurement: Code des Marches Publics;
Creation of Special Economic Zones with significant tax and customs benefits;
The relaxation of the provisions of the Labor Code, in particular with regard to the conditions of employment and the ceiling on the amount of compensation in the event of dismissal, and the supervision of the right to strike to allow more flexibility and encourage the creation of employment; the reform of the land code; the introduction of new mechanisms to facilitate access to business financing: the Factoring Act and the Leasing Act; the reform of justice, the establishment of commercial courts; reforms aimed at modernizing the administration; the vote of the digital code.
The reform of the investment code to make it more attractive, particularly through the possibility of granting specific benefits to projects deemed strategic as well as to non-resident investors; the fight against corruption; the merging of the police force and the gendarmerie; taking of measures for the safety and protection of property and persons; measures to facilitate the free movement of persons and goods; simplifying the process of creating and formalizing companies …
• Countless business and investment opportunities for growth
Benin has several business opportunities in so-called growth sectors. These are sectors that offer real business opportunities in the country. These sectors include:
Agribusiness (opportunities in the cashew nut processing industry, pineapple, shea butter Maize Cassava Rice … with high added value)
Cotton-Textile: (Ginning plant for the treatment of seeds, the manufacture of fibers, fabrics …)
Tourism (Safari tourism, cultural tourism: Parks, museums, lakeside towns, seaside resorts, Project Fishing Roads, luxury hotel constructions.)
Energy (renewable energies: solar, wind … and power plants)
Wood (Local processing of lumber)
Information and Communication Technologies (ICT) and the Digital Economy (Telemedicine, telemonitoring, High and Very High Speed Internet, TNT, e-governance, Smart Gouv Smart Administration, e-commerce, e-education)
“Construction and Building Materials” (Construction and rehabilitation of Infrastructures: Roads, Bridges, Buildings, Airports ….)
Mines and Hydrocarbons (extraction and processing of gold, iron, phosphate and hydrocarbon resources) and building materials (limestone, marble, clay, sand, gravel, ornamental stones and peat)
The tertiary sector: “Transport, Logistics and Trade” (freight transport, passenger transport, logistics services, regional trade and international trade.
Livestock and Fishing: (The creation of breeding farms, construction of slaughterhouses of international standard, Manufacture of products derived from breeding, creation of cold chains for the conservation of fishery products, production and processing of fish products.
We hope you liked this article. Feel free to leave us your questions, comments or suggestions.
The Company LMS in collaboration with its partners is at your disposal.