Expectations from AGOA 2017 forum

The 16th Africa Growth and Opportunity Act (AGOA) forum is currently underway in the vibrant city of Lome, Togo. CNBC Africa's Onyi Sunday had the opportunity to sit down with Togo's Minister of Trade, Bernadette Legzim-Balouki, to discuss the expectations from the forum and shed light on the potential for trade and investment in the region. This year's theme revolves around the partnership between the United States and Africa in fostering prosperity through trade. The AGOA event serves as a crucial platform for local exporters to capitalize on the advantages offered by the US market. Minister Legzim-Balouki highlighted the significance of formulating an action plan to enhance the implementation of AGOA provisions. To facilitate exports, the Togolese government has introduced measures such as decrees to support local exporters, particularly in sectors like textiles. The forum acts as a showcase for Togo's exportable products, providing visibility for economic partners and boosting the Made in Togo brand. The Minister emphasized the importance of exploring untapped opportunities post-2025, as AGOA's extension offers a chance to further harness the benefits for eligible countries. Delving into Togo's economic landscape, Minister Legzim-Balouki outlined the country's investor-friendly reforms. Togo's streamlined business registration process allows for the establishment of a business within 24 hours, catering to both local and foreign entrepreneurs. The introduction of a single-stop shop system simplifies administrative procedures, while tax reductions and an arbitration court enhance investor protection. Furthermore, the country's innovative approach extends to company formation, with the elimination of notarial requirements for limited liability companies. Togo's commitment to fostering a conducive business environment is underscored by its support for startups, enabling individuals to kickstart ventures with minimal capital. Minister Legzim-Balouki reiterated Togo's appeal as a promising destination for trade and investment, offering a blend of strategic reforms and financial incentives to spur economic growth and attract investors.