“Senegal is taking important strides towards a more robust and transparent economy,” said Prime Minister Harper. “The initiatives we are announcing today will support our efforts to promote greater trade and investment between our two countries and a more accountable and friendly business environment. This will generate jobs, growth and long-term prosperity for all our citizens.”
While in Senegal, the Prime Minister announced the conclusion of negotiations toward a Foreign Investment Promotion and Protection Agreement (FIPA) between Canada and Senegal. Once implemented, the Canada-Senegal FIPA will facilitate two-way investment flows, contributing to job creation and economic growth in both countries.
The Prime Minister also announced that Canada has reached a first-time air transport agreement with Senegal. The new agreement, which takes effect immediately, will provide shippers and travellers with more flight options and routes to Senegal, and represents an important step forward for the development of aviation relations between the two countries.
In addition to expanding commercial ties, Prime Minister Harper announced that Canada would be further promoting Corporate Social Responsibility (CSR) in West Africa by creating a regional CSR network that operates out of Canada’s mission in Senegal. The initiative, which will link existing CSR networks in Senegal, Burkina Faso, Cote d'Ivoire and Guinea will facilitate dialogue on standards and best practices among stakeholders in industry, government and civil society.
Prime Minister Harper also announced the completion of the Senegal National Geomatics Plan. A joint Canada-Senegal initiative, the plan will help the Senegalese government in achieving optimal and sustainable management of its land and human resources, facilitating investment and economic growth in the country.
Canada’s economic relations with Senegal are growing. In 2011, trade between the two countries totalled $29 million, with $28 million in exports to Senegal and $1 million in imports.