(With photo) KUWAIT, Nov 14 (KUNA) --Head of the Diplomatic Corps, Ambassador of Senegal to Kuwait Abdou Lahad Mbacke has invited Kuwaiti investors to invest in Senegal given his country's multiple investment facilities including tax exemptions and 100 percent ownership of established companies.
"Senegal has numerous business and investment opportunities for foreign companies and investors especially for Kuwaitis," Mbacke said in statements to KUNA on the occasion of the November 19-20 Africa-Arab Summit in Kuwait.
He pointed out that his country was very keen to take part in the upcoming summit represented by President Macky Sall, Foreign and Finance Ministers in addition to 20 figures representing Senegal's private sector.
He thanked His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for hosting this significant gathering that brings together African and Arab leaders to exchange views and expertise and sign agreements of cooperation.
He said that His Highness the Amir was always keen on urging senior officials to work on bolstering bilateral relations with the African countries and others as well.
He expressed hope the upcoming summit would produce tangible results that would be in favor of the African and Arab nations.
"Africa and the Arabs can't relinquish each others", he added.
Asked whether his country would present a working paper to the summit, Mbacke said that the African Union would present a working paper to the summit without elaborating.
He thanked His Highness the Amir, government and people of Kuwait for standing by Senegal during the drought ordeal and during many dilemmas his country had experienced.
He also said that Senegal heavily depends on Kuwait Fund for Arab Economic Development (KFAED) for financing development projects.
He added that Senegal has been among the first countries to denounce the Iraqi invasion of Kuwait, pointing out that he himself was the last ambassador to leave Kuwait and among the first who had returned after the liberation.
He described his country's ties with Kuwait as "distinguished" in the political, social and cultural domains, however, the economic cooperation sphere is not up to the desired level.
Mbacke said that he was honored to meet with the late Amir Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah at Al-Babtain house right after the liberation of Kuwait.
Asked about the Arab-Africa Economic Forum to be held here tomorrow, the ambassador said it would be a great opportunity to bolster ties between the African and Arab private sectors and especially between the Kuwaiti and Senegalese private sectors.
The GDP per capita of Senegal shrank by 1.30% in the 60s. However, it registered a peak growth of 158% in the 70s, and still expanded 43% in the turbulent 1980s. However, this proved unsustainable and the economy consequently shrank by 40% in the 90s.
Predominantly rural and with limited natural resources, the economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services.
The agricultural sector of Senegal is highly vulnerable to variations in rainfall and changes in world commodity prices.
Dakar, as the former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region. It also boasts one of the best developed tourist industries in Africa.
Senegal still depends heavily on foreign assistance, which in 2000 represented about 32% of overall government spending, including both current expenditures and capital investments, (USD 361.0 million). Senegal is a member of the World Trade Organization. (end) tg KUNA 141204 Nov 13NNNN