1. Trade & Technology
Burkina Faso gives industry a prime importance. Several steps have been taken for industrial development. A brief look at the industrial scenario in the country.
Main Industrial Products are
Burkina Faso gives industry a prime importance. Several steps have been taken for industrial development. A brief look at the industrial scenario in the country.
The Industrial sector of Burkina Faso is in a developing stage. It Contributes more than 20 percent to the GDP and is dominated mainly by agro and mining industries.
Main Industrial Products are
- Mining: Gold , manganese (3rd largest mining reserves in the world)
- Food Industry: Beverages, drinks, sugar etc.
- Textile Industry: Cotton fabrics
- Chemicals and byproducts: Alcohol, oxygen acetylene, pharmaceutical products, ammunition batteries, match boxes, pneumatics inner tubes, bag and clothes, electrical energy and pesticides
- Transport material: bicycles and motorcycles
- Construction Material: Corrugated sheets, cement Marble and tiles
The government is conscious that industry has a key role to play in its endeavor towards economic and social development. For this reason it constantly ameliorates its policy in this sector. Accordingly, the new code of investment and a special code for investment in mining have been implemented. Moreover, the consumer market has been divided into sub and regional Common markets such as West African Economic and Monetary Union (WAEMU) and Economic Community of West African States (ECOWAS).
Industrial investments are welcome in all the sectors, particularly at the level of small and medium scale industries.
However in accordance with the availability of the local raw material and the need of the country the priorities are as follows.
Industrial investments are welcome in all the sectors, particularly at the level of small and medium scale industries.
However in accordance with the availability of the local raw material and the need of the country the priorities are as follows.
- Cotton processing and textile industries
- Fruit and vegetable processing Oilseed Processing (groundnuts, seeds, karaite nuts, Soya and cotton seeds)
- Milk processing
- Leather Processing
- Metal work industries
- Rubber and plastic industries
- Construction material industries
- Chemicals and fertilizers industries
- Pharmaceutical products industries.
As we enter into a new millennium, Burkina Faso is Looking at the Asian region for technology transfer and South cooperation
Burkina Faso offers to the Asian business Community, tremendous opportunities for business, investments, and technology transfer and trade.
The Country has the following advantages:
Burkina Faso offers to the Asian business Community, tremendous opportunities for business, investments, and technology transfer and trade.
The Country has the following advantages:
- A strategic location at the heart of West Africa.
- A fully liberalized and growing economy.
- An attractive investment policy.
- A strong and reliable banking sector
- The country has good reserve of natural resources and raw material.
At the bilateral and multilateral level the county has cooperation with Asian countries in the international arena through various institutions such as World Trade Organization.
2. Trade Facility
THE ENVIRONMENT OF BUSINESS: MAJOR REFORMS
The latest report of the International Financial Corporation (IFC) classes Burkina Faso among the top ten reform oriented countries of the world and the five best in Africa for the consistency in its efforts for reform in order to create a more incentive oriented business environment. On the harmonization of business law, according to the Organization for Harmonization of Business Law (OHADA) Burkina Faso has made significant advances as well as in terms of fighting against corruption, according to the latest report of International Transparency. In addition to the extensive program of privatization initiated in 1991, these reforms have been mainly legislative and regulatory as well as institutional.
- Tax policy more pro-trade, under the customs union of WAEMU;
- The investment code with six privileged regime and one special regime for exporting companies;
- The mining code to make it more attractive;
- A more flexible labor code that is better adapted to the economic realities of enterprises;
- Public Markets to ensure more transparency in the competition.
The main reforms were:
The restructuring of the National Foreign Trade Office (ONAC), the Chamber of Commerce and Industry of Burkina Faso (CCI-BF), the Burkinabe Chargers Council(CBC) to enable them to fully play their role of coach to the private sector;
The establishment of the annual Government - Private Sector meeting preceded by proximity sectoral meetings;
The establishment of a Center of single desks in charge of streamlining, simplifying and accelerating all formalities for setting up an enterprise, trade and investment;
The creation of a Trade Point in the framework of trade efficiency implemented by UNCTAD;
Capacity building of the Enterprise House to allow it to improve its offer of assistance to private enterprise by grouping within it a critical mass of services of council-support, information;
The creation of Centers of Business Formalities and a Facilitation Center for the Construction Acts thus simplifying the various administrative procedures;
The creation of a Center for Arbitration, Mediation and Conciliation in Ouagadougou for the settlement of conflicts related to trade;
The establishment of a Regulatory Authority of Public Works to ensure greater transparency in the execution of public contracts;
The establishment of a Presidential Council for Investment to boost investment in order to strengthen the dialogue between the Government, resident community of business men and supported by a non-resident businessmen community;
The creation of the Chartered Management Centers in Ouagadougou and Bobo-Dioulasso to assist SMEs in managing their enterprises by way of accounting support;
The creation of a national agency for promoting investments whose main objectives among others are to improve the competitiveness of SME/SMI and promote entrepreneurial dynamicin offering financial and non financial products tailored to the needs of the private sector.
The latest report of the International Financial Corporation (IFC) classes Burkina Faso among the top ten reform oriented countries of the world and the five best in Africa for the consistency in its efforts for reform in order to create a more incentive oriented business environment. On the harmonization of business law, according to the Organization for Harmonization of Business Law (OHADA) Burkina Faso has made significant advances as well as in terms of fighting against corruption, according to the latest report of International Transparency. In addition to the extensive program of privatization initiated in 1991, these reforms have been mainly legislative and regulatory as well as institutional.
- Tax policy more pro-trade, under the customs union of WAEMU;
- The investment code with six privileged regime and one special regime for exporting companies;
- The mining code to make it more attractive;
- A more flexible labor code that is better adapted to the economic realities of enterprises;
- Public Markets to ensure more transparency in the competition.
The main reforms were:
The restructuring of the National Foreign Trade Office (ONAC), the Chamber of Commerce and Industry of Burkina Faso (CCI-BF), the Burkinabe Chargers Council(CBC) to enable them to fully play their role of coach to the private sector;
The establishment of the annual Government - Private Sector meeting preceded by proximity sectoral meetings;
The establishment of a Center of single desks in charge of streamlining, simplifying and accelerating all formalities for setting up an enterprise, trade and investment;
The creation of a Trade Point in the framework of trade efficiency implemented by UNCTAD;
Capacity building of the Enterprise House to allow it to improve its offer of assistance to private enterprise by grouping within it a critical mass of services of council-support, information;
The creation of Centers of Business Formalities and a Facilitation Center for the Construction Acts thus simplifying the various administrative procedures;
The creation of a Center for Arbitration, Mediation and Conciliation in Ouagadougou for the settlement of conflicts related to trade;
The establishment of a Regulatory Authority of Public Works to ensure greater transparency in the execution of public contracts;
The establishment of a Presidential Council for Investment to boost investment in order to strengthen the dialogue between the Government, resident community of business men and supported by a non-resident businessmen community;
The creation of the Chartered Management Centers in Ouagadougou and Bobo-Dioulasso to assist SMEs in managing their enterprises by way of accounting support;
The creation of a national agency for promoting investments whose main objectives among others are to improve the competitiveness of SME/SMI and promote entrepreneurial dynamicin offering financial and non financial products tailored to the needs of the private sector.
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