3,000 Spanish companies export to Senegal and 100 operate in the country. President Faye wants to increase those figures with public-private support
A privileged geographical position —at the intersection of Africa, Europe, and America—, a new investment code, and access to a market of over 200 million consumers are the attractions that Senegal offers to Spanish companies, as highlighted by its president, Bassirou Diomaye Faye, during the Business Meeting held at the Chamber of Commerce of Spain.
During his first visit to Spain, the Senegalese leader emphasized that his government does not seek asymmetrical relationships, but alliances in which “the prosperity of one reinforces that of the other” through a balanced strategic cooperation that contributes to “consolidating the historical relations of friendship and growing economic collaboration between both nations.”
During his speech at the business meeting organized by the Chamber of Commerce of Spain — along with the CEOE and the Secretary of State for Trade through ICEX Spain — Faye highlighted the recent reforms aimed at improving the competitiveness of his country, according to a statement from the Chamber of Commerce of Spain.
Among them, he highlighted the new Investment Code, which introduces a principle of reciprocity and clearer rules for international investors. In addition, he detailed the specific opportunities that Senegal offers to Spanish companies in sectors such as fishing, renewable energies, agri-food, infrastructure, tourism, and hydrocarbons. Therefore, he encouraged interested companies to partner with local partners through joint ventures that combine Spanish business experience with national potential and resources.
On a strategic level, the Senegalese president stated that his country is advancing in the orderly exploitation of energy resources, improving infrastructure, and implementing long-term development policies such as the Senegal 2050 Plan. This roadmap, presented in October 2024, aims to triple the country’s per capita income and reduce poverty to 10% by the middle of this century.
The Secretary of State for Trade, Amparo López Senovilla, expressed her satisfaction with the results achieved by the Alliance Africa Advances, “a framework for cooperation to promote investment, job creation, and sustainable development in West Africa” thanks to which “more and more Spanish companies are developing high-impact projects.” Senovilla also confirmed that “Spain supports the future Partnership Agreement between the European Union and Senegal”.
For his part, José Luis Bonet described Senegal as “a strategic partner for Spain” as it “has established itself as a dynamic economy with a stable framework for business.” The president of the Chamber of Spain expressed his satisfaction with the collaboration of the institutions of both countries under the umbrella of the Ibero-African Association of Chambers of Commerce, AFRICO, which “will allow the launch of joint projects for the entire region.”
The president of the International Relations Commission of CEOE, Marta Blanco, said that “Senegal is a combination of strategy —through the Senegal 2050 Plan—, opportunities —with flagship projects in which Spanish companies are already participating— and the challenge of attracting investments.”
Bakary Séga Bathily, director general of the National Agency for Investment Promotion (APIX), listed the reforms and flagship projects launched to attract investment, as well as the tax and customs advantages that the country offers. “Senegal is the neighbor next door, located in the center of the world and open to all markets with a dynamic economy,” he concluded.
Juan Luis Gimeno, director general of Economic and Commercial Intelligence, detailed that “CESCE has secured ten projects for nearly 750 million euros; the Fund for the Internationalization of the Company (FIEM) has financed 13 studies and investment projects; and COFIDES strengthens business establishment, especially in the agri-food sector, thanks to the agreement with the Fund for Strategic Investments of Senegal (FONSIS) signed in 2024.”
The meeting also featured the president of the Union of Chambers of Senegal, Serigne Mboup, who encouraged companies, entrepreneurs, and investors to “go even further,” because Spain and Senegal share a “historic opportunity.” For Mboup, “the time for action has begun: let us create a model of modern cooperation and shared prosperity.”
