News

US-Burkina Faso Business Forum

Nov 20, 2014

Washington, DC, USA -  During the week of the historic US-Africa Leaders Summit in August 2014, the Burkina Faso Chamber of Commerce held its first ever Business Forum in Washington, DC. This unique event brought together business leaders from Burkina Faso as well as American business leaders from across the US. Burkina Faso, which translates to “men of integrity” lives up to this name in so many ways. Burkina Faso is a young nation of creative, hardworking and disciplined people across all sectors, age groups, gender and socioeconomic levels. Established in 1947, at the same time the boundaries of what was then Upper Volta where established, the ‘Chambre de Commerce et d'Industrie du Burkina Faso’ is a local organization of businesses and companies in Ouagadougou with ambitions of developing and furthering the interests of local companies and businesses in Burkina Faso. Many of these businesses are international operating companies with offices in Burkina Faso. Representing one of the oldest Chambers on the African continent, members represent vast business areas such as law firms, property developers, tourism offices, airlines, manufacturing companies, import and export businesses, banks, finance companies, legal advisors, IT and electronics manufacturer, etc. The Chamber of Commerce main activities are, among others, safeguarding business interests and sharing business experiences, contact with governments, civil society, local media, the press and organizing trade shows and events. The Business Forum, which was organized in partnership with GB Group Global and the World Trade Center, Washington DC (Ronald Reagan Building & International Trade Center), gave over 100 private businesses the opportunity for one-on-one exchanges as well as plenary presentations. The forum was opened by President Blaise Compoaré, whose opening comments provided the American business community with the assurance that entrepreneurs seek in any environment, stability and transparency from the highest office. President & CEO of GB Group Global, Dr. Gloria B. Herndon was among one of the speakers, she states that“…it was our honor to showcase this group of dynamic talented business women and men that are serious about their mission as entrepreneurs and representatives of their beloved country…” Ambassador Seydou Bouda, Burkina Faso Ambassador to the USA, goes on to mention that “… the business forum was an amazing event. The business community was also proud to be part of the 1st US-Africa Summit and the Business Forum was a very important component for the Burkinabé business community during the week of the summit….” Also present at the Business Forum where numerous delegates from government such as the Foreign Minister H.E. Djribril Bassolé, Minister of Commerce H.E. Patiendé Kafando and leadership from the Chamber such as 1st Vice-Chair of the Chamber of Commerce Mr. Lassine Diawara. During the forum we learned that Burkina Faso’s main exports are Gold (67% in 2012), Cotton (18% in 2012), livestock, Sesame, Shea nuts & Shea butter, fruits & vegetables, cashew nuts, arts, hides & skins. The US, as the country’s 10th export client, imports mostly processed cashew, dry mangoes, home décor textile, Shea butter and crafts. Burkina Faso’s Main imports are oil and oil related products (roughly 20% of total imports), pharmaceuticals, cars, electric equipment and materials, telecommunications equipment, industrial supplies. Next to other suppliers as Cote D’Ivoire, China and France the US is Burkina Faso’s 5th supplier with 7.30% of total imports. Some of the measures that have been put in place to make foreign partnerships and investments easier are such things as: • centralization, streamlining, and simplification of trade and investment procedures• a single day to complete establishment of a commercial entity for less than $100• only 19 days to obtain a construction permit 

  • 14 days to obtain a land title at the One-Stop-Shop for Property land issues

Moreover, some examples of how the business environment has been improved are in the reduced number of set-up procedures, creation of favorable tax and customs schemes that are in compliance with regional economic community’s texts, adoption of a new procurement code that ensures more transparency in public procurement's, reformation of the labor law to ensure more flexibility, establishment of attractive investment and mining codes. As a gateway, Burkina Faso is a country at the heart of a vast and integrated market of more than 300 million consumers, representing about 30% of the total population of Africa. The GDP of the Economic Community Of West African States (ECOWAS) was $ 564 billion in 201, which if it were a single country would be the 25th economy worldwide (IMF). Additionally, West Africa is the most dynamic region of the continent in 2013/2014 with an estimated growth rate of 6.7 to 7.4 according a report on Economic Perspectives in Africa (PEA) 2013. Without hesitation, the individuals representing Trade and Investment in Burkina Faso at the Business Forum where representative of their country’s and regional potential and commitment. Therefore we would like to leave you with 10 reasons why it is a good idea to invest, partner and trade with Burkina Faso:
1) Political and institutional stability
2) Stable and healthy macroeconomic context
3) Commitment to the market economy
4) Innovative legislative and regulatory framework with a firm investment promotion and protection policy
5) Common and freely convertible currency within the UEMOA having a fixed parity against the Euro
6) Abundant, young, and dynamic workforce
7) Prime geographic position at the center of the West Africa, giving access to a potential market of more than 300 million within the ECOWAS
8) Constant improvement of legal and judicial environment within the Organization for the Harmonization of Business Law in Africa (OHADA)
9) Good international road network and a powerful international transit system, making of Burkina Faso a crossroads for trade within UEMOA and ECOWAS zones
10) Huge and yet unexploited economic potentials in the fields of agriculture, mining, manufacturing, tourism and services.

As a follow-up to the business forum, GB Group Global will remain engaged with the Chamber to track results as a result of Business Forum.

Article by: Dr. Estelle-Marie Heussen, Chief Operations Officer GB Group Global. Other source for the article includes facts presented by the Burkina Faso Chamber of Commerce.

For more information, please contact the World Trade Center, Washington DC at 202.312.1655