On opportunities for increased cooperation
What role can foreign direct investment (FDI) play in boosting Mauritania’s economy, and in which sectors do you see the most opportunities?
LAM: Attracting more FDI to Mauritania will be a major goal of the country’s Industrial Acceleration Plan in the near term. Our main focus is on productive sectors, such as agri-business, livestock raising and fisheries. It is time to transform local potential into real value creation. This includes attracting the needed capital; creating job opportunities, especially for young people; and significantly improving the country’s infrastructure. Many public-private partnership infrastructure projects are in the pipeline, and this will most certainly help set the scene for more FDI.
The Nouadhibou Free Zone is home to some of the world’s richest fishing grounds; annual catch is estimated at 750,000 tonnes. A large portion of the catch is exported directly to Europe and Japan with minimal local processing. Our goal is to increase domestic fish processing by promoting joint ventures between Mauritanian companies and foreign investors.
Meanwhile, as the country works towards the first generation of gas at the Greater Tortue Ahmeyim field in 2023, hydrocarbons are well positioned to become another primary driver of the Mauritanian economy.
How is APIM helping the country address its main challenges, and which kind of policies can assist in further attracting FDI inflows?
LAM: Mauritania is a relatively unknown country; our first mission is to change that. Through APIM, we are working to re-position Mauritania as a destination for investment. This will require promoting Mauritania as a safe place for investment, citing its robust legal framework, political stability, and predictability of laws and policies. We are in the process of improving our investment code in order to offer these assurances to prospective investors. It is not necessarily about lowering taxes, but providing a stable business environment.
To what extent can the presence of international companies in Mauritania translate into job creation, skills development and knowledge transfer?
LAM: There are three important elements in our decision-making matrix to consider before we deliver an investment certificate: the sector the company invests in, the amount of the investment and the job-creation opportunities. For a country of around 4.5m people with more than 50% of the population aged below 25, creating job opportunities is key. Global companies are not only a source of foreign capital, but also know-how and expertise. Developing skills among the population is an important part of the country’s strategy.
The presence of international companies in Mauritania can directly contribute to the promotion of a strong labour market by providing employment opportunities and improving working conditions in the country, taking into account the employment policies and development objectives defined by the government.
In which sectors can Mauritania and other African countries benefit from increased cooperation?
LAM: As part of the Sahel region and an active member of the G5 Sahel Joint Force, we all benefit from stronger security and commercial cooperation. Political, economic and security synergies provide a better environment for businesses to establish and thrive. We are at the crossroads of a new era: a new narrative, better prospects and a more integrated Africa.
Fostering entrepreneurship and the development of small and medium-sized enterprises are priorities for African countries. With the advent of the Fourth Industrial Revolution, African governments must address technological gaps and work to improve public–private cooperation in sectors such as financial technology. African countries can build on nascent synergies that have developed organically to build back better. Renewable energy, particularly solar power and green hydrogen, is a promising development for the continent.
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