Senegal has decided to ban the export of raw materials for local industry.

Senegal has made the decision to ban the export of raw materials in order to support the development of local industries and achieve independence in the processing of raw materials

Newstimehub

Newstimehub

12 Dec, 2024

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Senegal has taken a significant decision to support the development of local industries and achieve greater independence in the processing of raw materials.

Minister of Industry and Trade, Serigne Guèye Diop, stated that the goal is to ban the export of raw materials and provide guarantees for local industrial projects. The Minister defended this decision by citing the taxes imposed by developed countries to protect their industries as an example.

Local Industry and Protection Strategy

Minister Diop emphasized that countries around the world, such as China, Japan, or the United States, protect their markets through taxes, and questioned why Senegal should not do the same. He expressed his belief that for Senegal to develop its local industry, strategies like banning raw material exports and limiting imports should be adopted.

Second-Hand Clothing and Raw Material Situation

The Minister also highlighted the importance of banning the import of second-hand clothing. He criticized the practice of exporting raw hides, only to later import them for reprocessing, arguing that this approach damages Senegal’s economic interests.

Industry Development and Food Imports

Currently, Senegal’s industry contributes only 25% to the country’s GDP. The Minister noted that this percentage could be increased by banning raw material exports and limiting the import of foods that can be produced locally. For example, cotton, one of Senegal’s largest agricultural export earners, and its derivatives are highly profitable.

Future Prospects

Senegal seems set to continue taking steps toward building a strong and protected local industry. This strategy aims to boost economic growth while also strengthening Senegal’s trade policies.