GIEPA The Gambia Investment & Export Promotion Agency Act, 2015

1. Short title 2. Interpretation 3. Administration of the Act PART 11 - THE GAMBIA INVESTMENT AND EXPORT PROMOTION AGENCY 4. Establishment of the Agency

5. Objective of the Agency 6. Functions of the Agency 7. Board of Directors of the Agency

8. Term of office of members

9. Functions of the Board 10. Committees of the Board

11 . Meetings of the Board

12. Disclosure of interest by Board committee members

13. Transaction of business without a meeting of the Board 14 Allowances to members PART 111- MANAGEMENT AND ADMINISTRATION

15. Chief Executive of the Agency

16. The Secretary to the Board

17. Other staff of the Agency

18. Disclosure of pecuniary interest by employees

19. Confidentiality 20. Indemnity PART IV - FINANCIAL PROVISIONS

21 . Funds of the Agency

22. Expenses of the Agency

23. Investment

24. Estimates, accounts and audit

25. Annual Report PART V - INVESTMENT PROMOTION, GUARANTEES, PROTECTION AND INVESTOR STANDARDS

26. Encouragement of investments

27. Investment promotions meastires 28. Fields of Investment 1..11 ' . 29. Fields of activity prohibited

30. Forms of Investment

31 . Ownership of investment enterprise 32. Protection of Investment

33. Guarantees

34. Compliance by investors 35. Dispute resolution PART VI - INVESTMENT INCENTIVES

36. Priority Investment categories

37. Regulations on incentives

38. Eligibility for incentives by new investment enterprises

39. Minimum tax Incentives for new investment in priority sectors and areas

40. Reinvestment or expansion projects I 41. Incentives for expansion projects 42. Enhanced incentive package

43. Enhanced incentives for certain sectors

44. Incentives for domestic investors other than Special Investment Certificate I holders

45. Definition of capital goods

46. Period of validity of incentives 47 Publication of incentives PART VII - SPECIAL INVESTMENT CERTIFICATE

48. Application for incentives 49. Issue of a special investment certificate

50. Implied terms of a special investment certificate 51. Transferability

52. Suspension and revocation of special investment certificate

53. Retum of Special Investment certificate on Cessation of business and appeal

54. Entitlement to operational licenses PART VIII - EXPORT PROMOTION AND EXPORT PROCESSING ZONES

55. Export promotion and facilitation

56. Establishment of export processing zones

57. Purpose of a Zone 58. Types of Zones

59. Zone operators 60. licensing of Zone Operators

61 . Functions of Zone operators 62. Licensing of Zone enterprises

63. Register of licenses

64. Duration of licenses

65. Suspension, amendment and revocation of license

66. Goods taken in and out of the Zone

67. Goods manufactured in a zone 68. Removal of goods from a Zone

69. Restriction on goods and activities 1..11

70. Incentives for Zone investors ~-

71. Incentives for exporters and outside Zones ~ ; PART IX • ENTERPRISE SUPPORT" 72 Promotion and support of small businesses

73. Micro, small and medium enterprises.

74. Special target enterprises ..

75. Application for incentives by: micro and small entei'prise_ s

76. Enterprise Development Fund ~-:· • · .·. n. Management of the Fund , ~ 1 '· • PART X-- THE GAMBIA COMPETITIVENESS IMPROY~-~ ~ FO~UM( \ -. .

78. Establishment of Forum

79. Fu~ons of the Forum

80. Meetings of the Forum •. 81 ·Secretariat of the Forum

82. Working Groups PART Xl - MISCELL.ANEOUS '--- - ... ;_ -:___:_!.,::e - -

83. Legal proceedings

84. Offences and penalties 85. lnconsisten(!Y among laws

86. Regulations

87. Repeal and Saving SCHEDULE I - Guarantees to investors and investment Part I - Minimum guarantees accorded investors --Part II - Minimum standards to be observed by investors SCHEDULE II Priority sectors SCHEDULE Ill Priority areas SCHEDULE IV - Incentives for domestic investors Part l - General Incentives Part II - Incentives for micro and small enterprises SCHEDULEV , 1:ist of Association men:ibers of the F~rum SCHEDULE VI - Strategic Industries 1..11 -98 The Gambia Investment and Export Promotion Agency Act, 2015 '5 15 PART I - PRELIMINARY

1. Sh'ort title This Act may be cited as The Gambia Investment · and Export Promotion Agency Act, 2015

2. Interpretation In this Acf unless the context otherwise requires- "Agency" means The Gambia Investment and Export Promotion Agency:-e$lolislied under section 4; "Board" means the Board of Directors of the Agency; "Central Bank" means the Central Bank of The Gambia; "ChiefBcecutive~-means the Chief Executive of the-Agency; ; ~ptf.al..,;means funds or other productive assets contributed to a "6 sine's. • for'the -furtheranoo of its objects; "Commissioner General" means the Commissioner General of The · Gaml5ia Reveriue crthority; "controllins inte~est" in relation to a partnership means an interest in • the' business•of the partnership-which gives the ln~or in.;question more than half of the gross receipts· and allocates to such an . investor a corresponding liability for its losses; t:··- . ·customs territory" means the tenitory outside the export p r ~ zones·where the cusoorns laws apply in full; · "direct in,ve!ifrnerit" means the purch~.e -or acqufsltlon of not less than :a ,ten ·percenhinterest in an :investrnen.t ent~rprise whether by VfSY of equity or management participation, joint ventures, or sharing · --of'tecl'inol09}' ana skills; . . 4 1..11 - The Gambia Investment arid Export Promotion Agency Ad, 2015 · "dollars" means United States Dollars; "domestic direct investment" means direct investment in an · inllestment enterprise made by a domestic investor. "domestic investor" meaos- (a) an investor who 1s a Gambian citizen , (b) a partnership -registered in The Gambia in which the controlling interest 1s_owned by a Gambi~n citizen, or (c) a company incorporated in The Gambia in which the majority of the shares -are held by a Gambian citizen either directly or through other entities: · "Domestic Investment Certificate... means- a certificate granted to a domestic investment enterprise under section "44;_ "de>mestic investment enterprise• means an enterpri_se established by a domestic investor; "enterprise• means a business registered in The Gambia or~ prQJ"eGt to tie implemented in The Gambia: "Enterprise Development Fund" means the Fund established under section 76; •export processing ..zone" means an area designated as an export ' processing zone -~nder section 56; . . . •"for~ign investmilnt ~nt~rprise" -means an enterprise estal:>lishe9 ·by a foreign investor. "foreigh investor- means- (a) an investor, whois ~ot a citizen of The Gambia! (b) .a partnership· regisWed in The Gambia •in which the _controlling interest-is-owned by a non-Gambia~, (c) a body corporate incorporated in The Gambii{fri which the controlling interest is held by a non-Gambian either directly or through other entities, or (d) a body corporate· incorporated outside The Gambia in which a majority .=_9f the shares are held by non- Gambians. "Forum" means The Gambia Competitiveness Improvement Forum _5 1..11 The Gambia lnvestment.and 'Expolt Promotion Agency Act. 2015 established under section 78; an "Government" means the Government of the Republic of The Ganibia; "investment• means the contribution of capital by an investor whether domestic or foreign for- , the (a) the creation or acquisition of business assets, or or >. (b) the ,expansion; restructuring or rehabilitation of an 1.•the existing enterprise, and r: - rzen includes foreign direct investment, franchises, turnkey contracts and portfolio investments; "investment enterprise" means an enterprise owned by an investor or a group of investors; "Minister" means the Minister responsible for Trade and Industry; "Ministry" means the Ministry responsible for Trade and Industry; "portfolio investor' means·an •investor who ownsfive percent or less in the equity, stock or securities of one or more enterprises which does not create any mancigement·supervision or control over the performance of the·enterprise; "President" means the President of the Republic of The Gambia; "priority ·area" mea·ns any l)~rt of Toe Gambia designated as a national priority area under section 36; · "priority sector" mearys the sectors -of the economy .designated as of naoorial priority under1section ,36; · ~ "R_;9u!ations• means Regulations prescribed by the Minister to give effect to this Act: · ·· • ~special Investment Certificate• means a Certificate issued under section 49; •~al targ~t enterprise"· means a micro, -~~II .~nd .rnajium ~ize ~nterprise·· t:1assified ·as such by -Regulations made ,pursµant to . ~01174; · • "strategic industry" means an industry or sector spEiifi~d ·a s s~ctl in Schedule VI; · . 6 1..11 Toe G.af!lbi~-Jnvestment anc{ Export: Promotion Agency Act., 2015 "Trust Committee means the committee appointed und.e r section 77 as trustees of the Enterprise Development Fund; • • "Zone· means an export processing zone; and "Zone operator" means an ·investor to whom a licence to operate an export processing zone has been issued under section 59;

3. Administration of the Act This Act shall be administered t>y the Agency. ,. PART II - THE GAMBIA INVESTMENT AND EXPORT PROMOTION AGENCY

4. Establishment of the Agency (1) There is established by this Act, The Gambia Investment and Export Promotion Agency. · (2) The Agency is a body corporate with perpetual succession and a common·seal. (3) The.Agency may- (a) sue and be sued in its corporate name; ·· (b) enter into contracts and acquire, hold and disposaof ·property; and (c) so far as it is possible for a body corporate to do so, ·exercise the rights, powers and privileges and incur the liabilities and obligations of a natural person of full age and capacity. · (3) The .application of the common seal of the Agency. shall be authenticated by the signature of the Chief Executive or hfs or her designated representative. (4) A document bearing the imprint of the seal of the Agency is presumed to be properly sealed unless . the contrary is proved. . .. . . ,- - ,.... , ... .

5. Objectives of the Agency The Agency shall promote the creation of a conduclve._.busjness environment, to spur investment. and export-led growth, and support the development of sustainable local enterprises in order to build their capacity to effectively contribute to employment, economic growth and wealth creation.

6. Functions of the Agency 7 1..11 (1) In pursuit of its objective, the Agency sb~U- (a} promote investment by- (i) by raising awareness and generating interest, Jn The Gan:ibia as an inv~tme'!t location, (Ji) constantly reviewing the business environment and recommending measures to remove obstacles to investment and enhance the investment clim.ate, (iii) designing and delivering a range of value added services that will facilitate and encourag~ investments in priority sectors and areas, or (iv) working with -g6vemment institutions and the private sector · lo . create an inyestor friendly business environment; (b) promote and_ develop the export potential of businesses in The Garritiia by- (i) . :.generatin,g_ inter~\, 111 ~lf?O-~. opportunities and strengthempg tQe_~xport capablrity of small and medlum sized enterprises, (ii) improving the ~uppfy: of goods and services with potential for exports, . . (iii) identifying and researcping potential export markets, or (iv) maximizing the opportun"ities to be gained from in1emational, multinational and bilateral trade policies; (c) ens:ourage .~ng , ~':'J?PPrt . the formation and development of sustainable and capable miCfo,' small and medium enterpri~s by- . (0 providing effective business development support. services, (ii) encou'ra'grn'g ·and"'facllitating collaboration and ·' · , · - dusterjng among, bµsi_o~ses . to Cfeale .greater opportunities for gro\vth and development, (iii) providing .esse~tiai~a~et -~md other business '·.: ·J nformation and rats.ing aw~r~neS;S,, ~r 8 1..11 Toe Gambia Investment and Export Prorriotion-JXgencfAct,:2015 (iv} facilitating access to-finance; (d) develop an effective policy advocacy campalgn for- (i)' reform -· and improvement to the business environment. {ii) improvement of the infrastructure for business, or (iii} engaging with all relevant Government sectors for ~ reform ~nd reform of land laws so as to stimulate·econ~mic growth; (e) advise Government on investment, export, enterprise development, trade &nd industrial policy reform; {f) 'develop entreprenetinal skms and culture among Gambians; - (g) promote science, technology and innovation; (h) participate in the investment, export and enterprise developf!l.eDt policies, strategies and guidelines for the - promotion ~nd facTlitation of investment; (i) -_encourage increased private sector investment in education . and s1<1lls training for and in the labour market; 0) undert:ik~- - periodic ·reviews · of the business environment and submlt reports· to the Minister and the Forum;.an~ . (k) carry out such other activffies as are necessary for the attainment of the objects of this Act.:

7. Board of Directors of the Agency (1) The Agency shall be go(i-emed by a Board comprising the fgllowing- (a) -a Chairperson; _..,. (b) ·· the Chief Executiye Officer; (c) _...the ~ecretary General, Office of the President; (d) the Pennanent Secretaries of the Minisuy, (e) tt_,~ Permanent Secretary oflhe Ministry of Finance, 9 1..11 . ' ' (f) · ttie Pemianent 'SifcretaGY ofth~r· Minjstry re;:fponsible for Science and Technology; . . . '(g) • ' the•President of'·ttie,.Gambia .chamber of :Commerce: and ~ .·..-. ' - r, •. tnr~ t"reprssentativ~sJ fl;_oi;n .' tti«i.n:Privf3le SJ~ctor with ·:..experience ~in~·mahufaGttljing; !~}:!Pq•t trade, financial '•·matters,'. ·inves'tmenttb'.acils:i!JQ, ·emeFRdse development ,._ 'or tecn~ology ·-ser.dices gne•:~Qf 'ffllOm shall be 'the Chairp:ersoii of the·Boai:dt ~.r.' ; . "' ··(~ 'The non-ex--officio :memoers ofAhe B&3rd,sh,a.11 ~ ,~gpointed by ~ the President aft~r consaltati0n'w1tn·t11e'.Public-Serviceclmmission. r"' .-...~ ·: 1·1, .,_ • • .. , i" .... "; .£_ .... =~~ -?.f"'T'.• :-..... .,. (3) A . Vice Chairpersen of'- th~ Soard:. .1 shall "be elected by the rrlemtierl:i'Of-the·Board from among•tfleir number. ~ -~~ ,~.._!...... _Pr=w~ - : • ,}t•.1"\t• •,-;i J!:f'•., ~.(~ .~ ,t t : ~:" ._ (4) :me e:x- officio members may oo·'t~presented~t ahy meeting· ·of tj,'e ,Boat~ or coi:i,mittee •of.the boa_ • - ;. ~~:,.::•..;,;'4; ra t>y desigriatea representative: .,. - a .

8. Terms of office of members . · ·, 1• '· ;;,, ... (2) A membef' of'ffie<fBt>aro m~~~ignitrom office by ·giving one month's written notice ofhis·or herresignation·to ·the President. '!j .i:d. . :. . r.- .. -.~ ~ ,:- ;t . .. ~ ·. •> ., ' ' (3) ·Toe: Cliairpersori <and a m~6.e~ -.pp~inb¥<f :_under may be removed from ciffi~nrth~tnr,nepdation of the 'Minister 7{h) s~~n if he or she is- .,,. . ~ ""'- ~..:: !., -,., , , .:. -:.-: -• _·./"'4" .::.---. . . '· • ~., -;r· J-J tar=" '''ab'sent~from ~three .GiJnseCl:lfive-.m~ticigs ·ofwhicti ,he or-she has haa notice;·Withoutireasonable. excuse: £tri<-t , .•-..:;, {bf ·'..cJ~afea 6ankrCipt ~..bftunsqimd,mind; ·· • ~~ ...,.. ~ ''.. , - ~ .. ::-: 1 • . - (c) convicted of an ·'offence involving dishonesty, or ·· .,, ' ·, ~-;- ~~~_'Senlenood"foria pei:iM exeeeding"six m9nlhs: or "'?-~ ( J' -.· • ► ., .. .)t:\t"- :_,_ .ft•_.. ~ ~ I _- f;! '!'° ~ ~...;)1;----,:;.f~ • .(d} -~....1ncapacitated, by' reas-ori ofillne~:from performing his 'duties as a membeY.for more·than six-montns. • ;f!lr! ~ -• .. .,·L•~-:- r,: ... -.. 9:: F.tiflcfions~ftt,e·Board ' • ' - 'i-_V • ..P.,' ••r•" J,.;,.\ •' '·{ ";. -~- ::- -..:~ 1"._~ ·r.:1.~r<C (; .,_ .- \ (1) the B®rd shall be ··responsi~l!:! 'for-_the -~verall direction and 0versight of the management of~i:affailfs of i.th ~ericy,arJ(t· the . .. ~e.c!ive and-effi,cient performance of its functions. :,.i:·•· . t, v•·:\~ .. 2- :· - : · _,._i.,,,..,,. -..,."'· :~t-;f.;i•'C~ t.rs ..;~- i. ot_(2) Yy'rth•out~ hm'ttihg sub-seGti6n (.1); th'e Boarct111ay,.. . ,:<·, , - ....... ,. ~;... ._ ., ~ . _,. -~ • t ~-. .. . 10 , " 1..11 The Gambia Investment and ExpprtProm_ otio("I Agency Act;-2015 (a) conduct and participate in investment missions to attract investments·; . • , . • . C .. (b) ·facilitale· thesecuring of investment incentives for investors; (c) · monitor-and evaluate the_performan~ of /nvestors in 1 ~ i respect otttfeir--obligations as set ou.! in their Special 1- Investment Certificate. o licences issued under this j Act, identify support- needed and take appropriate • :, action in the event of violation;- (dl continually review relevant govemment _policies ~h a view io proffering _ adv~ or IT)aking recommendations·to government for the furtherance - of the objectives of this Act; · (e) initiate forums for policy dialogue, advocacy and - reform: . - - -- . (f) mobilise resources for the attainment of the objectives of·the Agency;· -i {g)- oversee and _ .guicfe the _develQP.rnent and r- ,' implementation.ofa strategic plan for the Agency and review same from _time to lime to ensure that the objectives of this Act .are being met; _ _ t·j . (h) put in place effective financial management systems I l for-the mobilization of · resources and their prudent investment and-management; (0 develop and ·review the priority sectors and ~riority · areas undertbis Act and make recommendations to I . the Minister;- ~ ! (j) develop ·a ~board manual .for board and committee operations; and "{k) - • reoommend to the~Minister:Jhe revocation of a special Investment Certificate for an in\/estor who has not adhered to his or her investruent proposal . ......_ - a (3) The Minister may give directions of general nature in writing to the Board on matters of policy within the functions.of tbe Board and the Board shall comply with such directions.

10. Committees of the Board (1) The Board shall establish technical committees for investment promotion, export promotion, ente.rprise develgp~~!it - policy advocacy, and monitoring respectively and such other committees - 11 1..11 The Gambia Investment and Expoit Promotion Agency Ad, 2015 " as it may deem necessary, determine thefr terms of reference and delegate to them any of the functions;of the Board. (2) Members of a Committee shali consist of at least one Board member and other persons with 'professional competence and experience in the matters to be dealt with by the committee as the Board may determine. · (3) A member of the committee shall hold office for a period detennined by the Board. · (4) Subject to such rules as the Board may prescribe for the committee and ns·terms of reference, a ·committee may regulate its own procedures. · ·

11. Meetings of the Board (1) The Board shall meet at least once every three months for the discharge of the business of the Agency at such place and time as the Chairperson, or in his or her ab~nce the Vice Chairperson may detennine. (2) At a meeting of the Board - (a) the Chairperson shall preside and in his or her absence, the Vice Chairperson shall preside, and in the absence of botti, members shall appoint one from their number to preside; (b) a simple majority cif the Board members shall form a • quorum; and (c) subject to sub-section (4), each Board member shall have one vote on a matter brought up for a vote. (3) If there is an equality of votes, 1he Chairperson of the meeting shall have -~ casting vote. · (4) The Board may co-opt a person ·to act ·as an adviser at its meeting without a voting right. (5) Subject_to this Act, the Board may regulate its own procedures. ' .

12. Secretary to the Board (1) The Board shall appoint a Secretary to the Board from amongst the staffoftheAgency. · ·_ . (2) The Secretary shall- 12 1..11 Toe ·Gambia Investment and,Expod P(O,Jl10tion A{JertCY Ad., 2015 (a) keep fh~ .pO<?.J<s ~nd· ~rds, and conduct the r·" correspondence, 6fthe Bo.ard; , :.. ,. .- . (b) prepare. the agenda for Board meetings after consultation with · the Chief ExecutiVe and _ the Chairperson; . . (c) record the minutes of meetings of the Board; and (d) perform such other functions as the Board or Chief Executive may assign. ~

13. Disclosure of interest by Bo~rd or committee members (1) A member of the Board or a committee shall norvote or take part in the deliberations on any matter on which he has a direct or indirect pecuniary _interest. (2) _If a member of the Board ~r a committee tias a direct or indireet persOflal in_terest in the outcome of the denberations on a matter considered at a meeting fie·or she shall - (a) disclose the nature of the interest at the meeting and the disclos.ure shall be recorded 'in the minutes of the.m~tiog; and (b) withdraw from - deliberations ·in respect of that matter. (3) A member.of the Board who contravenes sub-section (1) may be removed fr.om office by-the ·President on the recommendation of the Minister. (4) A member of a committee who contravenes sub-section (1) may be removed from office by the Board on the recommendation of the Chief ~ecutive.

14. Transaction of business without a meeting of the Board A resolution is a valid resolution qf the Board even though it was not passed at a meeting of the Board if- . . it is signed or ratified by a· simple ·majority .of 1t1e (a) members; and ' • • : • ·• (· . I ·, t .. ·. ~,, ,• . (b) notice of the proposed resolution was previously given to each member of the Board. .. .

15. Allowances to members A member of the Board or a Committee shall be paid such 13 1..11 The Gambia Investment and Export Promotion Agency Act, 2015 allowances as the Minister may approve. PART Ill ·' MANAGEMENT AND ADMINISTRATION

16. Chief Executive of the Agency a (1) The President shall appoint Chief Executive for the Agency . after consultation with the Board and the Public Service Commission. (2) The Chief Executive shaU, under the general direction of the Board, be responsible for- {a) the day to day m~nagemenf"and administration of the affairs of the Agency; {b) submitting regular reports to the Board on the implementation of the Agency's policies, strategies, plans, and financial performance; (c) implementing decisions of the Board and Board committees; and (d) performing such other functions as are assigned, or delegated, to him or tier by the Board. 17. other Staff of the Agency (1) The Board shall appoint for the Agency- (a) such professional and support staff as are ·required for the efficient performance of the functions of the Agency; and (b) part time officers and consultants as necessary to augment the capacity of the Agency. (2) The emoluments, terms and conditions of se,vice of the staff of the Agency or any person whose services are engaged by the Agency shall be determined by the Board. (3) The Board shall make rules- . . (a) to establish schemes (or pension, gratuity and other retirement benefits for employees- of the Agency; and - . ' .- (b) for the appointment, discipline and removal of staff by 14 1...11 The Gambia lnvestmeof _ana Export Promotion Agency :Act, 2015 the Board or the Chief Executive. 1_8.0isclosure of pecuniary interest by employees The Chief Executive and an employee of the Agency shall not - (a) hold' · any other· qffice of -employment ·outside~-the Agency during his or her tenure; or (b) have a direct Qr indirect pecuniary interest in any contract entefed or to be entered into'by the Agency without first disclosing that interest to the Board.

19.Confidentiality The Directors, employees or agents of th~ A-gency shall keep confidential, all information acquired from an investor for the purposes of this Act and Regulations and shall not- release, communicate or disclose to third 'parlies or use for reason other than . in the discharge of lheir duties such information except in accordance ·with the Agencys policy for the time · being regarding such disclosure.

20. Indemnity An officer of the Agency or a persori acting 0n the direction of the 0 Agency shall not be personally liable In respect of any matter or thing done by him or her in goocf faith for the purposes of this Act.. PART IV - FINANCIAL PROVISIONS

21. Funds of the Agency (1) The funds of the Agency ~hall consist of- (a) moneys approp-riateirto the Agency -by the National Assembly; (b) grants: gifts and-~donations; (c) fees, cha~es and monies accruing due to the Agency __ fQr. . ,services . rend~fed by it in accordance with RegulatioRs; and -· ' (d) returns made from investment of Agency Funds. . . (2) The Agency may with the approval of the Minister of Finance- (a) source for funding and ·accept grants and donations from any source within or outside The Gambia; and 15 1..11 (b) borrow money for clist)t!:ie the of ,its":'runctioris ~~m ~u9fi ~erms as shall t5e Jpproved. ,. .,.,c ..... 1,,;\l .... ., -!i ~ 1:: :;,:..,, Ao~.: .... • • ....... ,,..:c

22. Expenses offfie •Age~cy · '·: .·' .:,n,~,fol10wing,expen°ses·may be•defrav.ed from .the fund,s, of the . Agency- • ' . · . .,, •\· (a) ~•1 tt-ie·oost of adminis_tratic;>JI pHhe'Agency; (b) •,, reimby_rsemer:it. q_f iD~.rie~ 11Y-: of eXJAfi:i~- m~~r,s 'l . ,tfie ' Board, committee 4 or staff · autno~ ,by' ttie Boarci'. in acco'rdanaj Tu~"rateis ~ ~ppfo\,i~<f'.£Y.'the with Minister, . · ~- •' : .· -- • .. ; . .• , •'. ·.1- •. ~ C •.• - .. .,. i ~ ~- .. ., ..~ :'."" · (c) ~ -al!?W<ln~~ to ~~£~ rf.ji~ilJ~-~• -~~-lari~s._ 1 ~od feps_ either remuneration - of .staff, ahd otlier experts, · or age~ -appointed by'lhe }\geocy; and · ' ·\ {; ... i.f---,:: . ·- '.... - ... .. ,,.:.... . • . {d) expenses app rQved~y: . _ ~ B9aiif.for -~ 0 .'p ~~of "tlifs Act. . . .. .' -' 23 I .vestinerif - . , :<t:,!:\1. i➔~~-::. • .. -:, _·The -Board .,rnay inv~t any monies, ·at it· does not~immediately requi~ for: ttie ~rformance' of ifs_furfotioiis. ~- - : . . - ~ l ~ ~~~ ~\" .,: ' 2~: ~rria~:acc:ounts a1d ~udit . _... • • : ~..."- a: ' • ~ . ~ ' ... 6ger-t · I, not. late th n .three months before the end of ' 9ia;_◄ ·ake /n_ -Min1ster[for i:ipproval, ·otth . me~snd (ithe'i.Agency. 'for'°ttte e surng ear. ·· · ·~2) .,;-JJl{ ~~~~ .s~II _and · acco~nts of its iJ~r,:,p r~?tf~~~- 1ncome and expenditure ana prepare··a ·statel'Mnt of accounts for ! -, #1i~.ri~l ~r~. • -. · • . . ~ ,. . . ~-. ::~~ 1~ {3) -The Boak shall, within two m6 "thii~fti:3r'ttie-end"of its financial • • •.-. - ~ =~ _,r.~~-.__ -...o:t.~?·; • ~·J· --- . ~f; submit its statement of accounts to the Auditor General for "·· 'a•uart,~., ,., ....,' . . /' . ·«· . ...:,,:'~--;,:\-_ -~- ..• ; ' . ,._,;; 2:,.All,nuaJR~por:t , , •· .._ ~ r• • ~ ::-"t !,,':,-...- ..,J • • .•... - . ; •J;. • '.(}).'"ii,_84 Bbar.cf "~h"al , ~apt,Jater~ftia~:' ~1'°k·rtf9riffis after the end ,of . each fi'nancial y~r.'1s.t1Hrttirtb:'tne MinistefHn·respect of the financial ,.,_~ year,:~n af~yal report of__the ~ctMties) ~;_the~ AQe~cy. 16 1..11 The Gambia Investment and ExPQrt-Promotion Agency Act, 2015_ (2)- The report shall include- (a) infonnation on the operations and performance of 'the Agency for the previous fina~cial year; (b) a copy of the audited accounts and management letter; and (c) such oth~r information as the Minister may direct. (3) The ~inister shall, not late(tnan three months after the end of the financia! year, cause" the ·rep611 fo be laid be(ore the National Assembly_ - (4) The Chief Executive shall, from time to time, provide the Minister -with -such information relaling to the affairs of the' Agency as he or .she may request. - - PAET V - _ INVESTMENT PROMOTION, GUARANTEES, PROTECTION AND INVESTO~STANDARDS

26. Encourag~ment of investments All Government institutions stiall adopt policies that encourage and facilitate investment in The-Gambia.

27. Investment promotions measures {1) The Agency shall- (a) ,pay particular ~tte~tion- to lnvestor needs and_issues and the development of an invest9r focused culture; (b) work wit!} other _government institutions to remove investment barriers; (c} facilitate joint ventures and partnerships in priority sectors and areas; (d) develop a range of value-added services to encourage investment in priority areas; (e), .create a database of-serviced iand, sites_-and bulloings available in The-Garhbia for'@vestmeiit and sources of raw materials,-and transport infra~cfure; r • ;. (f) provide a database of professional advisory"fiims and services and develop _protocols f~r ~ if_l~oduction of service providers to potential invest?.rs-; ·- (g) provide continuous customer' -service training' for 17 1..11 The Gambia Investment and Expoit Promotion Agency Act, 2015 Agency staff to build a Cl!Stomer care culture in the organization; (h) . enter into service level agreements with other service provide'rs and regulatory authorities · to ensure the application of minimum standards of service delivery of quality and in a timely manner; (i) develop and maintain a step by step guide for ·doing business in all sectors; (j) carry out in dtfptti research on issue; which create barriers for investment; and (k) build __ the capacity of the ;.taff of the Agency to effectively deliver the policies and plans of the Agency.

28. Fields of Investment (1) Subject to sub-<section (2), a person may invest 'in and ·operate an enterprise in.all fields of lawful economic activity in The Gambia. (2) The Minister may, by Regulations, stipulate the areas of investment closed to foreign investors.

29. Fields of activity prohibited For the avoidance of doub~ a person shall not invest iri or operate an investment enterprise which is prejudicial to national security, detrimental to the natural envirorinient, p~blic health, or-~public m_orality, or which contravenes the laws of The.Gambia.

30. Fonns of Investment An investment_~n~rp~se may be -~istered in any form pennitted ~Y the laws of The Gambia including -a sole proprietorship, partnoo.hlP or company. ,,.3 j. Ownershi_ p of ~nvestm~nt enterprise . (1) '. S.u bj~ io $roan 2a --and sub-section (2), an in~estment E:~rprise may oe partially i>r wholly owned by a domestic or foreign investor. (2) The Government may rese,ve the right to own some or a . majority . of the shares in an investment enterprise in a strategic lndustry referred tct in Schedule VI · ·· (3) The fvt!~Jster may by Re$ulations specify fields of investment ' • •• ·,1 · 18 1..11 The Gambia Investment aric(~Mif Promcitlon Agency Act,..201.5 closed to foreign ·investors except-in a joint venture with a domestic investor and except to the ext~nt prescribed By such Regulations. (4) The Minister may, on. tJie recomm~ndatio_ n of the Forum, amend Schedule VI by Order publisheti in the Gazette.

32. Protection of Investment (1) The Government shall -take all necessary mea~ures to protect investments and the pro~rtY .9f_i.!!_V~tors in a~cfance with the laws of The Gambia and its bilateral and international commitments. _(2) . ~ Government shall not assert. or claim any light of sovereign immunity in relation to Its ooriirnercial aotivrti~s _in respect of an investment enterprise· or in relalion to any investment or commercial dispute. 33-G!,J~ranteea (1) The guarantees set -out ;,,-. scfieaule I Part I ·shati .be the mini(num guarantees assured to investors . and investment enterprises. (2) The Minster may pursuant to resolutfons ema1¥3ting from _ ttie Forum extend· the guarantees Jn Sctiedule I by Order published -in the .Gazette. - ,.

34. Compliance by lr_1vestori in (1) The standards.specified Schedule.·1 Part II shall be observed by investors and investment enterprises. . (2). · The Minster may, QUl'§l!,nt Jg re~oll!,tions em~nating f~Ol_!I !'e Forum, amend Schedule 1-Pai:tll ~Y. Order published in tne Gazette.

35. Dispute resolution Where a dispute aris~ b e ~ inv~tors or between·an investor and the Government, .the p~rties .to,the dispute sb~ll .endeavpr to ·· settle their difference amicably through conciliation~~or mediation, and where the parties fail to .resolvettie matteTtfiroug~1oonctlfation or mediation they may resort to arbitration using ariy of'ttf1Hollowing mechanisms- (a) the Alternative Dispute Resolution Act of The Gambia; (cap 6.08] - ·· · · (b) the provisions of any existing .Bila'furarinvestment 19 1..11 I~ •- • 1(· ..,• •• The Gambia Investment-and Exppi;t,P.J;omotion.Agency,e,ct, 201_5 •• • Treaty between T,he Gafl'lbia a,r.id t),e.:i!'ye~to~s~~i:in!fY oforigin; and · • - •. · ' 1;.ty-. ;_ · .... , .- ~··: \\ , ., :-:t • (c) the provisions!O{ any 0int~maji_opal::-treafy to wbi~_h lJle G~mbia is party. PART VI - INVESTMENT INCENTIVES _:: . , l 36~~rforify 1n·vestm'l!n't •categories_. ,. h,. •""\ ' J ... · - • ~., • .:. • -:,..- '.. ' - ,. -..~ ·•. (1) There is established by this Act;..the following priority ~tegones of mvestment- · -· p :i,;, - ·: • -~ .·:.·· .. 1:....... ,y,. . ._./ =>.~ \:;· - (a) the priority ~qn;~ted-in ~!lie 11; consisting bf sectors -determioei:t · •to be ,·in urgent need of investme_nt; and £_·· .•/~·,,:; . , , , ...... \ ,.... ;-!."~ ~~· s ... ~· . ..., t 1.. .,. ..,. ' . - ·· ' · 0e(b) priorifydar;e~s .. sp~cifi~1-i.Q_.S_ 9h_ ~-~~. ) II, consisting of -· '.-. ;. · · - · the"geographical~~ .,It)~- GS:n;ibia determined to be· in-al::tife•need of developm~nt.. '·(2-)i~~he: Minister may pLirs□anMo ;thei;r:e·com~ridations.einanating t from,theNitum~;amefld.Schedule;n.-~n8-JII.by Gnfe?:publisfiecl in the Gazette. - •',,'

37."Regulations on ihcentives__ ' The;tJliflister may q?i3k~_Regul~~ons!'."l~.C;On~~Jta~or1:~:-;_.-, }. • ,-·'! ~.- (~) the , Mi~i~f~; rres~~sibl~ ,:_.tci;r. Finan~;- fo('-_:the implementation of the -.fiscal 'incentives offered · under this Act; a~ .., ~ .. -,,. -_~~-i"tfa• :. ... . ~ .... !-... ,r", • .- -~ ~"i.,-' ,. (bt_~ '~inistef ·e~stife~·ftir~ ,pnomy,:tsecto~. in • . ... ,. . ; , . : ," . ,, ~-' ...~ ~f~ ~!?,n ~_pcefitw~for-'Sticli1~or. ~ ! . . . ,.,., -,; ?-~ .. ,· ,._- ' . 1• ~ ; - • &. .'·3s:JuiiW1i~ ~ ~ - tor)~~n~_ves:l>f-n'ew_l~nv~tffi'eiit'J'nterpii~ ..; ~ • ., ~ j;. . ._·· :"'\,(.;,;..";,..~:.,.:, ~i-j - - '\ • ,.. !.: i;,·- •......, • (1) su_bject to Regulations made-: :Under ·'sedtion 37; a newly established- _·7 ·•:. ~• r=.: .. 0 ,. , , (a) foreign iny~n.t·~nterpJi~~thaJ•iny~ -n~t--less th_an the · equ_iva~nt of two,~ hundred and fifty thousand ,, ,.· , - dollarsf5r --~.re-.- · ..;._._,_ ·' '" (b) ,, domestib;irt.J~~it"ei'iterpri~~--that invests not less th~fl one hundred thousand ·dal!ars ,in a priority sector · shall, · 20 1..11 The Gambia Tnvestni'ent·ana_Gport Prciindtion-Agency Act,2015 . . is eligible for ince-ntives·specified in, ·section - ~9. (2) The incentives o{fered under section 39, 41, and 43 shall be a ·granted byway of Special lnv-estl'nent-Certificate.

39. Minimum Tax Incentives for new invesbnents in priority sectors and priority areas . r • ~ (1) A Special Investment Certificate -shall gral'lt to a. newly estal)lished investment enterprise, at a minimum, the following incentives for a period of five years- · - (a) a tax holiday in re~pect of income tax including corporate or turnover tax; · (b) an annual allowan_ce at the rate of 15% for depreciation Qf . buildings including structural itnproyements riotwitnstanding·U,e rate provided in the -Third Schedule :'of the-Income and Value Added Tax Act, 2012; . (c) exemption fr~m·import duty iri ~pecfof capital goods in accordance with' the Customs and Excise Act, 201 O;_• and (d) exemption from import value added tax. (2) Where'1he -investment enterprise establishes in a priority,afea the investment incentives shall be granted for a period of eight years. - ·

40. Reinvestment or expansion-project (1) An-existing_investment:.enterprisej n a priority sector, whether or not it has previously -benefited- Jtpcn a . $pecial Investment Certificate m~ be granted a special investment certificate for expansion -if·1t:saffafies tfie req1,1i~l'T)~ts set-out in sub--~O!:I (2). , and shows that ttle expansion will add value to the economy by- - - (a) creating new employment; .. (b) transfer oftechriology skills;· · ·r ,: ,. ·, ,. '· .. - . . (c) the development of roads, water and electricity; .. (d) fuifillfng :·such ·addjtiohal criteria as shall oo pre;;cribed in Regulations;: or'. - ,.. · - · ~- - (e) contribution to export. 21 1..11 The Gambia Investment and Export Promotion Agency Act. 2015 (2) To be eligible to be granted a ; pecial investment certificate for expansion under sub-section . (1), an existing investment enterprise shall, in tfie case of- . : ,'. .. . . (a) a· foreign investr:nent en!erprise, . invest not, less tt)an • two tiundred thousand dollars in the expa_nsion; an_ C, ·': (b) '··a ·domestic iov~ent enterprise, invest not ·1ess than one hundred thousand doliars in such expansion.

41. Incentives for expansion projects The following minimum incentives'" shail be granted to an expansion · project for a period of two years- · _. .f \ ,I. , (a) exemption from import ~uty for capital goods imported . · in respect of the expansion in accordance with the - .Customs,and ·Excise Act, 201.0; ~ (b) exemption from import value add~ tax in respect of inputs for the expansion project; and .. ~ .. ~ . ; ; (c} an annual allowance at the rate of 15% for- depreciatipn of buildings including structural improvements notwithstanding ·the rate proVided in the Third Schedule of the Income and Value Added Tax Act, 2012.

42. Enhanced incentive package (1) Where an investment . enterpri;,e i~4ed .with a Special Investment Certificate in the agriculture, fisheries, · ener:gy . or techoology sectors, invests an amount of·not less than· five million .,dollars,pn - , (a) new .technologies of value to 'the economy; ! .: -~ r,;- • -- (b). . 't11e·'COnstru~on of iQfrastructtire; ·' (c) the acquisition of new plant and machinery for ' .. producoon; . (d) ''"employment of at'°least fifty·s~illed 'bambians and skills training of other Gambians~ .• (e)· · the reclaJming ofthe envjronment; or (f} such other activity . ~;··~·hall ·be·· determined by the ·Agency ·as •. having added,.. .~~!JJ~ ) q ~h.e 1 e~nomy . .' 22 I 1..11 - -- - 4'he-...Gam ia-/nlestn'ieri ahd Export-Promotion Agency Act, 201-5 -~~.,. _- a~r.din~- .t(!_the_cr~fi~ :::>;..;---=; {~: ,. ... ..... specified in Regulations, . . ·.'ffie''investinent en~rprise 7shall1be .eligible to be gtanted ~additional incentives in accordance wit6 this ~ection and.si:!ction 43. ·12r, ..he". 'nha"ricied ~ihcerllives' sli'all not ·be. granted under this se'ctiorl nless tlie Minis ~f . is 1 satisfied • from -an assessment 0 • ,COJ]Q~cte,~:by the_B~ard, tfi~t 0tt)e investmentente,:prise- . "-'"'(a) .is in fuU. compliance \vith -the conditions of fhe Special -~Investment 'Cer:tifica_ t~. -·its business- plans, and in particular; has -suom7tted ar:mual ~udited· accounts in accordance with,..the standards established under-the Financial R~po~ing Act, 2013; .. (b) -maintains a st.andafci' -·ot efficiency _and level of . deye_lopment consistent with international standards; ,~. (c) has in pi~~ "an:d •-is frt:iplementing a policy for the training of "its efftaff ··and 1rnrtransfer of skills -and . 1echno~cw; (d) submits ·annliah·etums- ~nd audited account to The lJ Gambia,Revenue .Authority; {e) satisfies :ada"iiionaf oriferia prescribed by Regulations; ~· and - ~-- .: • . · ·-· ►. ti; j; ·(f) -is--in full compliance with its-sociarsecurity obligations. 43. ·Enhanced incentives for @Hain ectors-· ,., :..... ' · 11J J11e ~_nhafl~d inc:entiv~s-: set . cu.Jt7- in -this section· 'shall be grant~to ~ - estors ttiat'qOallfy·under section-42. · (2) In the case ·ot the.:...e ~rgy; sector, other than renewable .el'lergy within ffie meaning - oflhe . Reo~~bie .... ., ,,.: t ~ .- En~rgy Act, 201~ ~ (a) - _incenti~es granteo .t.indef section 39 shall "be extended for a ft.irtli'er j:;€ncicl:\ of~ten ,years."froh]- corrimi_ssioning subject to perforin~nce assessment after five ·years; (b) if no dividend was·declared,dliring the first frve years of . the Spepial ln~!m~nt Cerfi!icate_. 0% tax on · dividena ·shall •be"'gf,irited - tor ten years · from date of 0 first declarafion;,..a na (c) all proceeds ffoo{ lhe sale of -carbon emission credits i l shall be exempt from· all -.... . ._ ' .- tax~. ., . I .- (3) .• -in the cas~ ofihe--agncutfure, ··'fisheries a·nd technology priority 23 1..11 sectors- ~ ~j' .,. . , ·,::. -·1~f...·,!1~,:itives grante1h.~na~ section -39·shall be-extended ' . · . 'fof'ifurttier'perio'cl of,fivef.years; and · "':' : • ,· ... ~- ... ~-~ .s..., "'"'. ·-: I •. (b) if rio dividend was d~ar~c:t"dl!ring the first"tive years of 'the ·speciarlnvestmeht :Gfirtmcate;c-0% ·tax-on,dMqe[ld shall . be granted tor five years from date of first declaration. ' ..,.. ·, ·.. (4) Investment enferpiises in the:ttrategic industries sector shall be_.gi;anted th,e incentives availabte ·under the laws regulating their ---,f,• ,.t~.:;°.'i':,c;;• _.. 1 • J •~ l .,.. -,-f8:-P.ect1v~ ~ectors. _ .:~,.., • -- · · · " ' ~ .(':t.. ~1 . ,?'I.' ·.w. lrtcii:iti~~ ,~·for' ;~cim~tlc - iiiv ·sto'fs--:, other >than Sp~ial •• • - • , • , Investment Certificati'fiolders<=· ·" · . ;-.- • ~ (1? ·• or$1.in P, """· .,,...,."":'_ors<wfio)are ·not~e1igible to :~$:, investi'he ' cate1may ,t,e er~1e -to be ' grant :1~ule,IV if-~ meet !i(• - , < • . • the eligib1tity·criteria stipurated iri"~ttle . ~by'Regulations. -· a) ,t.:i'."t~~. ... "" -- - • ~ - - ..,t'!2)-""" ~~le' lv'Jsliall fa1<e ~ffect f_tQm .svcti , :r-o mam:i iri' constittation:with the"Minister j shall;° y · - er p~ 1ished in ffi'e~Gazett'.e;a'J?i%int'· . ·-- _,,,,-:--... (3) The incen'tjves offered under Schedule IV shall be _granted by way of a Domestic Investment Certificate: !' d ~ " ,,, • •' •• • ~ . ·. ~ .:._ - . (4)."'The~"Jfr~dOre'~for'.- ,applyin~·lbf! antl ~issuiog· · aotDom~c , 'lrivestnfefit eehificatec-s'fnill>be' pre'.'scrlfifed by,Re:gutations. ,::. c;-, ; ~ . ' · •:.c-.::, ~,/ ~t}"·:.:,9J;;i· (5) Sectjons .50, . J,..§2; c!_n<t··5~ shall, mutatis mutandis, apply to 0omestic lnvesfmenf Ce1tfficates~:-•t '.? ~ i, • :~ t~ -:~.-~ , -.' iiP (6), T_l)e Minister ma by Regulation§, ,prescti~-addifional il}ceritives ,; t?r·•n, - . . tic. - ·•::-. ,;.~ ,l nve#nenfCertfficate. · .S.: ,p•·-,::,t;,.., ; ~.-,'1 . .,, . . / '' · 457 . it.al g()()(W --?: :-i;,. ~ :, ........~ ... ,. ~·:<'--i-;_ . . ·L--f~~p,e JWIJ39"S~·'.ot t~_e· ·incentives__g~an~ un_der this· f>:.d, ~ ~~finiticfn ·en cap_ital ·goods!! 'slia_ I, ' twithstan<iing•lhe,,definitions m the Customs-and Excise'f"N cl; 2010i:a b-: ··' •,:,:!::,._,. . ·, • ~ .... ·' :~iti,;"::. . 1,.-:--r~ ::-: ,.-_-; (i) · • !i! ~ tourism . H~nty·sector, exteri<:f to'turiiitute, •.' · ·Ritcl'i , li!J~rs,E drapenes, carpets, ... ~·'s'afE" ', _. . -~ -fonditioners; or ' ' (iif--· in"ttie inforrnati$'fl;,'oommunitation and·technpJogy priority·sector, e,q_end to -coinputer'servers;·.and •.iA-t< ' ;,, ,::::~-... • •.• - i; • 24 1..11 The Gambia lnv~tment arid'Expprt Promotion -Agency Act,- 20j5 (b} in.elude plant and,.machinery, construction materials as defined by R~u[~~9ns, _raw and intermediate inputs for the investiTie"nt enterprl:,e. 46: ·Period of validity of incentives (1) The incentives granted- (a) under a Special Investment Certificate ·shall be valid with effect from · the date specified • for ·· its commen~me.nt in the $~ial Investment Certificate for the periods specified_in this Part; and (b) .under any·other provisions of this Act shall, subject to this Act, commence from the date communicated by the -~ eqcy, wjth the jipproval of the Minister, to-the investment enterprise. .. ·~ (2) · ·In dete~ir:i!JJ.Q t_he comf!leo~ent ~i!!te , of the Special Investment ·Certifica(e, the Age11cy - shall~.taj<e into apcount the proposed date of commencement of ·operation or production, wherever relevant.

47. Publication of lnce-ntives The Agency shall maintain a record of, and publish in .the Gazette, full information regarding all fiscal incentives granted to investment enterprises. P~RT VII ·- SPECIAL INVESTMENT CERTIFICATE 48: Application for incentives (1) Any investment enterprise, whether domestic or foreign, may apply to the Agency for a Special Investment .Certificate in accordance with this Part · (2)An·application for a S~i~l lovestment Certificate.shall be made in writing to the Agency and shall contain - (a) the business regisb:ation certificate of the investment enterprise; {b) a business pl~n to be prepared in accordance with guidelines specified in Regula_tlons; and - (c) any other infonnation prescribed by Regulations. (3) An applicant for a Special Investment Certificate shall be 25 , ______·_-·_-_- . .,__.= ~'-'--~~____;_;..- . ::-. ::-.::-.::-.::-~~-___,;-----~- 1..11 The Gambia Investment and ·Export Promotion AQenct Ad, 2015 given opportunity and assistance to fulfill'the requirements set out in this Part and Regulations. {4) Subject to this section, the Minister may by Regu lations prescribe any other requirements to be met by applicants for a Special Investment Certificate.

49. Issue of a Special Investment Certificate The 'Board shall, with the approval of the Minister, 'issue a Special Investment Certificate to an applicant if. (a) the applicant satisfies the eligibility criteria in Part VI; (b) provides the information specified in section 48; and (c) fulfills any other requirements specified in Regulations made under this Ad..

50. Implied tenns of a Special lnve~tment Certifitate A Special Investment Certificate is deemed to contain an undertaking by the investor to- (a) maintain financial and accounting records in accordance with the standard prescribed by the Financial Reporting Act. 2013; (b) submit annual returns relating to the operations of the investment enterprise; (c) submit audited accounts and activity reports annually; (d) comply with the standards specified in Schedule 1 Part II; and (e) comply with any other requirements prescribed by Regulations.

51. Transferability A Special Investment Certificate is·not transferable: · ·· . .

52.Suspension and revocation of Special Investment Certificate (1) A Special Investment Certificate shall not be suspended or revoked except as provided in thi~ section. · (2) Where the Agency finds that-a holder of a Special Investment 26 1..11 The Gambia Investment and Export Promotion .AQen~ Act, .ZOJ5 Certificate- (a) has failed to commence operation of its bus1ness within . six. monttis_ f.rorri the date of issue of the certificate; (b) has substantially deased to operate the business for a period of six months; (c) a made materially faise or fraudulent representation or supplied incorrect information for thE: pu~ of obtaining the s~cial investment certificate; or (d) i_s in .breach qf a term .of the Special Investment Certificate, or a provision of this Adi: ·or Regulations made under this Act or the business plan submitted to the Agency, · the Agency may give wnttel'l notice -to the holder of the Special to Investment Certificate requiring it show·cause'. within five working days why it shoul~ not be s4_~pended or revoked. {3) If the holder.of a Specie! I Investment Certificate- (a) fails to comply with a notice given ·under subsection (2); or • I • (b) the cause· shown is. .deemed ina{:1equate by the Agency, the Agency may, with the approv_al of the Minister, suspend or revoke the Special Investment Certiflcate immediately. .(4) Wfie}e a Special lri'iestmeht Certificate is suspended ·or revoked Under this section, the hotder shall forthwith surrender it to the Agency. . 6~. R_e~m of Speci:a1 Investment Certificate on Cessation of business and Appeal · · · · (1) Where· ·? Special Investment Certificate i~ revoked on the grounds that the holder has, for any reason, ceased li>'o)>erate ·the enterprise to which the Special lnvestmen~ ~rtif'?3te r~l~E:_S- . . ~t the holder ~hall be ~ntitled to all rights, and be Ii.able . I• for all obligations, ~ccrued under thls''A"ct':'i..ip-•fo the date of cessation of operations; and (b) the Special lnvesbnen.t. Certificate stlall be ·deemed to · have expired on the date of cessation of oper,ations and shall be im.mediately returned to the')\gency. 27 1..11 The Gambia Investment and Expoit Promotion Agency Act, 2015 . (2) The holder who is aggrieved by a dec; ion ·of the Ag~ncy to suspend or revo(5~ the special Investment certificate may appeal to me l:iigh Court , . . .. -5,4.• 'Entitlement to operation~! licen~s The holder of a Special Investment Certificate shall be accorded the following additional entitlements- · {a) assistance in the acquisition of operational licenses upon payment of the fees prescribed for such licenses; ~ (b) assistance in obtaining land required for its operations; and (c) entry permits for shareholders, directors, non-Gambian employees entitledto won( in The Gambia, and 1heir farri~y members.· . . . . PART VIII - EXPORT-PROMOTION AND EXPORT PROCESSING ZONES . §5. Exp9,rt_promotion and facilitation . ' The Agency shall- (a) develop programmes of assistance to strengthen the export potential of smalfand medium ·size enterprises; (b) design and -·develd'p'l)romotitm campaigns for product sector development; · ~ (c) encourage domestic dtrect'1m/estment with a view to expanding the supply base of the economy; (dJ ideritify, research'and ~velop-priorify markets; (e} identify and develop remedies for deficiencies in ·trade, facilitation and infrastructure; and· · · {f) review a·nd develop .rrfeas'ifre.,.to ifuprove ·bilateral•and international trade policy enyironment. 56._Establishmerit of export proces$1ng zones I ~ 't ~::: • • •: ~' • (1) The Minister may, on the reconirnendatio'n of the Agency, by notice published in the Gazettel declare any _place in The Gambia to be an export processing zone. · ·· ~-. -, · -··•--"::, a:,v,·.·-~ •., {2) The declaration of ~n expdrf ;proce:Ssing ~~he -~·rjger. ·s ub- section (1) shall define the limits of the ~ zohe :a-ncf '-sn·a tr'f (!main in 28 1..11 The.Gambia Investment a·ml'Expqlt ProniotiomAgency Act, 2015 .force until revoked by the Minister bf'. notice published in the Gazette. . . · (3) Notwithstanding this section, the Commissioner General may designate areas in export processing zones pursuant to section 97 of the Customs and Excise Act, 201o··in which customs formalities shall-be carried out. ·· (4) The conditions imposed py ft:ie Commissioner General under section 98(2) of the Customs and Excise Act, 2010 shall, in so far as applicable, apply to this Part.

57. Purpose ofa Zone The purpose of a Zone ·is · t; · provide a ·condµcive business environment for export oriented investment enterprises through- (a) the,provision of additional investment incentives; (b) simplifying the import and export procedures; and (c) facilitating the acquisition of land, permits·and licenses.

58. Types of Zones There is established by this Act- (a) an export .processing zone for ~xport oriented investment enterprises; (b) a _mixed expof1 processing zone for export-oriented investors; and (c) sole entity expp_rt__ processing zon~ for the investment and operation of a single investment enterprise. . 59. Zones Operators An export processing ·zone may be ow_ned and operated by- {a) the Agency; or (b) a private zone -investor or operator licensed by the Agency.

60. Licensing of Zone Operators (1) An investor may apply to the Agency-for a license to operate an export processing zone. ·· 29 1..11 The Gambia Investment and Export Promotion Agency Act. 2015 r ~~,, (2) The decision on an application for·a •license shall .~ made within thirty days of the submission of th~ complete application. (3) The Minister may grant· a license to an investor to operate an export processing zone on such terms and conditions as may be pfesciibecl by Regulations.·. . . · .,

61. Functions of Zone operators <• The .function's of an export pi'ocess!n{j zhn'e opetator-a:i'e 'to- (a) .manage and adrJ1in~ter an export processin!J zone; (b) make_ pr:-ovisioos for Jhe ~ n t of pe~s. vehicles and goods ·entering aria' leavi'ng ttie'Zone; (c) keep and main!ain~d~i~1~' ~h<;I _proper accounts and other records in reration to ·the businesses carried out in.the-zone; ·and (d) prepare ·and submit:io· the·Agency, an annual report of . the-activ.ities and devel~pme1:1ts ~in the Zone.

62. Licensing of Zone enterprises. ... . (1) An investor shall not carry on business or maintain facilities in ·ah export'piiicessing zone ·untess l'le or she applies and receives a 0 license from the Minister. · ·"';_(2) A decision on an ·application· for the •g~nt of a -license shall be made by the Agency 'within' thirty days. from ·the date of submission of the application. "63: ·Registef,of lic~nses I •' (1) The Agency sb'aWma1ntain a register of licenses issued 1i'nder this Act specifying in relation to each holder of a license-- • (a) ·,the name of the licensee; • · (b) the address of the registered place of business; and (c) the name under which the business is carried on, if · different-from 1he name oHhe actuallicensee. -· · ....... (2) A license issued under this A~t is• not trat1sfe.rable to any other person. 30 1..11 The Gambia Investment and Export Promotion-Agency Act, 2015 (3) A licensee shall, within fourteen days of its occurrence, provide the Agency with particulars of the change where- (a) a change occurs in the particulars of a license holder entered in thE! 'Register of-licenses; or (b) a licensee ceases to carry on the business to which the license relates.

64. Duration of license The Minister may grant a license for a maximum period of ten years, on such terms and conditionsas are prescribed by Regulations.

65. Suspension, amendmenfanit revocation of license (1) Where the 8gency finds 1hat !fie h~lder of a license-· (a) _ has failed lo . carry-on the activity authorised by the li~nce witnin-six_mon~s of the issue of the licence; , (b) has substantially ceased, for ·a period of six months, to carry on any activity within the export processing Zone; (c) -made a materially false-or fraudulent representation or supplied incorrect information for the purpose of obtaining the litenre; or · · (d) is in breacn ·of-a provision of thisAcfor a'-eonditlon attached to the licence, it~may give a written notice to the holdernf the license requiring him or her to show cause why the licence should not be suspended or revoked. (2) If the holder of a license -fails to comply with a nqtice given under sub-section (1) or the cause shown is deemed inadequate by _the ''Agency, it may, with the -approval ,of the MiAi_ster,-_suspend or revoke the licence. · (3) Where the Agency suspend·s, amends. or revokes a license under sub-section (2)- (a) it shall notify the licensee accordingly; and (6) the licensee shall cease to carry on any activity within the export processing Zone immediately after receiving notification of a suspension or revocation. .. .. · 66. Goods taken in and out of the zone · 31 1..11 The Gambia Investment and Expptt Prof!lotion Agency Act. ~015 :~--, - $ Subject to the provisions of this Act, goods which are taken from- . (a) the customs tenitory 'and bro\Jght into an export processing zone are deemed to be exported from The Gambia; · (b) an export processing Zone' and ·taken into the customs territory to be used there are deemed to be imported into The Gambia; and C (c) o·ne export processing'2o.ne·to'another are 0eemed to be an export. s1:Goocts manufactured in a zone . -~ \ • • t Goods manufachired 1n an -export processing zone shalC not be taken out of the zone except for export- (a),, abroad or to another exp.of! ~~sing Zone; or . ' (b) into the customs · territory, subject to the normal customs -procedu~s _and paymen! of import duties.

68. Removal of goods from a zone Goods may, with the prior written apl)roval of the Agency and under the supervision of a customs -offlce.r, .be taken out of an export processing Zone- ,,..., .. (a) into the cusioms-~-t~~ory or another export precessing zone for repairs or maintenance; or (b) for destruction.

69. Restriction on goods and1 activities (1) The Agency may order the 'exail!idifbr removal oft goods from an export processing Zone or the-disconfinuanoe of an activitY'Which it considers dan'gerous 'Or prejudicial to'.the public interest, health or saf.iw.- (2) The Agency shall give to the investor·concemed, :an-of)P.Ortunity te> be heard before Issuing an order under sub-section (1). 70. ln'centives for Zone lnvestors -- , · (1) An ir:iv~or:6perating in an export processing Zone that exports at least eighty percent of its oulpufis·'ex~mpffrom the payment of - (a) import or excise -duty-~ ·nd '-vc;1lue added tax on goods produced within or imported into an export 32 1..11 The Gambia Investment and Export Promotion Agency Act; 2015 processing Zone unless lhe goods are entered for consumption into the cu~toms.territory; (b) import duty on capital equipment; (c) corporate or turnover tax; and . (d) municipal tax. (2) An investor shall be allowed ·· to ope'rale in an export processihg zone for a maximum period of ten years. ~

71. Incentives for exporten.-outside Zones An investment enterprise located outside tl)e eXP.()rt p,ropess! ng zone that_exports at least thirty percent of its output ·is ·entitled, upon application, 10 the following· incentives and facilities provided by the Agency- (a) a · ten percent feduction of its annual corporate or turnover tax liability for five years; (b) ·participation in training courses, symposia, seminars and workshops on export promotion; (c) support in the following- (i) financial planning services and advice, (ii) export marketJesearch, (iii) advertisement and -publicity campaigns in foreign markets, and (iv) product design and consultancy. PART-IX..,. ENJERPRISE SUPPORT · . - - - - 72,~Promotion and suppQrt.~f small busJnesses _. The Agency shall support and facilitate the development of sustainable .enterprises by_- - ":-. j .• _.._ ' , ·-' (a) providing and improving access tcf' business information and the creation ·of ·~market ~-. =· ~-_,linkages; 1-; ' · (b) lrnproying -all aspects of the business envirol')ment by easing ·the regulatory and legal' conditions; . . , · (c) facilitatiQg tradi!19 across borders for both import and export; · 33 1..11 _!lie-<>amtiia"lnies·tment and Expoff Promo1jqn A!Jency Act, 2015 (d) -designing and delivering demand driven business development services;1,t9:~trengthe,n anl sustain· the capacityof enterprise cap.abilities; - =-·''.'(a) ··•won<irig' blosely,:;;ii,'.~--~ n~l~n'5-;·a~-f~nancial infermediaries to develop schemes fu facilitafe and enhance access to. Jiaance, tbrougt!, th.e use of guarantee facilities, grants and privatE:i'equity; (f) initiating and supP-Qrting collaboratiin ~d- d~stering schemes and lhe creation of coo~ratives; - . (g) working with resea·r ai arid technology institutions to provide support --for.:- -appropriate research and development; · · ~11,) :.qeateJorums" to raise--awareness and the-promotion ·of enterprise support; . - . ... . , - ·1i}. encobrage- fhe-=use-=-·of ~hnl>logy S!)~·- ICT in particular. .01 encqurage the· use of alternative-dispute resolution mechanisms to expedite the settlement_of dispute; and · 73:"Micro, small and medium size businesses (1)" The · Board shall pay·_parti.eu.Tar_·~ttentio_!'.!__to micro ..small and ~lum size businesses as defined by Regulations, .and in this CQnnection- · .,... .;.. ~ (a) work closely.with relevant deveiopment institutions to develop a relevant science and technology ilihovation ·policy; and · (bf recommend measur~ tnat would ease the regulatory environment and encourage the registration of ~bosin~si (c} encourage the development of appropriate social protection packages; . . . (d) work with ·theMinistry of Fin~nce and the Gambia - Rellef!ue Autho!'itY to. rati9nalize agd .sirlJpJify-the tax obligatio-ns consistent with current policies, strategies " - and needs; ~ · (e) work with local . authorities and private sector - tlevefopers to -create-b.uS_it.ie.~ P!l..r1<,s; and · 34 1..11 To'e Gambia lnvestm~nt an'd Export Promotion Agency Act. 2015 ---.- .. (f) constantly review measures and recommend 'improvements. activities and (2) T~ft Mi_nist~r may l?Y Regulations, provide the criteria for disti~guishing between micro, small and medium enterprises . . 74~Speciaf-taiget eriterprises (1.) . Th~. Minister shall by criteria defined in Regulations, classify a category'} >f micro, small and medium -sized enterprises, as special target enterprises. (2) Special tafget enterprises shall enjoy the 1ncentives specified in Part II of Schedule IV.

75.Ap1>lldat10n for incentives by .micro and small enterpriseS The incentives _granted to inicro and small enterprises under Part 11 Schedule IV-shall not be ·automatic but ·maY, be ·confinned by the Minister upon application in accordance with such procedure as may .be p~escribed by Regulation. . 76.~·Erite.rprise Developmen·t F-und (1) TI)ere is established by this Act, the Enterprise Development Fund. . .. _ (2) '' ~ f~nd -shall be used to- support micro and small business enterprises and shall consistof- • · ·, · - (a) moneys allocated by the National Assembly for the p~i'pSses . -'"'.'fthe ,.,_ .... Fond; (b) private sector contribution to.the Fund; (c) · d~ations; and grants•made.to<the Fund; (d) Monies raised by" the ·Agency for · purposes of the • t Fund; and (e) any interest'accruing to the investmerit of monies in the Fund. 77_. M nagement of-l he'Ente·rprise Development Fund (1) The Fund shall be manag_ ed by a Trust-Committee of not more -~~n three persons consisting of- :-• '(a) a representative of the Governor of.the Central Bank 35 1..11 The Gambia lm,'.estment and~ ·P.,:gmotlon Agency Act, 2015 who shall be the Chairperson; , ~-- (b) an investment Banker appointed by the Banker's Association; (c) a financial expert, c!Pru:!i~ by the Minister of Finance with experience in enterprise development (2) The Chief Executive ~; ~ny ~taff d~signited by him or her shall . be the secretary to the Trust Commtttee. (3) The Minister shall in consultatiora, with the Minister of-Finance and on the recommendation·of the Board make Regulatio-ns -and guidelines for·tlle- - . . - (a) operation and manag~enfof the Fund including any allowance to be paid to its trustees. -0>) eligibility for the utj!~ti~.of tile F1:md; _ . _(cl investment of the l:t1nd_; - .;.•- _ _: t ... .-1-. - • (d) fees to be paid ~ thEtF~~d ~ .._ (4) nie Fund shall be audited ·by theAuditor General. PART X - THE GAMBIA COMPEJ11JVENESS IMP.ROVEMENT FORUM -- . . .

78.Establistiment.of the Gambia Competitiveness Improvement FQrum (1) There is established by this Act: the Gambia Competitiveness Improvement Forum consi~!l9 9f tbe .rollawing- (a} a . Chaif"Re.~..- -\Vflo . ~all- be .the President or a Minister designated by the President; - _ - (b) - the ~inister: -- .. ·... (i) Finance; - . . (ii) ·tnfonnation- and - _._ . Gommunication; ~- ~ • - ... - •_ _.!. _ (iiQ Higher Educ:atio~. science;·and Technology; Ov) Agriculture; .:_- (~) ,' °J_~~d_i a.ndf;;9~,;~:Jffiontie~,r;~ ,- 1 ,~G •;JJ', 36 . . .. , --: -~ -.:;-;:,.. -. . . .·t·-:5.~· .. __,.,._ 1..11 · The Gambia lnvestmerit and,Export Pro111otion Agency Act, 2015 (vi) Justice; (vii) Tourism; (viii) Fisheries; , . ·,. (d) the Governor Central Bank; (e) the Commissioner General; (f) · the Chief 8iecutive; (g) the Managing Director, Gambia Ports Authority; (h) one repteseotative each from the civil society ·associatidns-'Speffifea in ·sclie<tule·VI; and (i) five represeritatiVes df the 'Private sector nominated by the Chamber_of Commerce. (2) The Minister may amend Schedule V by Order published in the Gazette. ' '·· '·:... 79. Furicno'ns of the Forum 1ne Forum shall- (a) encourage measures to remove barriers to economic growth in The Gambia; (b) establish woiking, groups tot each priority, sector·and area of the economy to report to the Forum semi- . ann·lfally on the progress· in each priority sector; (c) promote cooperation between government institutions and private -and'-pu61ic institutions on the implementation of policies and strategies; "_' ; -· ..- (df serve as a forum for public1>ublic and public-private- civil society dialogue;-and (e) take su·ch other action ln "the furtherance of the above objectives as it shall deem appropriate. BQ. Meetings of the Forum (1) The Forum shall be convened at least two times in the year and such other times,as·the Ctiairpersoif sn~ll determine. 37 1..11 ,. • ,,u";;":"J -=;.~~~• •~-- ---:.' •• ;.\ :r~ (2)_ _Subject ~o thi!i ~.et. the , Chai,~ rson shall procedure . at meetings of the Foru,n' .. .-··~-. ..· • -· • · • ,,, •";-·· -

81. Secretariat ,.of the Forum:if' ::~t1r ~ :A§en~"'S'liall oe~th _secre~~lit;;r ... _. ¼· ~. ~-u~r• :'· thlffo~m. , . - .fl -. · it...~ ,~... f1~ ~ " ;'•'"t ... (2) The Agency shall be resporisible-;f'.or-·. r.,_ ·, • -r-:., . ' . '(ii) ·.. repprting ·to·ihe -FonJfll "6n the _in:ip!em~rrtajion of the • policies and strlitegies:rererred t0 in sectic:m 81 ;_ :~~:!u,ir;_ ~ ;> • org~nizing meetings rif tne Forum; . ~- ' ~ ~ ..., _..: ~'~!tt -A ;~-; ~i,,-f' -~ ' (6) . obflqening nieetings'ofdfie1'Working Groups; · ·· orts ,of ;~II working Groups and ·10 ~ortlrri;rant3 r. --~ ,-J..,: -1S7:'1;,.:- -;1w - (e) Keeping a·recorcf 6ra 1:f:-opifl:11;Jeliberations. ·ii,; ....... · li g Working·Groups . shall- . •· .,,i• • "'"'·:•1i '{!.' a- f.!.:, be canstitutegm~~ f,.ofom,~very tN~ years; .... -.~ :;:-:, ; ~~~!:J :-;,p. ~, ..• '.) (b) have tenns or° refe~nce and rules of procedure '. ,. ;:pffi$cri6ed'6f'R~ulatiOAS; ,., ·. ..,, ·:,} '7t;<bi~ 1'-~i.' (c) operate in~cco.r:cJ~nce.,_~I) theirtenns of refere11ce; . ~ • ••: :,,1\1,-•.:,'; .. .:a11--.J ~1-~· ~~p--, • p ·,: (d) meet as often as •is · necessary to carry out their . ·, ,·J, ·mflfiaate: J·ic ~- . '>!> -~tl.. C- -~( 'll,,,- .f:,• I - !~ PART .XI.}·.,.l~.MISCELLi\NE t~;!: fi': ~ ~ -J -:'-~ :.~jJl!l' t _.._; •.• ,• ,.·• . ,· ,.,_ ·-•t .. t . •, "r!ocee'alngs· sI 'P., ;,j[;!! >·· ~: ·;J '' !cti : ,, 1 ,> ~I it e . ~iAsHtj'J_~ "intention to bring the action ,,~nci _un,tess:, at ·- f -o ~Ef }\;Qefrf · · tending plaintiff or his or her.agent. .: "'"-.t~ . . 1--.~•..,~. · ..:!::;-~(t( 'fnipi_~f5~f·~t~t~~:e-~~~~?f~ctib1JJ1name and ·P-,;~ .of ,· al:!qc;l,e·af tffe 'intending plaicitiff:a'ncf Jbe".felief which he or s~e-cla1ms . ,. _;\ ; ., . ~ ~ • {:.... !..J ., ~<Jr.~ ~ -- '' "~ ... -~ ~ . . Ji":J~ $3,.:.;:' -:-'~ ).. ••~ :,: '~ (§>' ,'-.!lZ hfa1~l!1.'against j(r.tt,etAgeli'~ m~Y'be.,rej:>resented in court at any .stage of the proceedings by an officer rer:--any other. employee 38 1..11 The Gambia lnvestment-arrd Expprt.Promotion Agency AJ;t, 2_0 15 9uly authorised by the Chief Executive. ~

84. Offences and penalties ... : ' ' (1) A person who, without lawful excuse-· •.-. (a) fails to-<:amply-with a busln~~-p!an su£mitt~ to the.: Ageocy with an application for a special investment certificate or license; · - •- (b) refuses to furnish lnforrmition required produced to the Agency ·U!1der this Act. Regulations, (c) furnishes information or -produces any document . which is false or_misl~ding in a material particular; (d) obstructs -~ s~ff or~gen!. of :the:_f~gency or any other. public .officer.in ·.the perfocm_ance of his or her dutie.l> -under thiS::Acto :Regulations;__ ·(e) - refuses or neglects to provjg~ 111.fonnation ymich th~ · Agency may reasonably require for lhe purposes of ~: this Act; (f) - fra_u~ulen-tly Qbtains Qr.:J!r~res a special investment certificate ·under thls Act; or - · (g) contravenes' a,::provision-...9{;. this Ac;_t or Regulations rn·ade under 'it, - - • commits an offence. - ·- ' .. .v 1 (2) A person who commits an offence under sub-section (1) is - liable on conviction- - - ·- - . - (a) in the case of"paragraph: (a)~(b}, (d), {e)and (gj to a fine of not less than twenty five thou~ d~~pls_; _ . _ · ·(b) in the-case ·of:paragr;aph ,.(c),.,and (f) :, io a fine Qf .not · less~than. mi.e..:hund~ ttiou~a~ dalas_is and irJ.,1~. case of a; bc?dY ·corperate, to, .a ,fine .pf no~ less .th.AA one million-dalasis~nd (o) in-the case. ._of ~ -continuing ,offence, to...,an ~dditio~I · ··fine ot-0--1 oo.o .for each day that-the olren~-co·nunues· a and in the· case of body. corporate to fine ·o f , a not less lhan 010,000 for ·each ,day that the offence . continue. - ! ·.. ..: \Ith. ·' - 39 1..11 1 ne l:>amo,a 111vt,--,., 11e1 ,c and Export Promotion Agency Act, ~01ti (3) A person convicted under this section shall" in/all cases, re-pay all benefits received by way of tax jncentives prior to the date of the : conviC!ion, as determined by the Gambia Revenue Authority. (4) If a body corporate commits an offence urider this Act, every Director or other person involved in the· management of the body corporate commits the offence unless that person proves that- {a) the offence was committed without his or her consent orconnivance;and (b) he or she exercised all such diligence to· prevent the commission of the offence as ought to have been exercised by him or her having regard to the nature of his or her function and all the circumstances.

85. Inconsistency among laws In ·case of inconsistency or conflict between this Act and any other Act with regard to an investor or investment enterprise, the provisions of the Act most favorable to the investor shall prevail.

86. Regulations- The Minister may, on the advice of the· Agency, make Regulations for the better implementation of this Act.

87. Repeal of Act No ... The Gambia Investment and Export Promotion Act, 2010 is repealed and the Agency and Board established ·under it are dissolved.

88. Savings and 1ransition As from the commencement of this Ad.- (a) the rights, assets, funds and liabirlties of the dissolved Agency existing immediately before the commencement of this Act are transferred to the Agency established under this Act; (b) an action, a proceedings, a judgment or an order pending immediately before the commencement of this Ad. to which the fonner Agency was a party, may be continued and enforced by or against the Agency established under this Act; (c) the purchases and acquisitions made under the repealed Act 40 1..11 The Gambia lnvestment-andB:port Promotion Agency Ac!, 2015 _are considered 1:o have been made ~nder this Act; (d) ~JI ~rsons emp.la.yed b¥ tfie dissolved Agency immediately before the comme"ncemenf riflhis Act. slfall continue·to be employed by the -Agency established un.der this Act_on the same te.rrns and conditions, without a break in . the employment because ofJheen~c:trnen-t--c,f-this Act; . (e) 1a license, a:P~rmit, a certificate, or ;:iny other authorization issued under the repealed Act is ~nsidered to be issued under this Act; · ~ (f) the regulations, orders, by.:Jaws or notices made or issued under the re~aled Act and the Schedule to that Act in so far as they are not inconsistent with this Act, shall remain in force -until they elapse or are revoked; (g) an application ni~de under th~ repeaiecl Act and . ;,,oily-or .padly heard when this Act comes into force is considered to have been made uoder this-Act; . - (h) where a period - of time· specified in -the repealecl" Act is current at this Act's commencement, the Act has effect as if the provision corresponding to that enactment had been in · for.ce when.that penod ~an to run. SCHEDULE-I - GUARANTEES 'TO INVESl'O-RS ·AA'a INVESTMENT PART I - MINIMUM GUARANTEES-ACCORDED INVES'fORS

1. Protection aga~st expropriation- Except ·in accordance witn the:-Constitution, the. Government shall ·not c:ai'npUlsorily· acquire- o-r' take lJOssession of an investment erifer'prise,or ::my asselof an investor-except- _ . (a>._ for a public purpose that is defined by law; (h) on a non-discrim~natory b_a is; (c) in accordance with the procedures prescribed by law; and (d) on the payment of compensation determined in 'accordance with Clause.2: 41 1..11 - -The cempensation to be paid for the -cornpulso inye_s~~!'lt . enterpris·e , or JiSsef shali •be~ d~~unj . n · ~rityalue a reed u ·on by stor concerned and the . 90(,V }iQQir:IQ C0 . · ,1 Pto · ;,ofOOle¾!Sovemmenr to - a. wre l "'en . · ,-~ ;tc;; ., · 1-. ,

3. Ownership of Land • t I ' \ • )t-4 .,~t <. ~¼ ;~ ~. ., _ Subject to the State µinds Act/'~99,1,rBad ··:Physical Pjanning and Development Control AcJ, 1991, an investor or investment enterpriS!:l _may pvrchase, lease or: o~erwise~ccfUiJE!,a!l jrjt~res .in, P!lYJf.e or state ~ land and withQut restriction. oisWSe pt'such 1nierest C.. ~ 1 ~•~ ~ .:;<!, ;- ·:,~- :.-~:\~~ }, •: ~": . -' lt; -~

4. Non.;Jnterfererice _in b~iness~o '. _r..ations ., • .f"! • ~ .....,.,. • ~, ....,. •: ; • .; U.\l. .,.,.,· , .- The Government shall not , intern . ··· .1 WflJ:lagement of an inye,stment enterprise including \he,sa. ricing; or distribution of its products, excepls• -~ . (a) to 1he extent provided -:Unde"' ;fbeT.GalJ)bia -~d61ic Utilities "" R~ulatory:,AuthQritlAct, 2005'\Nitt,'t'egari:l1o ttfe'l)ricing 'Of -<-, ,u.'li+v ,. ,;; • . " ➔ ,; -:~~r .,,, ·uu -~ serv1ees;1.. + . ':11 ·~ • • -,~;., t :,- ....-: --~:: ~\~~ _:~~1.~~ ?). V:~ ~*-- . . -. • (b) in t11e ~ulation of -anti~rnpel:ition- ·pra~s ·under tne '.: ' ' · .d :compe1ition·;A.cf;12001;- -~:, t--ti-u}: ••'~.. ,- . . . /'{ ,"l ~... _..,._... ~ .,._ . Y..,~· ... •~r,.·:e;. .: - .,.• ,-~"N·· ~ ,· '-. '<c)" "Witfi'·respett'toth~-prici;grbf1i:>etfole;m;p~oducts; or ♦- tf

5. Right to irriport and ·expor:t ;:: ~~yJ~~~ JtJe-_ wnership:•i. -i~~'!Y.l PL~h~,~~-·by ~w. ·an ·-· --' 1nves or ·ana•investme t•enterpfisErl;lasruie,:righNo 1mport·or export • any product withe.vt restriction-or limitation: .,:: ·-,"~ • • ·.• ·';'" #, •• . . ~· .s:~'-Rightti>·pratitilistribtition ;, _., ..-·~· t-,,·:~,.~:,.. ; , . - • . -. •~:~ ~:: ;c.«•,~- ~_,:.:._.t: •;.,_ !;~-;"'.-,:,t ,. • I ·• ' • , Subjegt 10 the lnco ax Ad., 2012, an investor ;:• ,~- sr=irtVlstment ente· '. ' efe@ina;_itte clis_tribution and retention of pro or I en . r-om:'.andityestmenf enterprise without interference. · ,., 7.-·Bank~c.c.ol!~ts~. . -~. '•i, _ -~~ 42 1..11 · The Gallipia lnvesfment-ancl Export Promotion Agency Act; 201!,i An investor may open a bank-account and.borrow from any bank or financial institution, both in Joreign and domestic currency in acco~ao~ with ~e Banking Act, 2009. ·8. Transfer offunds -- .( 1l Subject:to subsection (2) and ,tax ob!igati.ons .or.ofrler restciclions prescribed under the Ba'nking l\ct, -2009 or other law, a~·Jnvestor or investment enterprise may transfer out of The Gambia _funds accruing from- ~ - (a) dividends and ,profits from an investment or - investment enterprise; - .. -·- (b) ·· employment earnings; (c) the proceeds of sale or liquidation of an enterprise or interest attributable to an investment (d) ·accruing . from the compensation received for a -,, compulsory-a~uisition; i ._ (e) to pay interest on international loans; -' {f) - ., to pay for imports; (g) to _pay fees for trademarks, royalties, and management fees and other fees; and (h) -to pay licensing fees for ·fi:an_cj]ising . ?greements, through a corporate _body licensed to carry on -banking business-in The GanjJ>ia_un~~r -the Banking Act, 2009. - - . - -- - (2) The transfer of funds_abroad_may be prev~nted on the following grounds- (a) pending bankruptcy or .insolvency proceeaiogs or for the prot~on of -the rights of . ~hareholders and .creditors;- (b) pending ciimin.al charges--:caga1nst, !!te::. inv~stC:)r ,or investment.enterprise; or . - - - . ·(c) to .ensure. compliance with -an _order,or judgment of a court of law.

9. Entry and exit of foreign imiestors Subject to compliance with immigration entry ' "req.uifemetils:; the Government stran ·tacilitate the entry, and exit of foreign investors, 43 1..11 .. . imme 1a _-.... ~ . their foreign einpJoyees and . )" PART II ·- 'MINIMUM STANDARDS T INVESTORS- . . Ali investor or investment ~nffirprisr sh'all- 1 "!" ~ i f.~ . . i· ~.. ~·.rr (aft' take ali nec&ssary'anci-appro'priate 'Tl'leasures far the -_J .• protection of- . { t:"·" ,.- ",. ':'•..;" ·- ~ :i (i) the natural environment in accord~nce _V>{it!;l .the ---7:: ! National En.,vironn:ie.9ta,I Manage~~nt'Act, "1994 -- I and relatMfeo--Oi'hin . ental 1a· . '; :f:ind . '. - it.: \..c •, ;,.;. -- .. .. .... __--'! . : health and safety_ of the · .l e .~-. lie jfn- acco_rdance ,1 ad~ries,"1941 and -· 011 'i>tfler laws. :;,~~ . .. .. 'J with aP,plicable_ Regulavons in the •.J rr· 1~pprtati99, - -:- !:fip.,m~nf a d in ~-- the ' proaucis' pro .,estm~nt;: :' · ~ __ ! ----1 _.·~{c) / g:rant. _U_nio[· ;'fn:_accb'cdi;:ince.., with the ! · ._,, Labor Act, 2· lihy-s e'o(·~· emplqyrtient '• if the ~ majority of empJoyees indicate their'de'sire Jo,r Union representatior(an~ __ -· 1 , ·• , . ~ -., contribute to th~:so6i:W ~~~~-rw-f~);t{~'fi:J?.~~~ra~s (d) -· _ for employ~e~ in~cc;otaance wtth t_lje~'s~c1al~s.,ecunty · laws of The"'G. .- ,H1~~.,::~•H'. w~ ' mana~e erpn ; ·apply the rn o( ~ fin~□.01~- -~pcoun m~ of ,.T.!1~ _ 1G_ ~mbia 1ed ~y_th Fin cia ReJlc°~-~ l-~·-..9~3 · ' ..,to'. any O:in~€$\ifff"lrl'<5e'rffiye ~{ifa'iJted to. -an ,. •· :_nv~_ s !or or investn::iepte~tew,~sij._;, ~~ ~u~at~4,f,is Act. . __ .. ,"!'.3!.' 1~vestor sh?tll payii!j'f t~xes"' mposepiy1aw;_and (~t-·:bc,;«pty with all •iPb,!i~p!~ j a%'':gµI<t~fT~J and stan'da ds. • ... · ·· ·· • ' ·;• - · - _,.- ~· ... ' ,.,. . ~, .:~;.~ ' 44 1..11 The Gambia Investment and Export Promotion Agency A · Priority sectors

1. Agriculture - all crops ; - diary production, poultry and meat Processing; - floriculture and horticulture; . - agro- processing and agri-business (production and marketing of· agricultural inputs) - tannery;

2. Fisheries - aquaculture: fish a[ld shrimps farming; - fishing and fish processing at industrial level.

3. Tourism - Eco-tourism: national hiritage; -_up-c6untryiourism: motels, tourist camps, sport fishing , river ~pons or cruising; - development of A and 5 star hotels, integrated resorts and marinas;

4. Forestry . - development of private or community fore~t parks or agro-- forestry plantations; - forestry -production and -transformation; wood, timber or logs and or non - wood, procl'ucts- (nuts, honey etc.) and wild fruits preservation; - Briquetting (saw dust)

5. Man~facturing - assembling and packaging; - processing - foundry and forging; - light pharmaceuticals and cosm~tics.

6. Energy - electricity generation, transmission and distribution; - re_11ewable energy sources : solar, wind, hydro and biochemical energies; - liquefied Petroleum Gases. 7.0ther Services - ·health and medical facilities - veterinary facilities - _river and a![_ transportation and cargo services . - information commur:ii~~io}1 technology exce"pt'GSMs' - infrastructure development (construction . of -roads, wciter and T electricity installations .......) for the purpose df fnvestment.

8. Mineral Exploration . _ - petroleum exploration as definJd in the Petroleum (Exploration, 45 1...11 ' . The Gambia Investment and Export Promotion Agency Act. 2015 Development and Production) Act, 2004. - mining of precious stones and others as defined in the Mines and Quarries Act, 2005. · ' · · .. 9 Fino:!nc!a!,~!31'V~~s_ . -. investment -banks · - housing f_inance· . . .. . - - Consumer financing - Micro Credit Lending SCHEDULE Ill,. Priority Areas _ - West Coast Regi9n (~xcept the town of Brikama) - Lower River Region · - NQrth Bank Region - Central River Region - Upper River Region

SCHEDULE IV INCENTIVES FOR DOMESTIC "- INVESTORS IN PRIORITY SECTORS PART' I - GENERAL lNCENTIVES,:.' FOR boMESTIC INVESTORS IN ,PRIORITY, SECTORS . ~ '. 1. Newly established domestic ·investors in ·the Agriculture and agro-industry, Fisheries, and energy priority sectors that invest at least one million dalasfs may;:subject ·to paragraph (2}, upon ppli~tion be eligible for the followi~ incentives- (a) exemption from tombver'tax for three years; .. _: (b} ,r&fuced .corporate ·income tax to fifteen percent; and ,' • ~: 4 (c) import duty waiver on capital goods in accordance with the .,. Customs_ . and .Excise , Act,. 2010; - 2. To be ~ligible under p~ragraph (1} of -this Schedllle a domestic investor in.the sectors . . referred - - to therein shall- ~ . _ ta> satisfy 'the Aefency that~ has in tts employment at 1east . . five Gambians, three of ·wtiom shall be in skilled . . . _ positions; (b) ~ubmit a busfness plart and ·-staff'dt:!vel~p_ ine!lt plan acceptable to the Agency; · : ·-· ,· ·' · 46 1..11 The Gambia Investment.and Export Promotion Agency Act, 2015 (c) keep proper accounts; a,:id -. (d) submit annual audited acco'unts to the Agency and the Gambia Revenue Authority. · 3. Domestic investors who invest at least'two '"miilion· dalasis in the tecf'!nofogy priority sector or in research and deyelopmen\ may, subject to paragraph (4), upon applica~o~. ·t>e _eligible for the following incentives- ' (a) exemption from turnover tax for three years; " (d) reduced lncom~ tax' including corporate tax rate to fifteen percent; and (e) imp;rt duty waiver oricapit~f go®s in .accordanciiwith the Customs and Excise Act, 2010. ·· 4. To be eligible under paragraph (3) .a domestic investor must- (a} have a skills dexe.l.opment pa:wramme under which it hires and tra1ris Gambians in the IT freld; (b) have in its employment at least ten Gambian .engineers, soflw~ developers or other IT staff; (c) ~!Jbmit a business plan and ·staff developnierit plan acceptable t!)-the Age!lcy; {d) koop proper:aCCOU,[lts; and (e) submit annual audited accounts to the Agency arid the Gambia Reven_u e Authority. 5. - Where .an investment enterprise referred .to in this Part establishes in a priority •area-ifshall be eligible to incentives for five years. PART II - INC.ENTIVES FOR MICRO-:SMALL AND MEDIUM SIZE _ ENTERPRISES 1. All wholly Gambian ~ecf start-up .·rriicto "sriiall ·a.Hd medium -size ~.omestic investment enterpri~~s in_priority_sectors shall be --exempt from Income tax and munfcipartax~ toffive years. . " 2. Special Target Enterprises as definecf by Regulations shall be -~xempt from all income tax for a_period of three years from start-up. . '. . ' :· . 47 1..11 The Gambia Investment and Export Promotion Agency Act, 2015 3. To' be ·eligible under this . Part the domestic investment enterprise must- A. obtain a Domestic Investment Certificate from GIEPA; and B. comply with the Single Window Business Registry to file annual returns. SCHEOULEV List of Association members of the Forum 1. The Gambia National Association of Food Processors 2 . .The National Association of Carpenters 3. The Federation of Handic(afl:s 4. The Gambia Association of Fashion Designers - • .- 5. The_National Association of BeeKeepers 6. National Federation of Cashew Growers 7. The Gambia .Federation of the Disabled 8. National Farmers Platform- - 9. The Association of Non-Government Association

SCHEDULE VI - -Stra~ic Industries 1. Mining 2. Petroleum Exploration and under refinery activities 48 1...11