ࡱ> q bjbjt+t+ RAAZl]04hL$pKF,((EEEEEEE$wGkIF-FEEJ >E<lXE8trade policy by sector overview Senegals economy is mainly based on fishing, trade and tourism because of its special location on the West African coast. Nevertheless, the relative importance of these activities is also the result of the low level of development of agriculture and manufacturing, even though the latter is above the average for countries belonging to the West African Economic and Monetary Union (WAEMU). As part of the post-devaluation programme, the Government of Senegal undertook gradually to eliminate intervention policies in the agricultural sector. The main objectives of this programme have been achieved, with the notable exception of the groundnut, cotton, sugar and tomato concentrate subsectors. Import duties remain important tools for the protection of domestic enterprises, especially as regards competitive agricultural products from countries outside the WAEMU. In general, however, access to Senegals market has been liberalized since the first review of its trade policy in1994 through the elimination of all quantitative restrictions and the introduction of the Common External Tariff (CET) of the WAEMU. The production and processing of fisheries products, the leading exports, receive support, inter alia, through the free export enterprise regime, which offers substantial fiscal benefits. Currently, the decline in catches has led to consideration of the conservation measures needed to ensure the sustainable development of this sector. Senegal also earns revenue from fishing under the agreement with the European Union (EU). For a long time, Senegal implemented an import substitution policy, and it created an industrial sector that focused on large State enterprises, the majority of which are currently being restructured or privatized. The processing of local resources (for example, fisheries resources, groundnuts, phosphates) is the basic industrial activity and is supported through investment incentives. Although industry only makes a small contribution to GDP formation, much of it is attributable to informal economic operators, particularly in the agro-food subsector, which appears to be the most dynamic. Tourism, the second most important export, is facing many problems that hinder its development. In order to resolve these, the Government intends to adopt a Tourism Code and to introduce new investment incentives. The opening of the telecommunications sector to competition under the GATS is helping Senegal to take advantage of value-added services (particularly call centres). The timetable for opening up basic services to competition under the GATS has been accelerated and the operators long-standing monopoly should come to an end in 2004. The Senegalese banking sector is considered to be healthy after having gone through a serious crisis in the 1980s that greatly reduced credit opportunities in the economy. The banking sector is currently subject to the common regulations of the WAEMU and has recovered, but the level of bankerization remains low. The sector is one of those for which Senegal undertook commitments under the GATS and this should boost foreign investment. In order to offset the lack of credit for the private sector and lessen banking risks, the Government of Senegal has put in place several programmes in support of financing. agriculture, livestock, forestry Overview For around half of Senegals population, agriculture and livestock breeding are a principal or secondary activity. Their share of gross domestic product (GDP) formation is around 10per cent and they receive an average of around 10per cent of the State investment programme. The agricultural sector also plays a key role in the economy through its contribution to food security, its supply of raw materials to agro-industry (especially groundnuts and cotton) and the absorption of part of the output of the industrial, semi-industrial and crafts sectors (fertilizer, pesticides, agricultural machinery). Senegal is situated in the area of the Sahel and, consequently, agriculture is usually rain-fed. The main agricultural activity is carried out by farmers on small family farms, primarily using traditional methods with few inputs and a low level of mechanization. Senegals livestock comprises 8.5million head, made up of bovine animals, sheep, goats, horses, donkeys and asses; poultry also has important potential. Three crops cover 81.9per cent of the area cultivated: millet (42.9per cent), groundnuts (28.1per cent) and sorghum (10.9per cent). The area covered by groundnuts, the main cash crop, fell by 37.8per cent during the period 1993-1997 in favour of cereals and other crops such as horticulture. Groundnut production nevertheless amounted to 943,837tonnes during the 2001-2002 season, largely exceeding the optimum threshold of 700,000tonnes required by oil mills and the national grain market (see below). Cereal production is mainly intended for domestic consumption but generally only covers around half of the countrys needs; imports, particularly rice, cover the rest; food aid only makes up around 1per cent of the deficit in cereals. During the 2001-2002 season, cereal production fell and covered only 42per cent of cereal requirements as against 47per cent during the previous season, when there had been exceptional rainfall, but the stocks built up made it possible to meet half of Senegals cereal needs. Agricultural policy Trend in priority subsectors Following its independence in 1960 until the devaluation of the CFA franc in 1994, the Government of Senegal had followed a policy of supporting the major export subsectors, especially groundnuts (which accounted for around 80per cent of export earnings in 1960 compared with 6.5per cent in 2001), cotton, horticulture, and the subsectors important for food security such as cereals, sugar and tomato concentrate. The agricultural component of the Governments post-devaluation programme committed the Government to abolishing price intervention for final products and inputs, liberalizing trade-related aspects of agricultural policy, and withdrawing from production, processing and marketing of agricultural products and inputs in favour of the private sector. The major elements of this programme that have already been achieved are: liberalization of cereal prices; Government withdrawal from the processing and marketing of local rice and, in 1996, elimination of the monopoly on imports of broken rice enjoyed by the Price Equalization and Stabilization Fund (CPSP); abolition of the licensing regime for all agricultural products, bound in Schedule of Tariff ConcessionsXLIX; elimination of quantitative export restrictions in 1994; and renegotiation of the agreement between the State and the enterprise holding the concession for sugar in Senegal in 1995. The components of the programme that still have to be put into effect are the liberalization of the groundnut, cotton, sugar and tomato concentrate subsectors. Regarding liberalization of the groundnut subsector, in 2003 it is planned to privatize the National Oilseed Marketing Company of Senegal (SONACOS), a State enterprise which has been responsible for marketing groundnut products since1975 in the context of the nationalization of oil mills. At the time of the first review of Senegals trade policy, the SONACOS also had a monopoly of imports of vegetable oil, but this ended in1997; another enterprise, NOVASEN, is also active. Currently, SONACOS mainly sells vegetable oil on the local market (imported as crude oil and then refined) and sells crude oil and groundnut oilseed cake on foreign markets. The main destination is Europe, where groundnut oil is a luxury product; according to the Senegalese authorities, the EU provisions on aflatoxins in effect since 1July 2001 constitute a barrier to exports of edible peanuts. Senegals production of groundnut oil and groundnut oilseed cake amounts to around 100,000tonnes annually on average (TableIV.1), one third of the global market, so the terms on which it is marketed have a significant impact on price trends. For the 2000-01 season, the Government seems to have taken a step backwards regarding market intervention by keeping the price for groundnuts paid to the producer by SONACOS above the thresholds recommended by the National Interprofessional Groundnut Committee (based on global prices) and by subsidizing the cost of inputs. The authorities have indicated that the amount of producer subsidies granted in recent seasons is not known but, according to their estimates, it does not exceed the level required to come under the de minimis category. There are substantial tariff and non-tariff barriers to imports of refined vegetable oil, which constitute a policy of support for refining but not for the groundnut subsector as such. These include the following measures: an MFN customs duty of 20per cent under the WAEMUs CET; supplementary duties of 2.5per cent; a special import tax (TCI), which is a protection mechanism established by the WAEMU, amounting to 10per cent on refined vegetable oil, whereas crude oil intended for refining and groundnut oil and mixtures of oils containing at least 60per cent of groundnut oil are exempt from this tax; excise duty of 15per cent on refined vegetable oil (with the exception of groundnut oil); and VAT of 18per cent. In all, the import duties and taxes increase the price of refined vegetable oil by 82.9per cent. The high taxation on vegetable oil other than groundnut oil, a basic foodstuff for Senegals population, raises prices on domestic markets and reduces purchasing power. Table IV.1 Imports, exports and production of SONACOS, 1999-2002 1999200020012002Volume (tonnes)Value (CFAF millions)Volume (tonnes)Value (CFAF millions)Volume (tonnes)Value (CFAF millions)Volume (tonnes)Value (CFAF millions)Imports- Crude vegetable oil80,13630,60661,44322,56550,67619,82648,802-- Refined vegetable oil009954805,4182,4373,850-Exports- Crude groundnut oil67,13633,000100,53847,689112,87652,19370,56131,214- Groundnut oilseed cake76,4004,668132,70110,966143,97912,95392,8888,739Output- Crude groundnut oil71,731-132,502-138,614-99,722-- Groundnut oilseed cake85,698-143,928-163,273-122,762-Local purchase of groundnuts206,53039,113408,82071,283491,76785,321336,28747,080Source: SONACOS. From 1985 onwards, SONACOS had also been responsible for managing the activities of SONAGRAINES, the body responsible for collecting domestic production from farmers and distributing fertilizer and seed on the basis of advance loans to farmers. Liberalization of the domestic trade in groundnuts also formed part of the agricultural sector adjustment programme; progress was made in the 2001-2002 season when the role of SONAGRAINES in the collection of crops was abolished and a new carreau-usine system was introduced. The next stage, planned for 2003, is total withdrawal of SONAGRAINES in favour of producers organizations. It should be noted that Senegal has not yet notified the ϲʹ of any of the activities of the State enterprises mentioned above (ChapterIII). Regarding liberalization of the sugar subsector, a (non-State) enterprise still enjoys a dominant position on the domestic market and benefits from protection against imports from countries outside the WAEMU through maximum import duties and a TCI. A first stage in liberalizing the cotton subsector was completed in1995 when controlled prices for cotton spinners were abolished. SODIFITEX is included in the privatization programme and should be privatized in2003. Two enterprises produce tomato concentrate: the Food Preserves Company of Senegal (SOCAS, belonging to the Moulins Sentenac group) and the National Industrial Tomato Company (SNTI). They are protected against competition from imports by the fact that their output is the only one sold on the domestic market under a mandatory Senegalese standard. Current situation concerning border measures With regard to the current situation concerning border measures applicable to agricultural, livestock and forestry products, there are no import bans (except as regards sanitary and phytosanitary measures) and no import licensing. Senegal applies the WAEMUs CET to products imported from third countries on the basis of reference values in certain cases, as well as supplementary duties (statistical charge and community solidarity levy); local products of WAEMU or ECOWAS origin enter free of duty. The simple average of customs duty plus the principal import taxes and surcharges actually applied in the agricultural sector (ϲʹ definition) is 16.8per cent (TableAIII.2). It should also be noted that there is excise duty on: so-called economic cigarettes (15per cent) and premium cigarettes, as well as other tobacco products subject to the tax (30per cent); alcoholic beverages (30per cent); coffee and tea (3.8per cent); cola nuts (30per cent); refined vegetable oil (15per cent); butter, dairy cream and mixtures containing butter or cream (12per cent); other fats (5per cent), with the exception of all types of groundnut oil. In addition to sugar and vegetable oil, Senegal also imposes a TCI on wheat flour (ChapterIII(2)(iv)). Some products imported into Senegal, including those of WAEMU or ECOWAS origin, are also subject to supplementary taxes, without any counterpart at the domestic level, based on the customs value. These are a surcharge of 20per cent on imports of onions, cigarettes, potatoes and bananas, and a surcharge of 10per cent on certain cereal products such as millet and sorghum. Consequently, the combined effect of the CET, the supplementary duties, the surcharges and the TCI means that tariff levels applied exceed the levels bound at 30per cent in ScheduleXLIX; the Senegalese authorities indicate, however, that they reserve the right to impose other duties and taxes on agricultural products of up to 150per cent. The Senegalese authorities have drawn attention to a number of concerns relating to exports of agricultural products. One of these is that the volume of exports to the EU, Senegals main outlet, is falling despite the preferential access they enjoy. They consist of a limited number of products that do not have high value-added because of their low level of processing cotton, groundnut products and horticultural products in the main. Furthermore, they come up against strict rules on sanitary and phytosanitary measures as well as the obligation to conform to quality standards. In addition, the subsidies in countries of the north limit the competitiveness of exports on these markets. Outlook Since 2000, the development strategy for the rural sector has been revised as part of the preparation of the Poverty Reduction Strategy Paper (PRSP), finalized in 2002. It was found that poverty occurs mostly in rural areas. According to the PRSP, the major problems facing agriculture are the following: (i)the decline in rainfall; (ii)the constant downward trend in producer prices, the adoption of techniques that make little use of capital (fertilizer) but are particularly destructive to the land because of strong pressures; and (iii)the drop in yields and production, and the impoverishment and growing indebtedness of the rural population. As far as the future is concerned, the PRSP focuses on intensifying and modernizing agriculture and increasing and diversifying rural incomes. Regarding the first element, the Government intends to take measures that include the following: (i)use of new technology to modernize farms and intensify crop and livestock production; (ii)improve systems for the supply of inputs; (iii)promote and extend access to agricultural machinery and production factors; and (iv)training and advice on farming. Regarding the second element, the Government intends to take measures that include facilitating farmers access to loans, promoting exports of non-traditional niche agricultural products, for example, horticulture (including melons, asparagus and similar products), and processing agricultural products. For livestock, the PRSP sets a development objective for this activity by boosting dairy and meat production and the processing of skins and hides. A draft Agricultural Framework Law covering the period 2004-2020 is being prepared in order to implement the PRSP. In April 2003, the draft was at the consultation stage in order to obtain a national consensus. It will be the first law to contain a coherent definition of the Governments agricultural policy, covering both the objectives and the means used to reach them. The draft maintains the concept of subsectors as the basis for Senegals agricultural policy. Activities in each subsector will be coordinated by a National Joint Commission, which is a government body that brings together interested parties and is responsible for establishing pricing and marketing policy. It should also be noted that the WAEMU is in the process of introducing an operational common agricultural policy, after having adopted the necessary legal framework in 2001. The aim of this policy will be to boost the development of the agricultural sector in WAEMU countries by limiting competition from imports from outside the WAEMU. Even though tariff protection for agricultural products under the CET is already higher than for non-agricultural products, consideration is apparently being given to increasing the CET. Surveys are reportedly being undertaken to identify promising subsectors in each member State, which would have preferential access to markets in the subregion in excess of the current levels. fisheries Overview Fishing is one of the key sectors of Senegals economy and is the leading export sector, yielding around 30per cent of annual earnings. In 2001, fisheries exports amounted to 87,032tonnes corresponding to a commercial value of CFAF181,141million, a decrease in terms of volume and value in comparison with 2000. In value terms, exports consist of fresh fish (14per cent), frozen fish (37per cent), frozen crustaceans (30per cent), frozen molluscs (8per cent) and processed products (10per cent). Deep-sea fishing accounts for around 2.5per cent of the GDP. Small-scale fishing provides an income for around 17per cent of the labour force, corresponding to some 600,000 people, whereas industrial fishing employs 50,000 people. Average per capita consumption of fisheries products amounts to around 26kg of fish (fresh fish equivalent) annually, and provides some twothirds of the nutritional intake of protein of animal origin. Since independence, fishing has developed rapidly in Senegal. Catches unloaded rose from 50,000tonnes in 1965 to a peak of 453,000tonnes in 1997, followed by a drop to around 390,000tonnes in 2000 (TableIV.2). There was a decline in 2001, but the situation was destabilized by the expiry of the bilateral agreement with the European Union (EU), which was renewed in June2002 (see below). Around 80per cent of the catches unloaded come from small-scale fishing using pirogues (dugout canoes), whereas industrial fishing is carried out from trawlers and deep-sea fishing from vessels flying foreign flags (particularly those of EU member countries). In 2000, catches in Senegals exclusive economic zone amounted to 419,000tonnes, which shows that only 7per cent of catches are not unloaded in Senegal. Table IV.2 Trend in maritime catches and catches unloaded in Senegal, 1994-2001 (in 000 tonnes) 19941995199619971998199920002001Unloaded364.5358.7416.7453.2408.9395.0390.3380.5- Small-scale fishing282.4266.3327.9352.9325.1313.6338.2332.4- Industrial fishing82.092.388.8100.383.881.352.048.1Catches437.1409.0465.9489.2445.7479.3418.8392.6Source: Ministry of the Economy and Finance (2000), Situation conomique et sociale du Sngal; Ministry of Fisheries (2001), Rsultats Gnraux de la Pche Maritime. With an annual potential catch of around 450,000tonnes, Senegal is one of the leading maritime fishing countries in West Africa. Nevertheless, it faces the risk of over-exploitation of certain fisheries resources and, as a result, a decline in catches and fish unloaded in the future (TableIV.3). For example, according to the relevant authorities, fishing of coastal demersal fish, which are exported to Europe, is the subject of keen competition between small-scale and industrial fishing enterprises and the most recent assessments confirm that the resource is being over-exploited. The Government is considering the measures required to offset the decline in catches by Senegalese vessels. Table IV.3 Level of exploitation of various species, 2001 Type of resourceType of vesselMain marketsLevel of exploitationCoastal demersal Small-scale and industrialExport to EuropeOver-exploitedOffshore demersalIndustrialExport to EuropeFully exploitedCoastal pelagicSmall-scaleDomestic market and export to AfricaDoes not give rise to major concerns with the exception of Petite CteDeep-seaIndustrialExport to EuropeHighly migratory stocksSource: Ministry of Fisheries (2001), Rsultats Gnraux de la Pche Maritime. Fisheries policy Current situation The Senegalese Governments fisheries policy has two main components: development of industrial fishing, and development of small-scale fishing. The policys objective is to ensure sustainable development of fishing by conserving the resource and generating value-added through industrial processing. Since 1998, fishing has been regulated by a Maritime Fishing Code, which establishes the criteria for access to fisheries resources by Senegalese operators. The main new features of the Code are the creation of consultation bodies, the introduction of a biological rest period, and the possibility of terminating exploitation of an endangered species. Since the devaluation of the CFA franc in 1994, the objective of the main support measures for fisheries has been to offset the increase in the price of inputs and to facilitate access to the infrastructure so as to maintain the competitiveness of Senegalese fisheries products, whether fresh or processed. The most important measures currently applied concern equalization for fuel and tax rebates on motors and engines for fishing vessels, as well as other tax, customs and financial benefits. The Ministry of Fisheries has indicated that these measures have promoted the increasingly outward-looking orientation of fishing activities. The principal measures adopted to date by the Government of Senegal in order to increase the value-added of exports of fisheries products through agro-industrial processing are the various incentives related to the status of the Dakar Industrial Free-Trade Zone (access to which is now closed), incentives under the Investment Code, and the free points regime established in 1991 and replaced in 1996 by free export enterprise status (ChapterIII(4)(ii)). The majority of enterprises enjoying free export status are engaged in fishing. Any enterprise engaged in fishing or processing fisheries products is eligible for such status provided that its export potential corresponds to at least 80per cent of its turnover. The main benefits available are exemption from duties and taxes on the import of machinery and materials required to set up a production unit, and on any inputs, as well as lower corporation tax amounting to 15per cent instead of 35per cent. With regard to Senegals exports of fisheries products, in 2001 the Ministry of Fisheries noted the following: Access to foreign markets for fisheries products has become increasingly difficult: more stringent hygiene and quality standards, increasingly costly technology, higher transport costs, and keen competition from countries in Asia and South America. The system in the EU, which is the main destination for Senegalese exports, is based in particular on the HACCP principle. The Fisheries Products Control Board of the Ministry of Fisheries of the Government of Senegal inspects and monitors the quality of fisheries products for export, as well as establishments and vessels authorized to export, on the basis of the HACCP principle. Senegal appears on ListI of countries authorized to export to the EU. Regarding the development of industrial fishing, the new agreement concluded with the EU in June2002 covers the period 1July 2002 to 30June 2006. It gives fishing rights to 78tuna fishing vessels (51Spanish, 24French and 3Portuguese), subject to quotas for demersal fish that are 30per cent lower in comparison with the preceding agreement and the exclusion of pelagic species, which are the subject of small-scale fishing. In return, Senegal will receive a sum of 16million annually from the EU, an increase over the 12million under the previous agreement, as well as royalties paid by European ship owners holding licences for fishing in Senegalese waters, paid in advance at the time the licence is issued. Senegal has also requested access to fishing zones in neighbouring countries and has concluded agreements with Gambia, Guinea and Mauritania on pelagic fishing in exchange for the payment of licences. As regards the current situation with respect to border measures applicable to fisheries products, there are no import prohibitions (except as regards sanitary measures) and no import licensing. Senegal applies the WAEMUs Common External Tariff (CET) on fisheries products imported from countries outside the WAEMU, as well as supplementary duties (statistical charge and community solidarity levy), and fisheries products of WAEMU or ECOWAS origin are given preferences. The simple average of customs duties and supplementary duties applied on fisheries products (HS03) is 16.6per cent (tableAIII.2). A single VAT rate of 18per cent also applies to imports of fisheries products, but free export enterprises are exempt. Outlook Since 2000, the fisheries development strategy has been revised as part of the drafting of the PRSP, which was finalized in 2002. It is noted that like agriculture, this sector is facing major constraints that can be summarized as follows: (i)the small size of fishing zones in comparison with the volume of activities and the increasingly rare resources, which accentuate pressure and exacerbate conflict; (ii)the obsolescence of the vessels and the national fleet; (iii)the lack of basic infrastructure in fishing centres (unloading quays, means of conserving and transporting the products); (iv)inadequate training and organizational weaknesses among actors in the various subsectors; (v)the difficulty of supplying units on land; (vi)the low value-added and modest output; (vii)the lack of competitiveness of certain products on the international market; and (viii)the inappropriateness of systems for financing small-scale and industrial fishing. For the future, the PRSP is focusing on: (i)sustainable management and renewal of fisheries resources; (ii)meeting domestic demand; (iii)making the best use of resources; (iv)qualifications for professionals in the sector; (v)making available to professionals financial instruments capable of meeting their investment and exploitation needs on terms consistent with the financial viability of fishing. For the time being, there is no fisheries support programme. mining and petroleum Mining The most important mining resources in Senegal are: phosphates, attapulgite, iron, copper, titaniferous extra-siliceous sands, gold, peat and limestone. For the moment, only phosphates, attapulgite and building materials are exploited. Phosphates are exploited by two companies, the Senegalese Taiba Phosphates Company (CSPT) and the Senegalese This Phosphates Company (SSPT) - the former being the only State enterprise. Most of the production goes to the Senegalese Chemical Industries Company (ICS), a State enterprise that specializes also in the production of phosphoric acid and fertilizers. This enterprise sells almost all its acid output to IFFCO, the worlds third largest producer, which exports phosphoric acid to India. Phosphates accounted for around 12per cent of export earnings from goods in 2001. Exploitation of mining resources (excluding liquid or gaseous hydrocarbons and underground water) is currently regulated by the Mining Code (1988), which states that mining resources in Senegal are State property and may not be appropriated outside the Codes regulatory framework. The Mining Code applies to all categories of mineral ore and to investors of any origin, including Senegalese nationals. There are four types of mining rights: a prospection permit, a mining survey permit, an operating permit, and a mining concession. The terms of validity are fixed on a case-by-case basis, except for operating permits (fiveyears, renewable) and mining concessions (25years, renewable). The latter rights are granted by means of a decree. Survey and operating permits and concessions are issued under agreements with the State. The Law also contains a taxation regime applicable to mining, which includes the following main elements: surveying, operating and mining concessions are subject to fixed fees for issuing permits and annual surface area royalties, whose level is fixed by the Law; mining of minerals under concessions is subject to an annual mining royalty ranging from 3 to 5per cent of the tradable value of the final product less certain costs (insurance, transport, etc.); holders of operating permits and mining concessions are subject to the General Tax Code. Enterprises engaged in surveying are exempt from application of the various provisions of the Code (for example, the tax on commercial and industrial profits, taxes and duties on petroleum products used in fixed installations and drilling machinery), as well as the payment of duties and taxes on the import of machinery and equipment needed for surveying, provided that these are neither produced nor manufactured in Senegal. A new draft Code has been prepared and should be adopted in June 2003. This will meet the expectations expressed when the PRSP, finalized in 2002, was prepared. It is noted that the sector is encountering the following obstacles: (i)a Mining Code that is less attractive to investors, involving inter alia complex procedures for purchasing mining titles; (ii)the lack of a mining policy that focuses on national development with a strong impact on domestic revenue; (iii)the volume of investment required to develop mining projects in Senegal; and (iv)the lack of an efficient transport infrastructure (roads, railways, rivers and ports) in zones with substantial mining potential. For the future, the PRSP is focusing on: (i)drafting mining legislation that is sufficiently attractive and promoting a mining policy that is conducive to sustainable development; (ii)fostering the emergence of small-scale and semi-industrial mining in the mining regions, which still have a low level of development; and (iii)helping to diversify the sources of income for rural communities by laying emphasis on the search for new applications for substances that have few outlets. The following are some of the new features of the draft Mining Code regarding taxation and customs: the introduction of tax benefits for the operating phase in order to incite investors to carry out their projects and launch production; the adjustment of rents and fees to an acceptable level in comparison with the prices paid in the subregion; the ad valorem fees still calculated on the basis of the pithead value for bulky commodities will henceforward be based on the tradable value for other, lightweight commodities. The principle of a reduction in royalties has been agreed in order to encourage the establishment of industries processing mining products in Senegal. It is also planned to simplify administrative procedures. Petroleum Senegal does not produce petroleum at the moment, although surveys have yielded favourable indications for prospecting and exploiting petroleum. Nevertheless, petroleum products account for around 16per cent of Senegals exports (and hydrocarbons for 17per cent of imports) because of the large volume of imports of crude petroleum, which is then refined in Senegal and exported to supply the landlocked countries to the east. The Government of Senegal hopes to boost foreign investment in petroleum prospection in the context of the Petroleum Code (1998). The body responsible is the Ministry in charge of petroleum operations, which is a single window for investors. The Petroleum Code specifies that hydrocarbon resources in Senegal are State property and cannot be appropriated outside the Codes regulatory framework. There are two types of permit: a prospecting permit, and an operating permit. The terms of validity are, respectively, four years (renewable for a maximum of two further periods of three years) and 25years (concession, renewable for a maximum of two further periods of 10years). The Government reserves the right to participate in any petroleum activities by associating itself with the holders of mining permits or service contracts (production-sharing arrangement) via the State enterprise PETROSEN. Petroleum rights are granted by means of a decree. The Code includes the taxation regime applicable to petroleum activities and includes the following main elements: the holder of an operating concession must pay royalties on the value of the hydrocarbons produced; holders of service agreements or contracts are subject to the corporation tax specified in the General Tax Code (35per cent) on the terms laid down in the Petroleum Code; in addition, holders of service agreements or contracts must pay an annual surface area rental fee and an additional levy calculated on the profitability of the petroleum operations; and are also subject to the temporary entry regime for imported machinery and equipment needed for their petroleum activities. Downstream, the import, refining, storage, transport and distribution of hydrocarbons were liberalized in 1998. The import monopoly given to the African Refining Company (SAR) in effect at the time of Senegals first trade policy review, has been abolished; in January 2003, five enterprises held licences to import, but the SAR still has a de facto monopoly. A temporary surcharge on imports of refined petroleum products was introduced in 1998 to protect the refinery during the transitional period, but it was abolished in 2000; no new competitor to the SAR has appeared on the refining scene. Although hydrocarbon prices are still controlled, the subsidy element was eliminated between 2001 and 2002, except in the case of butane gas for social reasons (ChapterIII(4)(iv)). industry Electricity The regulatory framework for the electricity sector in Senegal was revised in 1998. The Commission for the Regulation of the Electricity Sector is responsible for regulating generation, transport, distribution and sale of electric power. The aim of the new regulatory framework is to liberalize the sector and allow the privatization of the National Power Company (SENELEC), a State enterprise that has a monopoly of the generation, transport and distribution of electricity. This enterprise has long had a large deficit and therefore lacks the means to modernize Senegals energy infrastructure; two of the causes are controlled prices at levels that are too low to cover the cost of hydrocarbons and the obsolescent infrastructure. The results are energy supply costs that are among the highest in West Africa and frequent shutdowns, two factors which hamper the competitiveness of industry, together with a low rate of electrification (30per cent at the national level and 8 per cent in rural areas). The new regulatory framework has introduced a licensing system administered by the Ministry of Energy for private operators wishing to create production capacity, but has left SENELEC with a monopoly of wholesale buying and transport of electricity. The company also has a monopoly of distribution and sales within the area of its concession, whereas outside this area customers can utilize the producers they choose. In 1999, a first attempt was made to open up SENELECs capital, but this resulted in failure 18months later and the Government of Senegal again took over the enterprise in January 2001; a second attempt at privatization has begun, but has not yet been concluded. Controlled prices (ChapterIII(4)(iv)) at levels that do not reflect production costs is an issue that still has to be resolved; following a period during which rates remained unchanged (1994-2001), there was a 10per cent increase at the beginning of 2001. Manufacturing Overview Senegals manufacturing sector is little developed in comparison with the primary or tertiary sectors: industrys share of GDP (excluding mining and quarrying, energy, water, construction and public works) was only 13per cent in 2001. The principal industrial activities are in the processing of local resources (mainly fisheries products, groundnut oil mills and phosphates) and building materials. Senegal also has plastic footwear, fabrics and cotton thread industries. Semi-industrial and small-scale activities (for example, bakeries, workshops making clothing) are not, however, taken into account because many of them are of an informal nature. There is strong concentration in the industrial sector: 13per cent of Senegals enterprises account for more than 75per cent of the overall turnover and 90per cent of the gross fixed assets. The Dakar region alone has almost 90per cent of enterprises and 75per cent of turnover, as well as 71per cent of value-added. According to available sources, there are around 470,000economic units (micro and small enterprises) in the informal sector (industrial activities, trade and other services), and some studies show a significant expansion in informal activities. The production of goods accounts for around onehalf. These enterprises work essentially with the domestic market and are only involved in international trade to a limited extent. Industrial policy For a long time, the Government of Senegal followed an import substitution policy, like other developing countries, and used the countrys budget resources to create an industrial sector focusing on large State enterprises. The two support policies were subsidies and measures restricting competition, particularly border protection measures. The importance of this policy has greatly declined since the launching of the post-devaluation programme as a result of privatization and the opening up of Senegals trade regime through the adoption of the WAEMUs Common External Tariff (CET). The Government's present industrial policy, which was adopted in 2001 and is entitled Industrial Redeployment Policy, has two main axes: upgrading industry and internal industrial development. The first is intended to build the capacity of existing enterprises to face up to competition, on both domestic and foreign markets, while the objective of the second is to create an internal impetus for making the best use of national resources and to promote viable industrial activities directed towards domestic and foreign markets. The support policies available to enterprises financed by private capital include the benefits provided by the Dakar Industrial Free-Trade Zone (access to which is now closed), the Investment Code, and the free points regime established in 1991 and replaced in 1996 by free export enterprise status (ChapterIII(4)(ii)). The State has also set up a number of facilities to assist the private sector: the National Survey and Industrial Promotion Company (SONEPI), created in 1969, helps to develop Senegals industrial fabric by conducting surveys and evaluating projects, providing support for domestic and foreign investors, and giving advice and assistance to SMEs regarding financing, accounting, production and maintenance, marketing, industrial information and training; the Industrial Development Centre (CDI) is an ACP-EU institution financed through the European Development Fund (EDF), which seeks to encourage and support the creation and restructuring of industrial enterprises in ACP countries; and the Private Sector Foundation (FSP) is a foundation of public interest financed through a non-repayable technical support fund (CFAF3billion), which provides advice on management, organization, production, the choice of technology and technical maintenance, etc. The policies that restrict competition are border measures. There are no import prohibitions (except as regards sanitary measures) or import licensing. Senegal applies the WAEMUs CET on goods imported from countries outside the WAEMU, as well as supplementary duties (statistical charge and community solidarity levy), whereas approved products of WAEMU origin enter duty free. The simple average of duties actually applied on imports of non-agricultural products (excluding petroleum) is 14.3per cent (TableAIII.2), but an analysis by the ϲʹ Secretariat of the tariff actually applied in Senegal shows tariff escalation according to the level of processing (ChartIII.1) and a relatively high level of protection for finished products. The considerable tariff and non-tariff barriers on imports of refined vegetable oil, which constitute a policy in support of refining, have been mentioned above (section(ii)). Some products are subject to excise duty (perfumes and cosmetics) and a single VAT rate of 18per cent also applies to imports. Outlook Since 2000, the strategy for developing the industrial fabric has been revised as part of the preparation of the PRSP, finalized in 2002. It should be noted that Senegal intends to draw on the experience of a number of Asian countries and create and develop new industrial branches, in particular by promoting SME/SMIs. The following are the measures envisaged: (i)simplification of procedures for the establishment of companies and investments; (ii)reduced taxation; (iii)strengthening the legal framework for business by creating and reinforcing commercial courts; and (iv)facilitating access to loans for small businesses. For this purpose, the Government intends to adopt the following incentives: a new investment code that is simpler and more flexible; a taxation policy that is favourable to SME/SMIs and to foreign direct investment; and the introduction of a loan programme for SME/SMIs. It is planned to adopt a SME Charter that will provide several facilities in respect of taxation and market access. services Telecommunications Overview In 2001, Senegals fixed telephony network was composed of around 250,000 ordinary telephone lines served by the National Telecommunications Company (SONATEL), which was partly privatized in 1977. Since then, the number of telephones has substantially increased and around 150,000 extra lines have been added; the level of teledensity remains low, however, and only 2.6per cent of the population have a fixed line. The mobile telephone service was launched with the granting of GSM licences to two operators: Sonatel Mobile (Aliz) in 1996 - a subsidiary of SONATEL - and SENTEL (private) in 1998. In 2002, the number of mobile telephone subscribers was 550,000, of which threequarters use the Aliz service and the remainder SENTEL. The GSM network is available in large cities and along the highway network. Senegal has also had an Internet service since 1996 and there are 11 Internet service providers on the market. According to the authorities, Senegal has one of the most modern and efficient telephone networks in sub-Saharan Africa. Eighty per cent of the national network is digital. Senegal is linked to international networks by two submarine cables (AtlantisII and Africa-Europe-Asia SAT3/WASC/SAFE). The rates are some of the lowest in sub-Saharan Africa, which should allow value-added telecommunications services to be developed, for example call centres, for which Senegal considers that it has a comparative advantage. Telecommunications policy Senegal took part in the ϲʹ negotiations on basic telecommunications services, which ended in 1997, and assumed specific commitments under the GATS. These include the commitment to end SONATELs exclusive monopoly of fixed telephony (local and long-distance calls) on 31December 2003 at the earliest and 31December 2006 at the latest. The Government in fact decided to abolish SONATELs monopoly of basic services as of 2004, and value-added services are open to free competition. Senegal has assumed the additional commitment of establishing a regulatory framework that is conducive to opening up competition in the sector and to granting licences to other operators; this was done in 2001 with the new Telecommunications Code. The new Telecommunications Code established the Telecommunications Regulatory Authority (ART), which is responsible for applying the Codes provisions. It controls the rates charged by SONATEL (as a result of its monopoly) for the universal service programme financed by a Development Fund made up of contributions from public network operators, makes arrangements for invitations to compete with a view to granting licences for either fixed or mobile telephony, grants licences and monitors the terms for their utilization by the operators concerned, and the terms of interconnection agreements. Tourism Tourism in Senegal is the second source of export earnings after fishing, but precedes groundnuts and petroleum. The sector accounts for around 2.5per cent of GDP formation and contributes around 5per cent of tax revenue. Senegals natural tourist attractions include 700km of beaches, six national parks, sixnatural reserves, a rich and varied fauna, and aquatic sites. It also has substantial cultural resources. The tourism indicators for Senegal highlight certain problems: the occupancy rate was 35per cent in 2000, partly due to strong seasonal demand, with an average stay of three to four days. In 2000, the number of international tourists increased from 369,000 to 389,000, but they stayed for fewer nights. Tourists mainly come from France (around half the tourists in 2000) or other European countries. Since 2000, the tourism development strategy has been revised as part of the formulation of the PRSP, finalized in 2002. Although the activity is important in terms of export earnings and hence has a considerable effect on the chronic balance of trade deficit, it only has a moderate impact on the economy and performance is well below its potential. The objectives of the development strategy are to build on what has already been achieved (renewal of the infrastructure) and to expand tourism potential, as well as to raise involvement by Senegalese citizens in operating this sector so as to increase the positive impact on jobs and pay. Senegal hopes to attract 500,000 tourists a year over the next five years. The Government intends to introduce a Tourism Code containing incentives for investment in addition to those in the Investment Code. It will continue to build new sites and actively promote tourism to Senegal in Europe and services to Senegal through an air transport policy that is more conducive to development of the sector (Open Skies). The State plans to take firm action to combat insecurity and guarantee tourists a more healthy and more secure environment, because the Ministry of Tourism noted that there were some problems in this respect in its report for 2002. The tourism sector is one of Senegals specific commitments under the GATS, including hotel and food and beverage services, travel agency services, tourism operators services and certain transport services. The Schedule specifies that foreign operators of tourist establishments must obtain an authorization from the Ministry of Tourism. Financial services Senegals banking sector is made up essentially of 10banking institutions, three financial establishments and a mutual fund, fivelife insurance companies and 10non-life insurance companies, as well as around 500institutions specializing in microfinance. The 10Senegalese banks listed on 31December 2000 earned a net aggregate profit of CFAF16.8billion, which is over threequarters of the total profits by WAEMU banks for the year 2000. This shows the generally healthy situation of the banking system following the crisis in the 1980s, which saw the liquidation of eight banks. Senegals population makes little use of banks, however; only 6per cent of the population has a bank account and the national savings rate does not exceed 13per cent of GDP. In preparing the PRSP, the Government identified lack of access to financing as a structural obstacle to the development of the private sector. Although the decentralized financing system is growing rapidly, its share of financing of economic activity remains marginal. The Government has also set up financial support structures for the private sector. The financial services sector is among Senegals specific commitments under the GATS following Senegals participation in the ϲʹ negotiations on financial services, which concluded in 1998. Senegal has undertaken to offer access to foreign banking establishments on the same terms as those applicable to national operators, namely, the common banking regulations of the WAEMU. Access to the insurance sector is also subject to common subregional regulations; nevertheless, foreign companies engaged in reinsurance and retrocession services must transfer 20per cent of their revenue to the Senegalese Reinsurance Company. The banking services sector in Senegal is subject to the WAEMUs common banking regulations and the prudential provisions developed by the WAEMU Banking Commission, which also monitors the sector. Applications for approval must be submitted to the Senegalese Minister for Finance, who verifies their content and whether they are consistent with the WAEMU banking regulations. The Central Bank of West African States (BCEAO) gives approval for credit institutions, subject to the opinion of the Banking Commission, and appoints their auditors. This two-tier approval system may lead to delays. The Commission must give its opinion within a period not exceeding six months. The Commission has defined the accounting procedures applicable to credit institutions and the prudential standards for their management (solvency, liquidity, risk sharing, transformation, capital adequacy ratios, etc.). On behalf of the Commission, the BCEAO monitors operations in member States, with the assistance of the national authorities. The common banking regulations give the Commission authority to intervene for disciplinary reasons when a bank or financial institution fails to respect the professions code of good conduct, jeopardizes its financial stability, engages in irregular activities in a member State, or fails to meet the criteria for continued approval. The Commission may issue the institution in question with a warning or an injunction to take the necessary corrective measures within a set period or any preventive measures it deems appropriate. Any bank or financial institution that does not obey this injunction is deemed to have violated the banking regulations and may be liable to one or more of the following disciplinary sanctions: a warning, a reprimand, suspension or ban on all or some of its operations, any other limitations on the exercise of the profession, suspension or automatic dismissal of the directors responsible, or withdrawal of approval. An appeal may be lodged against decisions of the Banking Commission by the institution concerned within a period of one month following notification of the Commissions decision. The appeal is put before the Unions Council of Ministers. Penal or other sanctions may also be imposed. The West African Monetary Union (WAMU) also created a West African Regional Stock Market (BVRM) in 1998. The Regional Council for Public Savings and Financial Markets regulates the BVRM, is responsible for giving authorizations and monitoring its operation. The Regional Council must authorize the issue of shares traded on the BVRM. Senegal is also party to the Inter-African Insurance Market Conference (CIMA), created within the franc zone in 1992. The CIMA Insurance Code came into effect in 1995 and lays down the framework regulations for all land-based insurance (maritime, river or aviation insurance are excluded from its scope). The Regional Insurance Monitoring Commission (CRCA) is responsible for approving enterprises supplying insurance services. The final decision rests with the competent Senegalese national authority (the Minister for the Economy and Finance), which means that there is a two-tier system and this can lead to delays. The CRCA may also take disciplinary action. References Badiane, O., Ghura, D., Goreux, L. and Masson, P.R. (2002), Cotton sector strategies in West and Central Africa, World Bank Policy Research Working Paper No. 2867. World Bank (2002), Senegal Data Profile. Available on-line at http://devdata.Worldbank.org [15March 2003]. Integrated Framework, Diagnostic Trade Integration Study, Rapport gnral de l'atelier national de restitution (General report on the national restitution workshop), Dakar, 16 December 2002. West African Economic and Monetary Union (WAEMU) Commission (2002), Rapport semestriel dexcution de la surveillance multilatrale (Semi-annual report on implementation of multilateral supervision). Available on-line at http://www.uemoa.int [15March 2003]. International Monetary Fund - IMF (1999), Senegal: Statistical Appendix, IMF Staff Country Report No. 99/5. Available on-line at http://www.imf.org [15March 2003]. IMF (2000), Senegal: Recent Economic Developments, IMF Staff Country Report No. 00/91. Available on-line at http://www.imf.org [15March 2003]. IMF (2001a), Senegal 2001: Article IV Consultation, IMF Country Report No. 01/186. Available on-line at http://www.imf.org [15March 2003]. IMF (2001b), West African Economic and Monetary Union: Recent Economic Developments and Regional Policy Issues in 2000, IMF Country Report No. 01/193. Available on-line at http://www.imf.org [15March 2003]. IMF (2001c), Senegal: Selected Issues, IMF Country Report No. 01/188. Available on-line at http://www.imf.org [15March 2003]. IMF (2001d), Senegal: Financial System Stability Assessment, Country Report No. 01/189. Available on-line at http://www.imf.org [15March 2003]. IMF (2002), Annual Report on Exchange Arrangements and Exchange Restrictions 2002, Washington, D.C. GATT (1994), Trade Policy Review - Senegal, Vol. I. Government of Senegal (1995), Agricultural Development Policy Letter. Government of Senegal (2001a), Le Sngal en bref (Senegal: a brief presentation). Available on-line at http://www.gouv.sn [15March 2003]. Government of Senegal (2001b), Third United Nations Conference on Least-Developed Countries: Statement by Senegal. Available on-line at http://www.minfinances.sn [15March 2003]. Government of Senegal (2002), Poverty Reduction Strategy Paper. Available on-line at http://www.minfinances.sn [15March 2003]. Government of Senegal, Ministry of Economy and Finance (2003), Comptes conomiques (Economic accounts). Available on-line at http://www.minfinances.sn [15March 2003]. Government of Senegal, Ministry of Fisheries and Maritime Transport (2001), Pche maritime et continentale et aquaculture, Analyse descriptive et diagnostic (Sea and inland fisheries and aquaculture, Descriptive analysis and diagnosis). Government of Senegal, Ministry of Tourism and Craft Industries (2002), Journes de Concertation sur le Tourisme (Tourism promotion days). Multilateral Investment Guarantee Agency - MIGA (2002), Annual Report. Available on-line at  HYPERLINK "http://www.miga.org" http://www.miga.org [15March 2003]. ϲʹ (2000), Results of the Uruguay Round, ϲʹ, Geneva. United Nations Industrial Development Organization - UNIDO (2001), Stratgie de promotion des micro et petites enterprises (Strategy for the promotion of micro- and small enterprises), study by the Government of Senegal. African Union (2001), New African Initiative. Available on-line at  HYPERLINK "http://www.nepad.org" http://www.nepad.org [15March2003].  The sources used to prepare this chapter are the documents provided by the Senegalese authorities to the ϲʹ Secretariat, including Government of Senegal (2002) and the sectoral studies carried out for its preparation. See also IMF (1999), IMF (2000), and IMF (2001a).  IMF (2000).  Senegal has around 437,000 farms cultivating an area of around 1.9million hectares, giving an average farm size of 4.3hectares. Around 50per cent of farms, however, cover less than 3hectares.  Around 80per cent of the area cultivated has not been the subject of any improvements over the past five years, 60per cent is not given any organic or chemical fertilizer and 54per cent uses its own seeds.  IMF (2001c).  Government of Senegal (1995).  ϲʹ document G/SPS/N/EEC/51 of 8 January 1998.  IMF (2001c).  According to the IMF (2001c), 25 per cent of the deficit of SONACOS is financed by the support fund, which is made up of various levies on imports of crude and refined vegetable oil; 50per cent is financed by SONACOS itself; and 25per cent is financed by producers by means of lower purchase prices.  Private operators are responsible for collecting groundnuts on the spot and, using own funds, they buy the crop and deliver it to factories and oil mills.  When the ex-factory selling price excluding tax or customs value plus the duties and taxes collected by the customs (not including VAT and the special tobacco tax) is under CFAF250 per packet of 20 cigarettes.  When the ex-factory selling price excluding tax or customs value plus the duties and taxes collected by the customs (not including VAT and the special tobacco tax) is CFAF250 or more per packet of 20 cigarettes.  Law No. 2002-07 of 22 February 2002.  A study by the World Bank shows that cotton prices reached their lowest level in 30years in mid-2002 as a result of the subsidies applied by countries of the north. These cost developing countries US$9billion a year and have a disproportionate impact on low-income countries, for which cotton represents a large part of their exports (Badiane et al. (2002)).  Government of Senegal (2000).  Government of Senegal (2002).  Additional Act No. 3/2001.  Law No. 98-32 of 14 April 1998.  Government of Senegal, Ministry of Fisheries and Maritime Transport (2001), p. 4.  Government of Senegal, Ministry of Fisheries and Maritime Transport (2001), p. 4.  Hazard Analysis and Critical Control Point. Directive No. 91/493/EEC of the EU Council laying down the health conditions for the production and placing on the market of fishery products, and Directive No.93/43/EEC of the EU Council on the hygiene of foodstuffs.  The previous agreement expired on 30 April 2001. The first agreement dates from 1979.  Government of Senegal (2002).  The shareholders are the Senegalese State (47.4per cent of the capital), IFFCO (Indian Farmers Fertilizer Cooperative, India, 14.3per cent), the Government of India (9.97per cent), the SCPA (Potassium and Nitrates Company, France, 4.98per cent), Cte dIvoire, Nigeria and Cameroon.  Law No. 88-06 of 26 August 1988.  Government of Senegal (2002), Poverty Reduction Strategy (PRS).  Law No. 98-05 of 8 January 1998.  Such contracts have been signed, inter alia, with the companies Fusion and Fortesa.  For liquid hydrocarbons exploited on land: 2 to 10per cent; for liquid hydrocarbons exploited at sea: 2 to 8per cent; for gaseous hydrocarbons exploited on land or at sea: 2 to 6per cent.  Law No. 98-31 of 14 April 1998.  GATT (1994), Volume I, Chapter IV(2)(xi)). The Agreement on the Establishment of the SAR was repealed in 1999.  The State has a 10per cent share in the SAR and the other shareholders are Elf Aquitaine, Total, BP, Shell, Texaco and Exxon.  Law No. 98-29 of 14 April 1998.  UNIDO (2001), Strategy for the promotion of micro and small enterprises.  UNIDO (2001), Strategy for the promotion of micro and small enterprises.  Access to the FSP is restricted to private companies in which the State or a public authority possesses more than 20per cent of the registered capital. Companies providing over 250permanent jobs are not eligible.  Government of Senegal (2002).  The shareholders in SONATEL are: France Tlcom (43per cent); the State (27per cent); the public (20per cent); and SONATELs employees (10per cent).  ϲʹ document GATS/CS/75/Suppl. 1.  Law No. 2001-15 of 27 December 2001. The implementing decrees were adopted in 2002 and 2003 and the Telecommunications Regulatory Authority (ART) is now in operation.  http://www.art-telecom-senegal.org/  Government of Senegal, Ministry of Tourism and Crafts (2002).  Government of Senegal (2002).  For this purpose, on 11 January 2001 Senegal and the United States signed an Open Skies agreement to liberalize air transport between the two countries.  ϲʹ document GATS/SC/75.  IMF (2001d).  ϲʹ document GATS/SC/75/Suppl. 2.  Information on the West African Banking Commission is available at http://www.izf.net/izf/FicheIdentite/COBAC.htm [21 February 2001].  A bank may not have a direct holding in an enterprise that exceeds 25per cent of the capital of that enterprise or 15per cent of its own capital base. Moreover, effective own funds must be at least 8per cent of the net weighted risks according to the quality or category of the counterparty, while the maximum risk that can be assumed under a single signature is limited to 75per cent of effective own funds. Lastly, 75per cent of fixed assets and other medium- and long-term uses of funds by the bank must be financed from stable resources.  The other members are Benin, Burkina Faso, Cameroon, the Central African Republic, Chad, Comoros, Congo, Cte dIvoire, Equatorial Guinea, Gabon, Mali, Niger and Togo. 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