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Djibouti lies at a vital crossroads on the trade routes between East and West at the confluence of the Red Sea and the Indian Ocean. Its culture reflects the many peoples who have been part of its history. Today, it is emerging as one of the most important gateways for trade to the African continent. Under President Ismael Guelleh privatization, economic reform, and increased foreign investment are top priorities for Djibouti.
In April 2004, the Government of Djibouti conceded its fishing and recreational port to Djibouti Maritime Management Investment (DMMI) headed by GMI Chairman Mehrdad Radseresht. As a result of the improved performance and capacity development Mr. Radseresht was subsequently appointed Special Advisor to the President for Foreign Investment and International Trade.
Among Djibouti's assets are a strategic geographic location, the presence of multi-national security forces, excellent port facilities, an open trade regime, a stable currency, substantial tax breaks and other business friendly incentives. Djibouti provides services as both a transit port for the region and an international transshipment and refueling center. Djibouti also serves as the gateway for the strong transit trade to Ethiopia and the hinterland, being the only port in the region connected to the Ethiopian capital by air, road and rail.
Djibouti's economy is oriented around activities related to its strategic location. In addition to providing world class facilities for import, export and transshipment, Djibouti is host to the largest contingent of French and U.S forces on the African continent. The U.S... Combined Joint Task Force for the Horn of Africa (CJTHOA) has established headquarters here at Camp Lemonier. Germany, Spain and Britain also have troops stationed in Djibouti.
Potential areas for further investment include Djibouti's port and an expanded free trade zone, tourism, manufacturing, finance, utilities and telecom sectors. GMI is encouraging and facilitating foreign investment in Djibouti and elsewhere in the region by assisting with local logistics, administrative procedures, procurement and finance.
Plans for the development of a major commercial zone adjacent to the fishing port to include a hotel, residential, office and recreational facilities intended to cater to the growing expatriate and business community are being finalized. GMI is seeking U.S. businesses interested in owning a footprint in Africa to participate in this ground floor opportunity. |
