2011 Investment Climate Statement - Togo

2011 Investment Climate Statement
Bureau of Economic, Energy and Business Affairs
March 2011


In the past, Togo provided a hospitable environment for foreign investment. The government distinguished itself through the 1980's as a western-oriented, entrepreneurial hub in the region. However, in the early 1990's investor interest fell sharply due to overt political unrest in Togo which also caused the withdrawal of most international donor support. Beginning with successful legislative elections in 2007, the international donors started to return and the situation began to stabilize. As the country emerges from a period of economic stagnation and the impact of human rights abuses during that period, foreign investment is even more sought after than it was previously. The government continues to seek high-profile fora in which to promote its investment opportunities, particularly in the free trade zone, mining, agriculture, and shipping.

The World Bank Doing Business Indicator places Togo at 160th out of 183 countries for ease of doing business. The Doing Business Indicator is most relevant of all indicators because it measures multiple issues including start up cost and barriers to entry which are high in Togo due to years of isolation from the world business community.

Following almost two decades of political stalemate and economic stagnation, progress was achieved in 2007 toward a return to stability and dialogue. Free and fair legislative elections in October 2007 were followed by the formation of a new government in December 2007. The progress in the legislature was followed by the presidential election in March 2010 which was also recognized by the international community as basically free and fair, despite some irregularities. Many challenges remain for improving the climate for private sector activity, particularly in such areas as administrative and judicial transparency, property rights, and banking. International donor programs are supporting these efforts.

Over the past several years Togo has been participating in the IMF’s Heavily Indebted Poor Country (HIPC) program. In December 2010 Togo reached the HIPC completion point which resulted in the forgiveness of $1.8 billion in debt owed by the Togolese government. The debt relief under HIPC amounts to approximately 82% of Togo’s debt owed to international creditors, including Paris Club creditors, the World Bank, and other bilateral and commercial creditors. After completing the HIPC program Togo is expected to service the balance of its international debt while focusing on economic recovery, Poverty Reduction Strategy Plans (PRSP), and sound financial management in the future.

The European Union (EU) continued financial support for Togo and in 2009-2010 contributed 15 million Euros for direct budget relief. The EU has pledged 123 million Euros for Togo from 2008-2013 under the European Development Fund’s (EDF) Development Country Strategy and National Indicative Program The Chinese, increasingly active in Togo, are investing heavily in infrastructure development and donating both money and equipment. In 2010, U.S. assistance to Togo focused on encouraging progress towards democratization, good governance, economic reform, and military and security training and assistance.

In January 2011 a new investment code was adopted by the cabinet and sent to the National Assembly, but has not yet been enacted by the National Assembly. The GOT maintains the new code will address modern business practices and sectors, including, health, education, product assembly, and communications. According to the government the code will encourage private investment, employment, the use of Togolese raw materials and technology adapted for Togo. The text of the law is not available to the public until it is adopted by the National Assembly.

The current investment code of 1990 and related regulations were designed to encourage foreign investment. Foreign investment is an important element in achieving the government's goals of economic diversification.

The 1990 investment code permits investment in the following sectors: (a) agriculture, animal husbandry, fishing, forestry, and activities related to the transformation of vegetable and animal products; (b) manufacturing; (c) exploration, extraction, and conversion of minerals; (d) low-cost housing; (e) hotels and tourist infrastructure; (f) agricultural storage; (g) applied research laboratories; and (h) socio-cultural activities. Investment under the code is limited to new investments of at least FCFA 25 million (about $50,000) for foreign companies and FCFA five million (about $10,000) for Togolese companies. The Togolese corporation charter covers investments of less than FCFA five million. The investment code covers the expansion of existing enterprises if the cost of the expansion is at least half the value of the existing enterprise. Investors must provide at least 25 percent of the value of a new investment. At least 60 percent of the payroll must go to Togolese citizens. Applications for approval under the law must be submitted to the planning ministry, which, in consultation with the national investment commission, approves or rejects the applications within 30 days. The approval can take as little as 14 days to obtain. The government decree granting approval spells out the conditions of the investment.

The main problem is a lack of uniformity in applying rules. As a member of the West African Economic and Monetary Union (WAEMU), Togo participates in zone-wide plans to harmonize and rationalize regulations governing economic activity within OHADA (Organization for the Harmonization of Commercial Law in Africa), which includes the 14 CFA zone countries, the Comoros, and Guinea. A common charter on investment is one of the projected elements of that effort.





TI Corruption Index


2.4/134th out of 178 countries

Heritage Economic Freedom


49.1/153rd out of 179 countries

World Bank Doing Business


160th out of 183 countries

MCC Gov’t Effectiveness


-0.45 (18%)

MCC Rule of Law


0.03 (52%)

MCC Control of Corruption


-0.31 (35%)

MCC Fiscal Policy


-1.9 (62%)

MCC Trade Policy


62.2 (24%)

MCC Regulatory Quality


-0.14 (39%)

MCC Business Start Up


0.825 (10%)

MCC Land Rights Access


0.309 (0%)

MCC Natural Resource Mgmt


62.95 (56%)


Togo uses the CFA franc (FCFA), which is the common currency of most of the Francophone countries of West Africa. The FCFA is fixed at a rate of FCFA 656 to 1 Euro. The exchange system is free of restrictions for payments and transfers for international transactions. The investment code provides for the free transfer of revenues derived from investments, including the liquidation of investments, by non-residents. There are no restrictions on the transfer of funds to other West African franc zone countries or to France. The transfer of more than FCFA 500,000 (about $1000) outside the franc zone requires Finance Ministry approval. Approvals are routinely granted for foreign companies and individuals; the law stipulates that the process should be completed in two days, but delays are not uncommon. Togolese citizens who reside in Togo and Togolese companies are not generally allowed to hold bank accounts outside of the franc zone. With its WAEMU partners, Togo is examining removing the remaining restrictions on capital transfers. Financial transactions within the franc zone can be more complicated than might be expected, due to country-specific administrative obstacles to inter-country banking activities.


The only expropriation of property in Togo was the 1974 nationalization of the French-owned phosphate mine. The government paid sufficient compensation.


The investment code provides for the resolution of investment disputes involving foreigners through one of several means: (a) the provisions of bilateral agreements between the government of Togo (GOT) and the investor's government; (b) arbitration procedures agreed to between the interested parties; or (c) through the offices of the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States, of which Togo became a member in 1967. Togo has adopted and implemented regional business legislation through the Organization for the Harmonization in Africa of Commercial Law (OHADA). While its enforcement is limited by the weak legal and judicial systems, the government is currently implementing a justice modernization project to improve transparency. Lack of transparency and predictability of the judiciary is a serious obstacle to enforcing property and judgment rights, and similar difficulties apply to administrative procedures.

There are no current bilateral trade policy disputes between Togo and the United States. The government accepts international arbitration of investment disputes.


The various tax advantages that were previously bestowed under both special conventions and the 1990 investment code were eliminated. A 1995 finance law terminated all incentives that had been maintained beyond their legal duration. Remaining regulations granting incentives will not be renewed, and no new exceptions will be granted. To the extent that some incentives are retained, they are expected to occur within the tax code and address depreciation, treatment of losses, taxation of capital goods, and relief on intermediate inputs for exports goods.

Togo has adopted the WAEMU policy framework, including the common external tariff. This has led to a low average external tariff and to the absence of significant non-tariff barriers and major export restrictions.

Price control and profit margin regulations have been largely eliminated except for electricity, water, and telecommunications sectors. Private competition in telecommunications was introduced in 1999, allowing better market-oriented pricing in that area.

While the steps for receiving residence permits are in theory well-defined, in practice foreigners seeking to legalize their status for long-term work and residence purposes have encountered significant administrative obstacles and delays. Issuance of such permits is the responsibility of the national police.


In 2009 the Chamber of Commerce & Industry implemented a new system for business registration. The entire process has been streamlined into one office or a One Stop Shop. While delays still occur due to the need for several ministries to approve the application, the process has been simplified and is more efficient than in the past.

The GOT is under pressure from the international banking community to privatize parastatal enterprises, but thus far little progress has been made. Recently, Togo endorsed strategies for restructuring the phosphate and cotton sectors by finding private partners. On December 30, 2009 the GOT announced its intention to sell its shares in four state owned banks: Togolese Bank for Industry and Commerce (BTCI), Togolese Bank Union (UTB), International Bank for Africa (BIA), and Togolese Development Bank (BTD), but this has yet to happen.


Togo is a member of the World Intellectual Property Organization and the Cameroon-based African Intellectual Property Organization. For specific information on IPR matters, please contact BP 831, Lome, Togo; Tel (228) 222-10-08; Fax: (228) 222-44-70. Protection of physical property is frequently contentious in Togo, as inheritance laws are poorly defined and property transmission outcomes are frequently challenged. Only Togolese citizens or those granted citizenship by court decision, French citizens, or foreign governments are allowed to possess real property in Togo. Real and chattel property disputes are further complicated by judicial non-transparency, which will often favor national over foreign entities.


Lack of judicial and regulatory transparency is a significant obstacle to business development. Togo needs to implement a large-scale overhaul of the legal and regulatory framework to address these shortcomings. Measures include regional initiatives regarding business and investment law, such as the common WAEMU investment charter mentioned above. The common business law treaty (OHADA), which entered into force on 1 January 1998, should theoretically reduce judicial uncertainty across the region; however, in actual practice it will only function well after an overhaul of the national judicial system. In December 2006, the government passed a revised labor code that provides for improved treatment of workers. The code also forbids the worst forms of child labor and prohibits discrimination against women, disabled persons, and those with HIV/AIDS. A Child Code was passed in July 2007 which further protects the rights of children.

Togo made a great deal of progress in 1997 with plans to rationalize the tax system and its administration, bringing about both simplification and revenue enhancement. The value-added tax has been unified at 18 percent (as opposed to the previous two-rate structure of 7 percent and 18 percent). The World Bank continues to encourage revisions to the tax code.

Revised Customs administrative processes, which include an online one-stop clearing system, entered into effect on January 1, 2008. They appear to have is improved import and export procedures and allowed for greater transparency. While a formal evaluation is not yet available, the IMF has stated that the new processes are working well.


Togo's political upheavals have severely weakened the banking system. While there was some improvement beginning in 1995-1996, particularly among the smaller banks, Togo still has not regained its previous reputation or position as a regional banking center. The larger banks, which are either wholly or partially state-owned, hold shaky loan portfolios characterized by very high exposure (about one-third of total bank credit) to the government and the phosphates and cotton parastatals. While the government, in order to comply with an IMF Staff-Monitored Program, paid back arrears to the cotton sector in 2007, other domestic payment arrears remain a constraint. Arrears to small commercial suppliers have been paid in full and during 2010 arrears to several medium and large suppliers were also paid. However, other arrears have not been settled because the claimants are subject to outstanding tax liabilities and debts owed to banks that were taken over by the State. According to the IMF 11,475 million FCFA claims by suppliers remained to be resolved as of August 2010. Arrears to state-owned enterprises have not yet been paid. In these circumstances, commercial banks have been hampered in financing renewed economic expansion. A bank-restructuring program designed in coordination with the IMF’s HIPC program has defined recapitalization needs and investigated possible sales of government-held shares to private investors. The GOT completed the financial restructuring of the four troubled state owned banks (BTCI, UTB, BIA and BTD) through securitization; it issued bonds in exchange of the non-performing loans of the banks and is now working in coordination with the IMF to privatize the state-owned banks. Togo's monetary policy is managed by the Central Bank of West African States (BCEAO), which also keeps the accounts of the member states treasuries.


State owned enterprises control or compete in the phosphate, cotton, telecommunications, banking, utilities, and grain purchasing markets. The national phosphate company is the sole mining company that controls the phosphate mines. In the past capacity has fallen due to mismanagement. The government has recently announced that it will be able to improve production through investments in new equipment.

Cotton produced by farmers is purchased by a state company called the New Cotton Company of Togo for processing and export. The New Cotton Company of Togo was organized in 2009 following the dissolution of SOTOCO (the predecessor national cotton company). SOTOCO went bankrupt due to mismanagement and failing to pay cotton growers for their harvest. As a result Togo’s production fell from 187,000 metric tons in 2003 to 25,000 metric tons in 2009. The Ministry of Agriculture maintains that the New Cotton Company of Togo will be privatized.

Union Togolaise de Banque, Banque Internationale pour l’Afrique au Togo, Banque Togolaise pour le Commerce et l’Industrie, and Banque Togolaise de Developpement are state owned banks. As part of the HIPC process the GOT is working in consultation with the IMF to privatize the banks. The state owned banks compete with other private banks such as EcoBank and Banque Atlantique

In the telecommunications sector state owned Togo Telecom and Togo Cellular compete with private telecommunications companies.

Public utilities such as the Post Office, Lomé Port Authority, Togo Water, and the Togolese Electric Energy Company (CEET) hold monopolies in their sectors. There are discussions of long term leases to private companies for the Port of Lomé.

The National Agency for Food Security (ANSAT) is a government agency that purchases cereals on the market during the harvest for storage. During the dry season when cereal prices rise ANSAT is supposed to release cereals into the markets to maintain affordable cereal prices. Also, ANSAT sells cereals on international markets.


Corporate responsibility is not generally addressed in Togo other than as it relates to corruption and criminal activity.

American owned ContourGlobal Togo S.A. follows standard U.S. corporate responsibility practices, including outreach programs to local villages where they supply water to children, some electricity, and flood abatement resources.


The most significant issue affecting Togo's commercial climate during the past two decades has been the political instability, division, and unrest that have characterized the country's uneven democratic transition. The instability affected economic and political activity within Togo as well as the nation's relations with the international community. Until the legislative elections of October 2007, national elections throughout this period were marked by turmoil and violence. Although anti-foreigner sentiment intensified during periods of civil unrest, Americans have never been specific targets of violence.

Togo is a republic headed by President Faure Gnassingbe, son of the late General Gnassingbe Eyadema. Eyadema was president from 1967, when he assumed power in a military coup, until his death in early 2005. Eyadema and his political party, with the strong backing of the armed forces, dominated politics and maintained control over all levels of the country's highly centralized government. Eyadema's death in 2005 triggered a new wave of unrest that resulted in many deaths and the further division of Togolese society. Controversial presidential elections in April 2005 brought Faure to power. Since his accession, Faure has based his leadership on ending Togo's long political crisis and isolation from the donor community by engaging the opposition in a wide-reaching political reform process.

The “22 Commitments” agreed by the Government of Togo and the European Union in mid-2004 have helped to provide a framework for efforts to end Togo's long political impasse. The 22 commitments were designed to establish individual freedoms, institute political openness, and reinforce the rule of law. One of the commitments called for a national dialogue involving all major political actors. This dialogue began in April 2006 and produced a road map for further reforms, including the appointment of a national unity government whose primary task would be the organization of free and fair legislative elections. The legislative elections were held on October 14, 2007. Although there were some irregularities, they were declared free and fair by the EU, the Africa Union, ECOWAS, and other international and domestic observers. As a result of the successful conduct of the legislative elections, the international community re-engaged with the country.

In March 2010 President Faure Gnassingbe was reelected as president. Like the 2007 legislative elections, this election was declared free and fair by the EU, the Africa Union, ECOWAS, and other international and domestic observers, despite some irregularities. President Faure has tried differentiated himself from his father by allowing a free press and an active opposition.


Although Togo has laws that make corruption a crime, it has spread as a common business practice and remains a problem for businesses. Government procurement contracts and dispute settlements are more likely to go forward after paying a gratuity. Giving a bribe, whether to private or government officials, is considered a crime but is often expected. Providing a gratuity is reported to result in files, documents, permits, or licenses being processed more quickly resulting in a competitive advantage for companies willing or able to engage in corrupt activities.

The police, gendarmes, and courts are charged with combating corruption in Togo. Some Togolese officials have been prosecuted and convicted of corruption-related charges, but these cases are relatively rare and appear to involve mostly those who have in some way lost official favor.


The United States and Togo signed a Warranty of Private Investments and Amity and Economic Relations Treaty in 1962, the Togo Amity and Economic Relations Agreement. The Togolese government has, in the past, expressed an interest in a bilateral investment treaty with the United States government, but negotiations started in 1991 were never concluded. Togo has signed many economic, commercial, cooperation, and cultural agreements with its foreign aid donor countries, including France, Germany, Canada, the Netherlands, Belgium, Japan, and more recently with China, India, Iran, and Saudi Arabia.


OPIC provides political risk insurance and financing for ContourGlobal to build the 100 megawatt power plant recently completed. The plant began operation in the fall of 2010 and provides electricity. OPIC also provides insurance for the West African Gas Pipeline Company Limited through Steadfast Insurance Co. The French government agency COFACE provides investment insurance in Togo under programs similar to those offered by OPIC. Investment insurance is also available through the Multilateral Investment Guarantee Agency (MIGA). Insurance mechanisms involving a government guarantee of debt may carry implications for Togo's commitments to international financial institutions.


Togo has a small pool of qualified university graduates and a sizeable population of unskilled workers, although there are shortages of workers with intermediate technical skills and practical experience. The agriculture sector is the largest employer in Togo. Generally, unemployment and underemployment are high, and young Togolese trying to enter the formal sector job market have difficulty finding work. The adult literacy rate is about 57 percent. Most Togolese speak French (the official language). Few people speak fluent English, though many have a rudimentary knowledge.

The minimum wage is FCFA 28,000 (approx. $62) a month for unskilled industrial workers. There are separate wage scales negotiated by employers, workers, and the government for industry, construction, public works, commerce, and banking. Non-wage costs (e.g., social security and medical costs) run about 40 percent of wages. Togo was unique among the CFA countries in not introducing a general wage increase after the CFA devaluation in 1994. Private sector employers generally follow government wage movements.

After a period of vigorous organized labor activity in the early 1990's, mostly in support of the stillborn democratic political transition and capped off by a nine-month general strike in 1992-93, labor union activity has been muted. Several of the independent confederations banded together to form a syndicate to negotiate more effectively with the government and business management in the wake of the CFA devaluation. They have not been notably successful. In 2006, for the first time in over fifteen years, unions negotiated a settlement with the government averting a threatened 24-hour strike. The government has since fulfilled all commitments made in the agreement, including a five percent salary increase to government workers and payment of salary arrears. In January 2009, health workers went on strike to protest work conditions; the minister of health promised to meet their conditions. However, nothing was done, and the health workers went on strike again in September. In July 2009, 9 phosphate workers were fired after going on strike for five and a half hours. In December 2009 culinary employees at the Sarakawa Hotel went on a 48-hour strike demanding year-end bonuses. The strike ended when management agreed to their demands. In June 2010, Togolese taxi drivers went on strike when the government raised the price of unleaded gas from 505 FCFA per liter to 580 FCFA per liter. The government was able to negotiate a resolution with the taxi drivers by reducing the amount of the price hike.


Togo has had a free port for many years. It serves as a transshipment facility for goods passing through the port of Lome to neighboring countries.

In 1989, the Togolese government approved an export processing zone (EPZ) or free trade zone law. Advantages of the EPZ include a less restrictive labor code and the authorization to hold foreign currency-denominated accounts. The law requires EPZ firms to employ Togolese on a priority basis, and after five years foreign workers cannot account for more than 20 percent of the total workforce or of any professional category. EPZ firms may, with government permission, sell not more than 20 percent of their production in Togo. While there are two physical EPZ sites, investors may locate outside of these areas and still enjoy EPZ status. Approximately 62 firms are operating in the EPZ as of January 2011 in the services and manufacturing sectors, with 9087 employees and with a turnover of CFAF 171 billion. There are additional 27 firms preparing to open. Not all enterprises are located in the zone itself; some have the authorization to be outside the physical zone, but under the same legal regime. However, severe electricity shortages in Togo continually cause great difficulty for manufacture-oriented companies in the zone. In 2009, the Chinese reconstructed several of the bridges destroyed by the 2008 floods at a cost of 2.7 billion CFA ($5.8 million).


Companies from China, India, Lebanon, France, Germany, & the United States make commercial investment in Togo. According to the World Bank World Development Indicators Togo received $50.127 million in FDI in flows in 2009 which was down from $68 million in FDI in flows in 2008.

Major foreign investors:

United States

Contour Global: 100-megawatt power plant operating in Lome. Signed a $146 million non-recourse financing agreement with OPIC.

Inter-Con Security Systems, Inc.: U.S. security company that provides security services in Togo.

There are also a few individual U.S. citizens operating small businesses in sectors such as import-export and retailing.


Togo Equipements: French –Owned distributor of CAT (aka Caterpillar) heavy equipment

AGS Togo- Frasers International: French-owned international moving and storage company.

Air France: Subsidiary of French airline.

Air Liquide: majority French-owned medical gas company.

Allo Hygiene: majority French-owned cleaning company.

Assurances Generales du Togo (AGF): French-owned insurance company.

Cica Togo: Distributor of Toyota and Mazda vehicles. Also involved in household equipment and general trading. Working capital CFA 1.2 billion, investment CFA 145 million. Owned 70 percent by the French Group Pinaut.

CFAO Togo: French-owned commercial company.

Groupement d'Entreprises de Transports Maritimes et Aeriens (GETMA): French-owned maritime and air transportation agency.

Mercure Hotel Sarakawa and Ibis Hotel Lome: The French Group Accor took over and renovated Hotel Sarakawa, now known as the Hotel Mercure-Sarakawa and Hotel Le Benin, now known as Ibis Hotel Lome Centre.

Nouvelle Industrie des Oleagineux du Togo (NIOTO): Manufacturer of edible oils (primarily cottonseed oil). The company bought two former government-owned oil plants under the privatization program. NIOTO's initial capital of CFA 1 billion was owned principally by the French company CFDT (Compagnie Francaise pour le Developpement des Fibres Textiles).

Societe Togolaise de Produits Marins S.A. (STPM S.A.): Majority French-owned seafood processor/exporter that sells fish, shrimp, and lobster. Investment of CFA 430 million.

Satom-Togo: Public works/construction company. Capital CFA 5 million. Subsidiary of French company Satom.

Societe Togolaise de Boissons (STB): Soft drink distributor. Previously a parastatal venture with German participation, the French group Castel bought controlling shares in both STB and the Brasseries du Benin (BB), the beer brewery and soft drink processor, under the privatization program.

Societe Togolaise des Gaz Industriels (Togogaz): Fabrication and sale of industrial and medical gasses and equipment. Capital CFA 1.1 billion. Owned 60 percent by the French company Air Liquide, but the government's shares are sold on the Abidjan stock exchange.

Togocrus Sarl: French-owned processor/exporter of seafood. Investment of CFA 545 million.

UAC Togo: Import-export company. Capital CFA 853.2 million, owned 78 percent by French company UAC.

Udecto: Construction and public works. Capital CFA 160 million. Owned 73 percent by French company Campenon Benard.

Total Togo: Petroleum products distribution. Capital CFA 511 million. Has 45 service stations in Togo and about 47 percent of the market. Total took over Mobil Oil's retail distribution in Togo in 2006 (29 service stations, about a 30 percent market share, capital of CFA 376 million).


BENA Development/Marox: Agriculture and livestock raising, delicatessen, restaurant. German family-owned business. Capital CFA 200 million.

Hoechst Togo: Chemical and agricultural product sales. Company is 75 percent owned by Hoechst AG, Germany. Capital CFA 5 million.


Fanmilk: The Danish dairy company Emedan has a long-term lease on the former government-owned dairy products company as part of the privatization program.

Industrie Togolaise des Plastiques (ITP): Joint investment by the Danish company FMO, the Danish development agency IFU, and the Dutch company Wavin. Total capital of new company CFA 735 million.

Atlantic Produce: Exporter of tropical houseplants. Investment of CFA 260 million.

Maersk Line Shipping: Danish Shipping Company with a presence at the Port of Lomé.Norway/Germany

Societe des Ciments du Togo (Cimtogo): Cement production company. Previously 50 percent owned by the Scandinavian company Scancem, Cimtogo bought out the government's shares in 1996. Scancem was recently purchased by a German multinational, but continues to operate locally under Norwegian management.


ITT Co. Sarl: Majority Ethiopian-owned manufacturer of automotive seat covers and shoes. Investment of CFA 103 million.

South Korea

Amina Togo S.A.: Producer of synthetic hair. Investment of CFA 342 million.

Sofina Sarl: Manufacturer of fishing nets and ropes. Investment of CFA 13 million.

Nina: Producer of synthetic hair. Investment of CFA 115 million.


Boncomm International Togo: Indian-owned clothing manufacturer. Exports to Europe and USA.

Ramco: The largest and most profitable chain of supermarkets and electronic stores.

Wacem (West Africa Cement Company): Originally developed as a joint Togolese-Ivoirian-Ghanaian cement production venture, the factory floundered due to management dissention and losses on Cedi-denominated sales in Ghana. An Indian firm has resurrected the company, which produces clinker (limestone) for Cimtogo and is beginning to manufacture and market cement itself.


Umco Sarl: Belgian-owned manufacturer of leather watchbands and other leather goods. Investment of CFA 32 million.


Brussels Airlines: Subsidiary of Lufthansa operated out of Brussels with service to Lomé.

United Kingdom

Garage Hellel: BMW dealer. Also local representative for Jeep vehicles.

Shell Togo: Owned by British subsidiary of Royal Dutch Shell. Armenia

Societe Generale des Grands Moulins du Togo (SGMT): The only flour mill in Togo. Capital CFA 1.1 billion. The company became Armenian in 1997.