- The Chambers of Commerce of Madrid and Gambia have signed a collaboration agreement to promote trade relations. The agreement signed yesterday, seeks to promote the internationalisation of companies in Madrid and the African country and to increase bilateral trade relations.
The president of the Chamber of Commerce and Industry of Madrid, Salvador Santos Campano, and the chairman of the National Chamber of Commerce and Industry of Gambia, Bai Matarr Drammeh signed the partnership agreement in Madrid.
The institutions have also agreed to exchange economic and trade information between entrepreneurs of the Madrid and The Gambia in order to know the prospects and business opportunities in their respective markets.
The agreement also includes the cooperation of both entities in the chamber missions and business meetings and fairs that take place in both nations. They have also committed to assisting each other in case of possible trade disputes through conciliation or arbitration.
During the signing of the agreement, Mr Santos Campano said the Gambia market is still a virgin despite its potential to serve as a bridge to address other markets on the African continent.
The Gambia is a gateway to the countries of Economic Community of Western Africa, the bloc which has 15 members in west Africa. It also has an important commercial port, due to its free port status which serve more consumers in the West Africa.
The president further stressed his hope that trade exchanges between enterprises of the region and The Gambia will increase in the coming years.
Last year the volume of Spanish exports to Gambia amounted to 9.75 billion euros. The items mainly consisted of shipments of processed foods, fats and animal and vegetable oils, cars, tractors and other vehicles and automotive components.
Imports from The Gambia amounted to 1.62 billion euros in 2008, with the three main items that were imported grouped into fish and shellfish, salt, sulfur, earths and stone, plastering materials, lime and cement, and fruits and nuts.
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