Editing Economy of Senegal (section)

===External trade and investment===

The [[commercial fishing|fishing]] sector has replaced the [[peanut|groundnut]] sector as Senegal's export leader. Its export earnings reached U.S.$239 million in 2000. The industrial fishing operations struggle with high costs, and Senegalese [[tuna]] is rapidly losing the French market to more efficient Asian competitors.

[[Rock phosphate|Phosphate]] production, the second major foreign exchange earner, has been steady at about U.S.$95 million. Exports of peanut products reached U.S.$79 million in 2000 and represented 11% of total export earnings. Receipts from tourism, the fourth major foreign exchange earner, have picked up since the January 1994 devaluation. In 2000, some 500,000 tourists visited Senegal, earning the country $120 million.

Senegal's new ''Agency for the Promotion of Investment'' (APIX) plays a pivotal role in the government's foreign investment program. Its objective is to increase the investment rate from its current level of 20.6% to 30%. Currently, there are no restrictions on the transfer or repatriation of capital and income earned, or investment financed with convertible foreign exchange. Direct U.S. investment in Senegal remains about U.S.$38 million, mainly in petroleum marketing, pharmaceuticals manufacturing, chemicals, and banking. Economic assistance, about U.S.$350 million a year, comes largely from [[France]], the IMF, the World Bank, and the [[United States]]. [[Canada]], [[Italy]], [[Japan]], and [[Germany]] also provide assistance.

Senegal has well-developed though costly port facilities, a major international airport serving 23 international airlines, and direct and expanding [[telecommunications]] links with major world centers.