APA-Dakar (Senegal) Senegal has reduced the time for setting up companies from 58 days to two, the United States Agency for International Development (USAID) director for Senegal Kevin J. Mullaly, said here on Monday.

The US Agency, which is supporting reforms aimed at improving the business environment, has urged the Senegalese authorities to "maintain efforts mainly on reform policies", Mullaly notes.

According to him, efforts made by his institution since 1999 "have started to bear fruits" in Senegal which is gradually getting laws, regulations and institutions matching the needs of the country and the investors.

"Our support programme to economic growth provides services to develop companies", said the director who is meeting the Senegalese public authorities on Wednesday for the usual annual review of the bilateral cooperation.

The USAID officials outline the support in managing structural reforms which they believe, are necessary for improving the business environment indicators" under the "Doing Business".

Highlighting the urgent needs for reforms, USAID seeks to bring in "a greater flexibility" in the labour code, cut the time for registration for private investors, access to land ownership and facilities to build industrial sites.

USAID’s commitment in Senegal led to the creation of 1, 700 jobs, a 79% increase in revenue of 971 companies operating in the agricultural industry which have exported some 265 tonnes of gum and 1, 5 00 tonnes of cashew nuts worth US$7.2 million, Mullaly notes.

Established in 1961 by late President John Fitzgerald Kennedy and inspired by the Marshall Plan designed in 1945 for Europe, USAID focuses on local concerns and priorities to alleviate poverty, promote democracy and economic growth as well as relieve disaster victims through conflict prevention.

In Senegal, the US agency has got the best performance in the area of forest resources, raw products, wood, coal and a management plan covering about 77, 000 hectares which caused a 1, 129% increase in the revenue of some 150 coal producers.

Operating in Senegal since its establishment, USAID has injected more than US$1 billion in various projects aimed at removing national development constraints.