Tunisia, located in the most northwestern part of Africa, offers a wide range of upside due to its geographic location, specifically for trade purposes. Its location creates simplicity in the trade sector, because it is close to Europe, the Middle East, and other parts of Africa, specifically due to the ZLECAF, or African Continental Free Trade Area.
The Ministry of Industry and Commerce of Morocco says the objective of the ZLECAF is that, “States Parties gradually eliminate tariff and non-tariff barriers to trade in goods; gradually liberalize trade in services; cooperate on investment, intellectual property rights and competition policy; cooperate in the customs field and in the implementation of trade facilitation measures; establish a dispute resolution mechanism regarding their rights and obligations; and establish and maintain an institutional framework for the implementation and management of the AfCFTA”.[1] Creating a free trade zone between these countries allows for easier and more efficient trading of goods and services.
In other news, the eCommerce market in Tunisia is also booming. They have a predicted revenue of US$295.6 million by 2024, and are expected to have a compound annual growth rate of 15.8% from 2024 through 2028, resulting in a projected market value of US$530.9 million by 2028[2]. Although their market size is currently ranked 98th in the world, and there are multiple challenges related to foreign currency payments limiting cross-border eCommerce, it’s a market worth keeping an eye on.
Tunisia also created the “Startup Tunisia” Act in 2018, which is a series of laws and government implementations to promote the creation and growth of SME’s in Tunisia. The law makes it easier for entrepreneurs to start and register a firm, and also includes incentives like tax cuts and access to finance[3]. With Tunisia’s geographic location, booming eCommerce market, and government initiatives, there has never been a more promising time to start a franchise there.
[1] https://www.mcinet.gov.ma/fr/content/zone-de-libre-echange-continentale-africaine-zlecaf
[2] https://ecommercedb.com/markets/tn/all
[3] https://participedia.net/case/12213
(Photo: Unsplash)
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