The industrial fishing operations strugglewith high costs and Senegalese tuna is rapidly losing the French market to more efficientAsian competitors. Receipts from tourism, the fourth major foreign exchange earner, have pickedup since the January 1994 devaluation. Senegal has met with limited success in attracting foreign investment to hasteneconomic development. Under the provisions of the 1987 investment code, the approvalprocess has been shortened. Currently, there are no restrictions on the transfer orrepatriation of capital and income earned, or investment financed with convertible foreignexchange.
Assistance also is provided by Canada, Italy, Japan, Germany, and others.
Senegal has relatively good infrastructure. The Government ofSenegal is known and respected for its able diplomats and has often supported the U.S. inthe United Nations, including with troop contributions for peacekeeping activities. TheUnited States maintains friendly relations with Senegal and provides considerable economicand technical assistance. President Diouf paid his first official visit to Washington,D.C., in August 1983 and has traveled several times to the U.S. since then. Senegal hostedthe Second African-African American Summit in 1995.