SHOWCASING DEVELOPMENT IN AFRICA THROUGH SUBSTANTIAL REALITIES .
9 October 2015
Cameroon Investment Forum 2015
The Growth and Employment Strategy Paper (GESP) adopted by the Cameroon Government in 2010 has as its ceterpiece a development vision by the year 2035 aimed at making “Cameroon an emerging and democratic country united in diversity”. The realisation of this vision is anchored on reaching four main objectives namely:
Reducing poverty to a socially acceptable level,
Becoming a meduim income country,
Becoming a Newly industrialised country and
Reinforcing national unity and consolidating the democratic process.
“Emerging Cameroon” will be a country embarked on a journey to sustainable economic and social development with a strong, diversified and competitive economy. The economy will be characterised by a dominant industrial sector in general and manufacturing sector in particular, with effective intergration into the global economy. Poverty will be minimal and income per head will be such that the country will be classified as a medium-income country.
In order to become a newly industrialised country, growth must be sustained on a good number of products with proper intergration of the various branches of activity by way of value chains. It will specifically be a question of significantly increasing the share of products from the manufacturing industry in the GDP and exports.
This vision consecrates a pride of place to FDIs as one of the significant components that can contribute to its realisation taking into cognizance its impact on host economies which include amongst other; job creation, the transfer of technology and human resource development.
According to the latest statistic of WIR 2014, Cameroon attracted 0.01% of F.D.I. during this period, 80% of which was concentrated in the oil sector.
It therefore becomes imperative that if Cameroon has to realise objectives stated in 2035 vision especially as to what concerns the attraction of FDI into the country, a more proactive strategy towards attracting FDI has to be engaged.
Equally serious emphasis has been laid on improving the business climate which is a condition sine-qua-non for attracting FDI coupled with the improvement of business infrastructure and the promotion of industrial load and enough energy to potential investors.
Furthermore, a more comprehensive and coordinated marketing and communication strategy has to be adopted to promote and sell the country’s economic potentials not only to foreign investors but equally to local investors in search of investment opportunities.
It is within this backdrop that the Investment Promotion Agency in collaboration with the Ministry incharge of the Economy, the Ministry of Mines, Industry and Technological Development and UNIDO are organizing the first ever Investment Promotion Forum in Cameroon under the distinguish partronage of His Excellency, President Paul Biya, President of the Republic of Cameroon.