Visionary Reports

For three days, participants of the Cameroon Investment Forum brainstormed on ways to improve on local investment thereby reducing the importation of goods.

The third edition of the Cameroon Investment Forum CIF, that run from the 27-29 of November in Douala, has ended with a renewed determination to encourage investors to improve on local production. It also offered an opportunity for local and international investors to share experiences and network for quality production. For three days, investors looked for ways on improving on the business climate in Cameroon.

It is on record that imported goods in Cameroon are cheaper than locally produce goods. This was blamed on lack of subvention on local production.  From 2007 to 2017,  the importation of highly consumed goods like rice, fish and maize has triple  representing a 4% deficient in trade balance. The high rate of custom duty on foodstuff is also a course for concern. It was also revealed that Cameroonian investors produce what Cameroonians don’t consume and import what they consume as a result it has weakened the balance of trade.

Organized by the Investment Promotion Agency- IPA, the Cameroon Investment Forum was also out to manifest the resilience of Cameroon’s economy. Under the theme “Industrialization Through Import Substitution”, CIF also exposes the fact that Cameroon trade Balance likewise balance payment has not been at its best as a result of the incessant imports even on food items such as rice maize and fish.

 In effect, workshops under different themes such as “Major investment Sector: focus on rice farming, maize farming and aquaculture”, “Focus on Cameroon Investment Environment: brainstorm on solutions to overcome challenge and develop value chains in targeted sectors”, “Project funding in rice maize and aquaculture sectors: opportunities and eligibility criteria”, Catalyzing growth through public  private partnership” , came out with proposals on how to improve on the situation.

Some of the proposals included the promotion of generic research in the fisheries sector, ease access to farmers to acquire land as well as easy access to women to own land, improve on the business climate in Cameroon, improve farm to market roads, more subventions given to local investors. They also recommended the reduction of taxes on food stuff as it will go a long way to improve on the livelihood of Cameroonians. They equally advocated for a 50 % reduction of goods imported in Cameroon just to name a few.

 During the closing ceremony on November 29, the board Chair of IPA Diane Acha Morfaw said all the recommendations will be looked into.  She disclosed that they will follow up with the government to ensure that they put in place the recommendations which will create a conducive environment for industrialization.

The governor of the Littoral region Samuel Ivaha Diboua thanked all those who put hands on deck to ensure the success of the 2019 edition of the Cameroon Investment Forum.