Thursday, 19 May 2016

International Economic Conference proposed actions

The President of the Republic of Cameroon, Paul BIYA called on national and international investors to seize the opportunity and participate in the development of Cameroon. A two day International Economic Conference took place in Yaounde on 17 – 18 May 2016.

Other key note speakers at the event included the former President of the European Union, José Manuel BARROSO; former Korean Prime Minister, Dr. Un-Chan CHUNG; and the President of the UBA Bank Group, Mr. Tony ELUMELU. The Government Delegate to the Yaounde City Council made a welcome speech on behalf of the citizens of the capital city.

The following is a list of proposed actions from the conference...

I) The prominent international leaders from the economic and finance sphere, along with the political sphere welcome this initiative whose unprecedented format allowed to combine discussions in plenary sessions and meetings between project initiators – both public and private – and national and international investors during dedicated workshops. This conference generated a genuine market for investments.

II) The gathered leading figures, in a cordial and frank atmosphere, had in-depth discussions on the contribution of private sector to growth in Africa in general and more specifically to Cameroon’s.

III) At the end of the plenary sessions and following the round-tables, the leading figures have adopted the recommendations below in order to elaborate an action plan, directly responding to the President of the Republic’s call and expectations, expressed during his opening speech :

1) Taking note of the recommendations given during these two days in order to foster private investment which is at the heart of growth.

2) Renewing the commitment to stand even more by the actors of the private sector in order to ease formalities and accompany them in the effective realisation of their projects in Cameroon.

3) Taking the priority actions as follows:

3.1- Implementing at an appropriate level a light structure to follow on the financing and realization of the identified projects, presented during the Conference;

3.2- Facilitating the obtention of visas for businessmen through formalities digitalization (implementing an online visa process) and, in the meantime, the generalised attribution of visa upon arrival;

3.3- Creating special economic zones;

3.4- Encouraging private investments with administrative and tax facilitations and a more efficient administration;

3.5- Reinforcement of relations with neighbouring countries, the CEMAC and Nigeria, to increase the regional market size.

4) Taking actions in the interest of the Cameroonian people. It is indeed for them and with them that Cameroon’s economic takeoff should be accelerated. In this respect, it matters that:

4.1 We put the human being at the heart of any economic initiative by making sure that every project will benefit employment and contribute to improve populations’ living conditions;

4.2 We foster a sustainable growth and development, respectful of nature and of the generations to come;

4.3 We accelerate the youth training to new technologies which are job-creating;

4.4 We accelerate the vocational training of ingeneers and technicians, so much necessary to the country industrialisation, notably for the projects strcuturing for our agricultural economy.

IV) The proeminent international leaders from the economic and finance sphere, along with the political sphere, gathered in Yaoundé, will be the ambassadors of what they’ve heard, seen and lived during these two days of intense and fruitful discussions. They thank the Cameroonian authorities and the populations of Yaoundé for their warm welcome.

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