Business

The Urban Community of Yaoundé, the overall town hall of the Cameroonian capital, is planning to facilitate transport conditions for the 3 million inhabitants of the city by creating a new mass metropolitan transport company. The government’s delegate, Gilbert Tsimi Evouma, presented this project to investors gathered in Yaoundé from 17 to 18 May 2016, for the International Economic Conference.

A major asset of this FCfa 13.7 billion project, as highlighted by Gilbert Tsimi Evouna, a site and offices are already available to host this new company, meant to take over the premises of the defunct Société des Transports Urbains du Cameroun (Sotuc).

It is on this same site that the moribund company Le Bus is currently operating. A company created a few years ago as a joint-venture with American partners from Transnational Automotive Group (Taug), but which never managed to continue of the public company Sotuc. For some months now, the buses of the company Le Bus have been less visible on the roads of the capital city than on the premises of the company, which have now become a real scrap yard.

BIC

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Rita Akana

20.May.2016

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MTN Cameroon has blocked access to 120,000 numbers of its subscribers because they have failed to comply with the identification exercise in time.For the time being, MTN is undertaking an outreach campaign to systematically step up the identification of its subscribers through registration with street agents, media campaigns or sales points.
Mobile phone operators in Cameroon received an injunction from the Telecommunications Regulatory Agency (ART) to disconnect all numbers with false identifications.The population of Cameroon is 22 million. Out of this number,15 million have subscribed with MTN and 77 percent of active mobile subscribers are currently identified, according to ART.

The identification exercise that was launched back in December 2015 has facilitated the revelation of a little over 5,000 numbers, 2.31 percent, that were unclaimed, 800(10%) with doubtful identification, 250 (12%) assets without any identification.

Going by the regulating agency, mobile subscribers must always provide their full name, address, type of ID, ID number with the activation date of their phone numbers as part of the national identification process due to end in June.

Over the years, Cameroon has witnessed a surge in crime wave partly as a result of unidentified or impersonating mobile subscribers operating incognito. If the country must succeed in the fight against terrorism and cyber criminality, each citizen must be properly identified. This is why MTN Cameroon is doing its best to ensure that all subscribers to her network get full identification or be disabled.

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Rita Akana

19.May.2016

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Gathered in Yaounde on the 17^th and 18^th of May 2016, following the invitation of H.E. Paul BIYA, President of the Republic of Cameroon, in the frame of the International Economic Conference entitled « Investing in Cameroon, Land of Attractiveness » :

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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Rita Akana

19.May.2016

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Distinguished Guests,

Ladies and Gentlemen,

First of all, I would like to express my profound gratitude to all the personalities from the world of politics, business and finance gathered here today. I wish to thank you for accepting our invitation.

Cameroon highly appreciates your presence at this conference. To us, this clearly marks your interest in the modernization of our economy and improvement of the living conditions of our people.

Permit me now to recall the objective, or rather, objectives of today’s conference.

Its purpose is firstly, to review the key components of Cameroon’s economy; to determine the private sector’s potential contribution to its expansion; and thereafter, assess the country’s real opportunities that would ensure its integration into the global economy, in a more judicious and helpful manner.

The findings of this review will be highly instrumental in implementing our economic policy. They could, perhaps, be useful to other African countries facing a situation similar to ours.

Secondly, and this will certainly mark the highpoint of our conference, we will facilitate meetings between public and private project initiators alike, and foreign as well as local investors. To borrow from economic lingo, this conference affords an excellent opportunity to create a veritable “investment market” right here.

It is not my place here to give you an overview of Cameroon’s economy. Certainly, that will be done during the roundtable devoted to the macro-economic situation and growth prospects.

For my part, I would rather highlight some salient facts of a general nature in a way that would reveal our innermost views as well as our genuine aspirations for lasting prosperity in the current geostrategic context.

I will start off with a few words about our continent:

The continent that in the sixties was considered “doomed” has become, according to some observers, a “continent of the future”...

Of course, I am sincerely delighted, but at the same time, I must admit that I remain rather cautious about the overly optimistic and unqualified forecasts made by some people.

They highlight the growth rates ranging across countries from 5% to 10% over the years.

However, we must recall that growth is not an end in itself. Moreover, it has been acknowledged, even by the most prominent international economic institutions, that we must go beyond the quantitative measurement of growth rate, to seek a tangible improvement in people’s living conditions.

What matters here is, first of all, our ability to actually put people at the centre of our economic endeavours.

Serving the human person and his overall well-being should constitute the be-all and end-all of our investment choices, and our priorities for wealth creation.

Similarly, it is only through sustainable management of global resources that we can ensure true prosperity.

This is a global obligation, but it particularly concerns Africa, considering that it has to catch up and also the numerous inequities of the global context often affecting the continent, which lacks the real wherewithal to defend itself.

Obviously, its marginal position spared it from the full impact of the shocks of the financial crisis of 2007 and 2008. Nonetheless, the continent has suffered its delayed effects such as the collapse of oil and other commodity prices, the slowdown in investment, etc.

Admittedly, Africa is gradually entering globalization. One could even envisage that the continent’s role would be increasingly prominent in the global economy as the years go by.

Its high population growth and expanding middle class create conditions conducive to   market attractiveness in terms of mass consumption and infrastructure development.

The youthfulness and dynamism of its population are reasons for optimism. The African youth, in particular, are a major asset for the continent. They should be at the forefront of technology to ensure that Africa   hooks up to an economy where innovation is, now more than ever before, a decisive factor of competitiveness.

To this should be added the abundant and diverse natural resources, which progressively should be processed locally in order to be more beneficial to our economies.

Undoubtedly, all these features will make Africa a partner that is constantly coveted by the most advanced countries in their quest for resources to reboot their economies.

In a world marked by ever-growing economic and social interdependence, the challenge is to develop genuine areas of shared prosperity. This involves forging new types of economic and socio-political relations based on the idea of mutual benefit between partners.

In this type of relationship, some contribute their financing capability and their technology, while others offer unique opportunities to be seized, and rare resources to be tapped, all in a fair and equitable exchange.

Such is the new type of relationship that we should seek in economic partnership agreements with the European Union, for instance, and also with any other partners…

The private sector should play a key role in such a set up. Africa, where the State often occupies a prominent position in the economy, will need to foster business development.

Such is what Cameroon is seeking. It will pursue efforts in that direction to lend the best possible support to domestic and foreign investments.

Here too, it is important to promote the establishment of true win-win partnerships between local businesses and major international firms.

Distinguished Guests,

Ladies and Gentlemen,

As you are aware, Cameroon’s objective is to become an emerging country by 2035. This ambition, I believe, is largely shared by our people who have transformed it into a national cause. All our public policies and, particularly our public finance management are geared towards achieving this objective.

Our expansionary budget is based on a fiscal policy which prioritizes expenditure quality. Our public debt, contained at around 25 % of GDP, is closely monitored. It must remain constantly at a sustainable level, while providing us with productive financing resources.

We are optimistic that the consolidation of these conditions will endear us even more to investors.

Moreover, I am fond of saying that Cameroon, Africa in miniature, is not coming empty-handed to this give-and-take forum. Indeed, it has abundant assets, hence its attractiveness:

The most populated country in the CEMAC zone sharing a more than 1 500 km-long border with Nigeria, Africa’s leading economy, Cameroon stands out thanks to its strategic position at the crossroads between West and Central Africa and at the intersection between the ECOWAS and CEMAC zones.

Its Atlantic coastline, its rail network, its three international airports and 50 000 km of road all of which are constantly developing foster its integration into regional and global trade.

It abounds with natural resources and its varied soils, climates and natural environments are suitable for agriculture.

 With Africa’s second hydro-electric potential and huge natural gas reserves, Cameroon has embarked on varied and large-scale energy infrastructure construction. The phased commissioning of such infrastructure is opening up bright prospects for the availability of sustainable, adequate and permanent energy.

  Additionally, the country is endowed with an expanding and diversified industrial fabric with many small and medium size enterprises and industries (SMEs/SMIs) ready to enter into subcontracting and co-contracting agreements.

There is abundant, young and qualified labour force for a country with one of the highest school enrolment rates in sub-Saharan Africa.

Above all, Cameroon is determined to encourage private investment. An appropriate legal framework has been put in place to that end.

Based on the law on investment incentives, the framework will enable the development of priority high-impact sectors which are:

- agribusiness;

- transport infrastructure;

- energy;

- low-cost housing and urban development;

- the extractive industry; and

new technologies.

All these measures bear sufficient testimony to Cameroon’s strong determination to attract more and more productive investments on its soil so as to accelerate economic growth and prosperity for its people.

Cameroon is a haven of peace, respecting    the rule of law and a country of liberty. Its institutions are stable, functional and harmonious. They are capable of adapting to societal trends to ensure social peace, the security of persons and property and the country’s political stability at all times.

In today’s world, and particularly in Africa, this, we believe, is a major asset for investors.

Distinguished Guests,

Ladies and Gentlemen,

Your presence here expresses your determination to contribute towards fulfilling our country’s legitimate aspirations.

Cameroon will bear that in mind.

I wish everyone fruitful discussions for mutually beneficial partnerships, and of course, I wish our numerous visitors, a pleasant stay in Cameroon.

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Rita Akana

18.May.2016

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These well-known personalities took to the rostrum to face hundreds of local and foreign participants, after a welcome address from the President of the Republic of Cameroon, Paul Biya.

The first speaker, Jose Manuel Barroso former President of the European Commission (2004-2014) said Cameroon like Africa is an economic reserve that needs to be effectively exploited for the economic interest of her citizens.

He insisted that a favourable investment zone in which Cameroon is battling for, should have good investment policies that favours investors.

Jose Manuel Barroso also called on the Cameroon government to ensure good governance, security and open their doors to local investors which will in turn attract foreigners.

On his heels was Dr. Chung Un-Chung, former Prime Minister of the Republic of Korea who won hearts of many investors with Korean successful story, a story that help transited Korea from a very poor cycle to the seventh biggest economic power in the world.

He said Cameroon should encourage shared growth and prosperity in a bid stop the vicious cycle where the rich get richer and the poor poorer.

Adding to what the Korean PM said, the Chairman of the United Bank for Africa, Tony Elumelu expressed the need of expanding UBA banks engagement in Cameroon.

The philanthropist encouraged the Cameroon government to ensure capital investments in domains like telecommunications, agriculture, and commerce.

He has pledged to partner with the Cameroon government in his Tony Elumelu foundation that encourages 10000 young African business start-ups.

Many speakers in the timetable are schedule to showcase Cameroon’s investment opportunities during working sessions.

CRTV

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Rita Akana

18.May.2016

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The on-going International Economic Conference in Cameroon will amongst other things, be an opportunity for the Cameroon to improve onits poor  electronic business sector that has really been lacking behind standards.

The conference which opened this Tuesday, 17th May 2016 in Yaounde  has brought together business magnates from Africa and beyond to discover investment opportunites in Cameroon.

With electronic business (e-business) being a latest form of exchange on the international market, with Camerroon left far behind standards, the participants are sure to evoke the topic.

Cameroon is yet to fully embrace and embark on e-business with statistics from Salon Afrikebiz of April 2015 indicating that just two per cent of Cameroonians buy and sell on the internet.

Experts say this slow pace is due to limited and high cost of  internet in the country and the lack of awareness from most of  heads of Departments and Ministries.

That notwithsatanding, the Director of Google for Africa, Tidjane Deme says Cameroon has potentials in the domain of e-business due to its excellent university training, high literacy 

rate and "bilingualism".

It is worth mentioning however that some e-business start-ups have sprouted in the country in recent years, but have faced very slow or negetive growths.

Since the digital economy, with its innovations like e-business, demands the presence of experts, the necessary hardware and adequate training, discussions during this International Economic Conference will tackle these aspects and lay concrete groundwork towards a better use of the electronic business by Cameroonians of all ages.

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Rita Akana

17.May.2016

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