Cameroon is determined to support private investment-Biya

While opening this May 17, 2016, in Yaoundé the International Economic Conference on the theme “Invest in Cameroon, Land of opportunities”, the Cameroonian Head of State, Paul Biya, expressed his wish for this event to be the basis for the creation of a real “investment market”.

“Cameroon is, above all, determined to support private investment”, President Biya reminded, recalling the Act on private investment incentives in Cameroon voted by the Parliament in 2013.

Besides this legal setting granting companies exemptions for periods ranging from 5 to 10 years, in the installation as well as production phases; the Cameroonian Head of State presented to investors and other financiers gathered in Yaoundé the various opportunities available in the country, as well as the strategic position of Cameroon to gain some markets in Africa.

Indeed, as Paul Biya reminded, in addition to sharing a border of over 1,500 km with Nigeria, first economy of Africa and most populated country on the continent, Cameroon is located “at the crossroads of Central and Western Africa, at the junction of the UEMOA and CEMAC areas”. A geographical location making this country an ideal launching pad to go after a market of close to 300 million consumers.

UBA, Attijariwafa, Ecobank all present!

The International Economic Conference which ends on 18th May in the Cameroonian capital is registering the attendance of a roaster of national and international investors and financiers. Among them, we can find the Nigerian billionaire Aliko Dangote, the richest man in Africa who is already the owner of a cement factory in Douala and who announced the construction of a second unit in the capital of the country.

Also present is Cameroonian billionaire Paul Kammogne Fokam, founder of the banking group Afriland First Bank, bringing over ten other companies operating in sectors as diverse as insurance, risk-capital, real estate, paper processing, etc. This Cameroonian investor is mostly known for heading the 2nd fortune of sub-Saharan francophone Africa, according to Forbes magazine.

Also present in Yaoundé are African finance heavyweights such as Nigerian Tony Elumelu, President of the UBA banking group; Moroccan Mohamed El Kettani, CEO of Attijariwaffa group, major shareholder of SCB Cameroun and Wafa Assurances Cameroun, and who has just launched two money transfer and asset management companies with sub-regional reach.

Ade Ayeyemi, MD of the Pan African banking group Ecobank, Donald Kaberuka, ex-President of AfDB, or Cameroonian Acha Léké from the firm McKinsey; complete the list of financiers who have been working on investment opportunities in Cameroon since May 17, 2016.