Lukong Pius Nyuylime
22 April 2008
What made news in Yaounde from 15 to 17 April was not that government officials and business experts from the Commonwealth Business Council met in a forum code named, Cameroon Investment Forum and placed under the distinguished patronage of the Head of State.
Neither was it that 20 government ministers and 25 national and international business executives participated in the confab.
In effect, participants at the Second Cameroon Investment Forum left Yaounde satisfied for having achieved one or two things. They carried out discussions under the guidance of a chosen theme, "Achieving Sustainable Long Term Investment in Cameroon", approached in a highly practical manner through sector by sector discussions.
They focussed their discussions on investment climate, access to finance, trade, government-business cooperation, employment creation and public-private sector partnership. They also handled issues concerning oil power, agro industry, mining and Information and Communication Technology. They above all, castigated corruption as one, if not, the major setbacks to investment in Cameroon and many other African countries.
They did not say that government had remained hands crossed in the face of these setbacks. "There is a recognition that government is trying to broaden the base of investment -away from heavy concentration in the oil sector-by improving the overall business environment-for example setting up the council on regulation and competitiveness, and launching a credit management information system", the final communiqué stated.
That notwithstanding, the Investment forum was a veritable arena for proposals that can completely revolutionise investment stride in Cameroon. Four major recommendations emerged from the forum; 1) simplify the regulatory burden by setting up a One Stop Shop for investors and creating a central ministry to support the development of the private sector; 2) examine the application of the tax system as it applies to Foreign Direct Investment; 3) simplify and clean up the customs and tax revenue environment with the creation of a code of integrity as first measure to tackle corrupt practices; 4) improve the judiciary and look at the requirements to create a coherent commercial legal framework.
As participants retired to their various destinations, it was clear something will change. But questions were raised as to why the project book earlier announced did not feature at the forum. A forum is not only a platform for discussion. It is equally an avenue to make contacts and expose the investment potentials of the country.
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