Prime Minister Philemon Yang on Wednesday November 20 chaired a meeting to enrich and endorse its draft bill.
Economic Zones with the mission to stimulate sustainable economic growth, boost production, reduce poverty and unemployment, will soon be created in Cameroon. Members of the Regulation and Competitiveness Board chaired by Prime Minister, Head of Government, Philemon Yang, yesterday, November 20, 2012 enriched and endorsed the draft bill governing the creation of Economic Zones in Cameroon. The board met for its 2012 session and examined the draft bill that was first adopted during the board's session of November 18, 2010 and forwarded to the Presidency of the Republic. The enriched draft bill is the outcome of an Inter-ministerial Working Group extended to the private sector that once more worked on it, taking into account recommendations of the Head of State and experiences of some African, Asian, Middle East and South American countries to which benchmarking missions were deployed.
Talking to the press after the session, the Permanent Secretary of the Regulation and Competitiveness Board, Moise Akom Mvondo said the draft bill takes into account free industrial zones that will be raised into economic zones. He cited the advantages of the Economic Zones. The draft bill proposes the creation of Cameroon Economic Zones Authority, an institution with the mission to supervise the development of economic zones.
In the explanatory statement of the draft bill, economic zones are described as poles that will attract national and foreign capital with the mission to stimulate production and exports. They are expected to contribute to strengthening the national production apparatus through promoting technology and research development, greater valorisation of local resources through the processing of local raw materials, improvement of exports balance of trade, sustainable development of the country by fighting poverty and ensuring environmental protection and also job creation. The Economic Zones will provide new incentives to boost the country's industrial sector in conformity with provisions of the Law on the Investments Code.