7 February 2013

Cameroon: Gov't Prepares Investment Incentives

The government of Cameroon is preparing investment incentives to attract both foreign and local investors and maintain them to grow and create wealth and jobs. The Regulation and Competitiveness Board meeting yesterday, February 7 chaired by Prime Minister, Head of Government, Philemon Yang during its first session for 2013, examined the draft bill on the incentives that will eventually be forwarded to the National Assembly for consideration.

Talking to the press after the in-camera session, the Secretary of State in the Ministry of Mines, Industry and Technological Development, Fuh Calistus Gentry, said the draft bill is about making the business environment in Cameroon attractive to both foreign and local investors with focus on customs duties, taxes, land issues and all what is required for an industry to establish.

He said government was through the incentives developing a spirit where local investors should link up with their foreign counterparts to create entities that can benefit from infrastructure. He added that with a minimum investment of about FCFA 500 million, investors could benefit from the facilities. One of the key innovations, Fuh Calistus said, was the creation of one-stop shops at airports where all issues related to investments could be handled without the hurdles of moving from one ministry to another.

The Permanent Secretary of the Regulation and Competitiveness Board, Akom Mvondo Moise, spoke of general and specific incentives that are applicable to priority sectors. The advantage of the bill is that people will have expedient access to land, customs duties and tax exoneration to enable investors set up companies and in return create wealth and jobs.

The President of the Cameroon's Bankers Association, Mathieu Mandeng re-echoed the importance of the draft bill, stating that it will strengthen the Public and Private Sector Partnership in jointly attracting investors to Cameroon.

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