At forum in Paris: Cameroon woos foreign investors to invest in SMEs sector.

This was the focus of a one-day Economic Forum of Cameroon held April 19, in the city of Paris, France.

The forum chaired by the Minister of Small and Medium Sized Enterprises, Social Economy and Handicrafts, Achille Basiliken III, was attended by key stakeholders in the SMEs sector.

The minister had also during his sojourn in France participated at the Africa Forum organised April 18 by the French Council of Investors in Africa, CIAN.

The Cameroon Economic Forum of 19 April was held under the theme "The contribution of SMEs in the import-substitution policy". 

It gave rise to interactive exchanges and B to B meetings between investors who wish to develop projects in Cameroon. It was in the presence of a delegation of senior officials from the public and private sector of Cameroon. 

It is part of the second phase of the vision of an emerging Cameroon by 2035, as set out in its National Development Strategy and which revolves around the structural transformation of the economy. 

As for the Africa Forum of the French Council of Investors in Africa, CIAN-Africa, it brought together personalities from various backgrounds who share an interest in boosting business in Africa through investment. 

During the proceedings of the said Forum, Cameroon’s Minister in charge of SMEs, Achille Basilekin III, indicated that Cameroon is "a country that holds its place as the leading economy in the Central African region, offering investors real opportunities in a context where progress is being made to improve the business climate”.

Minister Achille Basilekin III highlighted the richness of Cameroon by citing the great geographical, economic, human and cultural diversity of the country. 

He boasted that conditions are in place to facilitate the breakthrough of investors in many sectors and guarantee them an excellent return on investment. 

He used the meeting to convince investors of the importance of investing in Cameroon. 

Among the arguments mentioned, he said Cameroon has a privileged position in the heart of the Gulf of Guinea with an opening on the various regional economic communities which constitute the vast African continental market.

He described Cameroon as the most diversified economic fabric of Central Africa offering many business opportunities with a network of more than 330,000 SMEs and SMIs suitable for subcontracting and co-contracting.

Import-substitution policy in context

In relation to the Russia-Ukraine crisis, Cameroon, it was said, has accelerated the implementation of the import-substitution policy, translated by the rise in power of companies that produce goods and services. 

"The government has mobilised to give content to the import-substitution policy but today to ensure that local productive capacities are increased tenfold. In addition, a number of measures have been defined by the government to build economic and social resilience and to revive economic activity. These measures also make it possible to boost the involvement of SMEs in production and the take-off of the nine sub-sectors identified by the NDS30 to achieve an industrial push in Cameroon,” the minister said.

Similarly, in order to encourage self-employment for a better contribution to the wealth and diversification of the economy, Government it was said is working to promote an entrepreneurial culture in schools, universities and vocational training centres.

In addition, to support projects that align local production in volume and quality with local demand, the Prime Minister set up a Fund to facilitate the supply of credit on March 22. 

Minister Achille Basilekin III, had during the meeting in France explained the rationale behind the said state support.

"This 200 billion guarantee line set up by the government will make it possible to cover the financing needs of SMEs in the agricultural, fish farming and livestock sectors,” he stated.