API, Brazilian businessmen seal deal to boost investment.

 The strategic MoU was signed in Yaounde Wednesday, November 29. 

It was signed for government by the Investment Promotion Agency, IPA, with Brazilian investors grouped under the Federation of Industries of Rio De Janeiro, Firjan.

The Deputy General Manager of IPA, Boma Donatus, penned the deal on behalf of the institution while the Director of the Federation of Industries of Rio De Janeiro, Mauro Varejao, did same for the group of Brazilian investors. 

Speaking to reporters after penning the deal, the Deputy General Manager of IPA, said the signing of the MoU is the materialisation of efforts made by the Investment Promotion Agency, through Cameroon’s Ambassador to Brazil, to market the country as a veritable investment destination in Sub Saharan on the continent. 

The moves, made through Cameroon’s diplomatic service in Brazil, Boma noted, was in line with identifying key sectors that fall within the National Development Strategy, NDS2030.

He cited the fishery, aquaculture, infrastructure, energy, production of seedlings for companies and other major sectors among areas Cameroonian businesspersons can exploit. 

“We had the opportunity of discussing these projects well in time with them in these sectors. We are materialising it today with the signing of the MoU, with the representative of the President of the Rio De Janeiro enterprises, a big federation which regroups thousands of companies in various sectors,” Boma explained. 

With the signing of the MoU, Boma said, the Investment Promotion Agency will soon be serving as a focal point to attract foreign direct investment from Brazil. 

“This is a very important signature for us. Cameroonian businessmen who are interested in some of these sectors will have to contact the IPA and the IPA will be contacting the federation so that they can put our businessmen with those of the federation, talk business together and see how to attract foreign direct investment into Cameroon,” he said. 

IPA Deputy GM & Firjan Director signing agreement 

With the signing of the MoU, Boma said, IPA is mobilising Cameroonian businesspersons to be ready with projects which can be submitted to their partners in Brazil to boosts investments as the Head of State has always wanted it to be. 

“We look forward to working actively with them in the realisation of the MoU. We want to say we are very satisfied. We want to stop talking and start working,” the IPA Deputy General Manager stated.

Enter Firjan Director 

The Director of the Federation of Industries of Rio De Janeiro, Mauro Varejao, said Brazilian investors are “very interested in doing business with Cameroon”.

“We know Cameroon needs a lot of things and we can work together. We are here to do business,” he told Cameroonian investors, adding that the federation of Rio De Janeiro has more than 100 sectors of industry that can interest Cameroonian businesspersons.  

“We have marble and granite, construction, petroleum and a lot of sectors. We just want to know what you are looking for and we can work,” Mauro Varejao stated, adding that: “This MoU is very important for us. It is not just to sign one contract but to work together with palpable realisations”. 

IPA officials, Brazilian and Cameroonian businesspersons after event 

Cameroon’s attractiveness on display 

During the ceremony, the Head of Strategy Unit at the Investment Promotion Agency, Emmanuel Tamungang, presented the attractiveness, economic opportunities and investment potentials of Cameroon, to the visiting Brazilian investors. 

He also presented to the investors the mission of the IPA and the role it plays to facilitate investment for interested foreign businesspersons. 

Tamungang said the IPA is a one-stop shop for investors, a structure that does policy advocacy for the government. He said the IPa has a bank of project ideas to share with investors, assuring them that Cameroon is the best destination to invest in Sub-Saharan Africa. 

He assured them of Cameroon’s resilience in the phase of global economic shocks as well as robust steps taken by government to ensure economic takeoff. 

He presented to the investors details of Law No. 2017/105 of 12 July 2017, amending and supplementing certain provisions of Law No. 2013/004 of 18 April 2013, which grant tax and customs incentives for private investment in the country. 

The IPA official also presented to the Brazilian investors the avalanche of other administrative and financial assistance offered foreign investors willing to carry out projects in the country. 

The ceremony continued with a B2B meetings between Cameroonian and the Brazilian investors.