At 4th Cameroon Investment Forum: Stakeholders recommend boosting attractiveness of agricultural sector to investors.

Curtains of the three-day forum organised by the Investment Promotion Agency, IPA, were drawn Friday April 19 in Douala. 

The forum, it should be recalled, was pegged on the theme: “Attracting productive investments in the agricultural and fisheries value chains to intensify the import-substitution drive in Cameroon: Focus on rice, maize, fish, milk, and oil palm sectors”. 

The CIF, from inception, has been a flagship event that brings together high-level government officials, development partners, economic operators, financiers, academics and various business actors from across the globe. 

The just ended 4th edition, explained by the Interim General Manager of IPA, Boma Donatus, was hinged on mobilising and directing more productive investments in niche sectors such to reduce Cameroon's trade deficit.

For three days, the forum featured two ministerial panel discussions, five thematic discussions, exhibitions, B2B meetings, networking and the investors gala night. 

The panels which consisted of experts from various actors in the business, economic and agricultural milieus who shared ideas on strategies needed to be able to render the key sectors attractive to investors. 

Going by the rapporteur of the forum, the objective of five thematic panels was to see how to substitute import through structure measures in view of increasing local production in rice, fish, maize, milk, palm oil sectors. 

Stakeholders evoke constraints hampering boom 

Exchanges and debates on these panels, saw the experts directing the principal constraints hampering the growth of these sectors as well as made key recommendations to that could ensure boom in the sectors. 

They cited challenges including unavailability of improved seedlings, fertile reserved areas for cultivation, expertise, adapted irrigation systems, lack funds for small producers, incapacity of transformation couple with the lack of technical expertise.

Local commercialization, they added, is hindered by preference for neighbouring markets, lack national will to invest in fish farming, limited human resources in the cultivation of oil palm, poor farm-to-market roads, poor accessibility amongst others. 

Key recommendations 

As recommendations, the panelists, agreed to increase accessibility, attractiveness to the farming sector. They insisted on government to make available land that will facilitate agricultural cultivation.

They were unanimous that expertise should be granted to water irrigation scheme which is necessary for the cultivation of rice and fish and maize. 

Panelists also asked on participants as well as the organisers not be to mediocre with their ambitions so that the vision to boost agricultural production which was the central theme of the 4th edition of CIF should just end at curbing importation but also increase local exports.

Stakeholders at the forum also advocated more partnership be reached between investments banks to finance projects of small producers. 

They also suggested the putting in place of a platform of interprofessional experts in order to harness ideas for the success of the vision to boost local production.

Panelists also cited other measures including: promoting the consumption of locally produced fish; technical support of actors in these sectors; putting in place of certified producers and ensuring the creation industrial plantation.

They also talked of the need to ameliorate institutional environment of microfinances for small producers, accelerate genetic improvement of animal species, modernised agriculture practice and development transformation structures. 

IPA boss impressed with quality of projects 

On the sideline of activities characterising the 4th edition of CIF was the "Investors Market" - a concept brought about by IPA and accorded by the Head of States in 2016 during the "Invest in Cameroon Land of Attractivity Economic forum". 

The platform has as aim to create an avenue of direct encounters between project bearers and technical partners. 

IPA this year had trusted the services of BG Finance, led by Ebe Evina a Financial Engineer and Investment Finance Consultant. 

The agency, Even Elvina told reporters, has received a total of 98 projects of which 22 were retained and six of them found partnership and financing by the end of CIF in Douala. 

It should be noted that, the projects were based on agriculture speculation. Those that have not been selected now constitute the data base of IPA selection. At least 600 billion FCFA is needed for their financing. 

Meanwhile, the amount needed for the shortlisted projects stands at 400 billion FCFA with just 75 billion FCFA so far accorded from promoters or financial institution. 

The Interim General Manager of IPA, Boma Donatus, lauded BG Finance, the agency charged with selection of the projects, for a job well done.  

"Allow me to congratulate BG Finance for the remarkable work prepared for more than six months. At the end of the 4th edition of the Cameroon Investment Forum, we can say that we are satisfied overall with regard to the quality of the projects selected, the quality of the presentations, the quality of the financial partners who took part in the work, the very popular thematic fairs, a very successful opening ceremony. This deserves applause…," Boma said.

Indian delegation to explore Cameroon’s attractiveness 

A delegation of Indian investors at the CIF, expressed interest to explore the rich potentials Cameroon places at their disposal in keen interest in the pharmaceutical, energy and ICT sectors. 

Meeting with IPA and partners during the Cameroon-Indian Business Day, the delegation led by Rakesh Panjabi, an Indian investor in Cameroon, shared experience on the attractiveness of Cameroon to foreign investors. 

The Indians see Cameroon with it's over 25 million population as a gateway market to Francophone Africa for profitable investment. One of them, Dr Reddy Karun Guar, Vice President of the Strategic Project Alliance, noted that they intend to bring resources and technology down to Africa and solve the issue of repeated medical evacuations to India. 

“Most of the patients who come to India for treatment are cancerous, about 50% of them. We want to bring this solution readily to the people down here and avoid them from travel expenses," Dr Reddy Karun said. 

The business meeting, resulted to both parties engaging to establish working partnership and connect with possible partners here in Cameroon.

The Board of Directors Chair of IPA, Dr Diana Acha-Morfaw, used the forum to portray Cameroon to investors as a wonderful place to invest in. She reminded the Indian partners that there are challenges but they should be prepared and bring project that benefit both Cameroon and India. 

With their level of advanced expertise, Cameroon can benefit from India especially in agriculture and pharmaceuticals.

IPA has agreed to create links with local partners while the investors can represent Cameroon in leasing and identify partners in India and other parts of Cameroon. IPA on the other hand will facilitate their investment at all levels in Cameroon

IPA it was said, is here to open the door, grant incentives, convey problems to government, make sure they have appropriate partners etc. The CIF 2024 organisers and participants have concluded to meet next year in Yaoundé for the 5th edition.