To promote UK trade investments in Cameroon: UK-Cameroon Chamber of Commerce launches business guide.

The UKCC Board Chair, Dr Elias Pungong, presented the business guide as “an important comprehensive document with information on how to do business in Cameroon”. 

It touches every sector from taxation, customs, population strength, the investors promotion agency, the judiciary amongst others relevant ideas in the guide.

As a chamber of commerce, the goal of the organisation is to promote UK trade and investments in Cameroon. 

However, the guide has not been isolated to UK trade and investments but anybody who wants to invest in Cameroon. 

“If you read the guide, you will understand that it’s important to know about what you need to do to invest and to promote investments in Cameroon,” Dr Pungong said.

The Board Chair emphasised the leading role the investment promotion partner of the British High Commission in Cameroon plays in fostering trade ties between the two nations. 

“We are dedicated to facilitating business between Cameroon and the United Kingdom. We work closely with the UK High Commission to Cameroon to promote trade and investment in Cameroon,” he said 

The UK, he noted, considers Cameroon a priority partner. This is evidenced by the over one-billion-pound quota allocated for trade finance support from the UK Export Finance, of which only a small fraction has been utilised thus far.

In addition to the above-mentioned financial support, the tariff free Economic Partnership Agreement between the UK and Cameroon, further underscores the importance of the bilateral economic relations. 

Since 2010, the UK has been actively involved in major infrastructure investments in Cameroon, reflecting strong commitment to the country's growth and progress.

It should be noted that, trade in goods and services between the UK and Cameroon is currently valued at £911 million. 

The UK stands as one of the principal investors in Cameroon, presenting abundant opportunities across various sectors such as infrastructure, renewable energy, natural resources, and tourism. 

With the Economic partnership agreement between the UK and Cameroon in full force, prospects for improvement are high

Dr Elias Pungong, described the nation as a promising ground for investment and invited investors make use of the opportunities offered.

“Cameroon aims to transition from a potential productive country to an industrialised nation, offering substantial opportunities for investment and trade from the UK across diverse sectors such as education, agriculture, water, retail, and more,” the UKCC Board Chairman detailed.

He furthered: “Cameroon is a promising ground for mutually beneficial partnerships and collaborations. We invite you to explore the major of opportunities that Cameroon offers and to join us in contributing to its economic development and prosperity”. 

UK High Commissioner says optimistic about Cameroon’s potential 

On his part, the UK High commissioner to Cameroon, His Excellency Barry Lowen said it was a pleasure for him to have been invited to the meeting. 

He said the partnership between the country he represents and Cameroon is on a good footing and good for the livelihood for people in Cameroon and the UK. 

“It’s a modern partnership, it will continue to develop and I’m very optimistic about Cameroon’s potential to continue to develop. I’m looking forward improve growth in our business partnership. Cameroon has well educated population, wealth of natural resources, and most of all a young vibrant community of young entrepreneurs. This year at PROMOTE in Yaounde, we supported 200 women entrepreneurs and I’m optimistic to see the realisation of those potentials,” the diplomat said.

Cameroon’s potentials in nutshell 

The country’s membership in regional economic communities like the Economic and Monetary Community of Central Africa, CEMAC, and the Economic Community of Central African States, CEEAC, grants Cameroon access to a market of over 300 million consumers, including neighbouring Nigeria, the Democratic Republic of Congo and Sudan. 

Cameroon’s commitment to coming an emerging economy by 2035 underscores its potential for growth and development.

Despite the challenges inherent in many business environments, including infrastructure gaps and socioeconomic challenges, H.E Barry Lowen reiterated, the British High Commission and organisations like the UK Chamber of Comimerce are dedicated to providing assistance and guidance to businesses navigating the Cameroonian market. 

This story was first published in The Guardian Post issue No:3152 of Friday June 28, 2024