IPA to unveil investment opportunities at Yaounde Islamic cooperation summit.

The forum, dubbed Economic and Investment Forum ICDT Invest Days 2024, is jointly organised by the IPA, in collaboration with the Islamic Centre for Development of Trade, ICDT.

The investment forum, to run from September 24 to 25, will be organised on the sidelines of the 50th Session of the Council of Foreign Ministers of the Organisation of Islamic Cooperation, OIC.

The 4th edition of the forum has been placed under the theme: “Investing in Cameroon, a land of attractiveness”.

During a press declaration in Yaounde on Wednesday, the Interim General Manager of IPA, Boma Donatus, explained that the high-level meeting will bring together investors, economic actors, policy makers and innovators from OIC member states across the world.

“It will serve as a platform for promoting and developing investment between OIC member states. It aims to highlight investment opportunities in Cameroon and strengthen economic relations between our country and the 56 other OIC member countries,” Boma said.

He pointed out that Cameroon is hosting the fourth edition of the investment forum, after it previously held in Dakar, Senegal; Nouakchott, Mauritania and Banjul, Gambia.

According to Boma, the forum offers Cameroon the unique opportunity to consolidate its leadership as the economic powerhouse of the countries in the Gulf of Guinea.

Choice of the theme

Boma explained that the chosen theme is in line with the economic vision of the President of the Republic, Paul Biya, to build a more solid economy based on competitive local industries capable of transforming resources in order to satisfy endogenous needs and export products in large quantities.

Over 500 investors to attend forum

Going by the IPA boss, the two-day forum will pull together over 500 investors from Cameroon and other OIC member countries.

He noted that it will be marked by a solemn opening ceremony, a ministerial panel, a discussion panel of financial institutions, business meetings, exhibition of Made in Cameroon products, awards ceremony, business dinners, signing of MoUs amongst others. 

“Exchanges during the win-win event will explore investment opportunities in sectors such as agriculture, livestock, digital industry, health, renewable energy, transport infrastructure, and mining, all of which the Cameroonian government has prioritised,” the IPA boss explained. 

Boma also briefed the press that the forum has been designed to achieve several important results, including raising awareness of investment opportunities in Cameroon and highlighting the various prospects available. 

“It also aims to encourage and facilitate the finalisation of investment commitments for multiple projects, defend and promote investments in intra-OIC value chains, and highlight potential benefits and opportunities,” he stressed.

Indian investors on prospecting mission to Cameroon

Prior to the Economic and Investment Forum ICDT Invest Days Forum, Boma announced that IPA will also be receiving a delegation of Indian investors on prospecting mission to Cameroon.

The visit to Cameroon will run from September 19 to 21 in Yaounde. Among other planned activities, he said, a Cameroon-India economic meeting has been scheduled for Saturday September 21, at the Star Land Hotel in Yaounde.

“This meeting will also provide an ideal opportunity for Cameroonian economic operators and project promoters to engage in discussions with Indian investors to forge multifaceted partnerships,” Boma disclosed.  

He then urged economic operators involved in the agro-industry, health, energy, construction and public works, industry, ICT, telecommunications, education, and trade sectors to seize the opportunity and contact the IPA to confirm their participation. 

It is worth noting that the first prospecting mission comes after IPA’s participation in the 19th conclave of the Confederation of Indian Industries on the India-Africa partnership held last August in New Delhi, India.

During the said forum, more than 50 Indian investors expressed their interest in expanding their activities in Cameroon.

Context of forum 

According to ICDT data, published in May 2023, the net volume of intra-OIC trade reached 436.57 billion US dollars in 2022, as against 367.88 billion US dollars in 2021, representing an increase of 18.67%. 

Also, the share of intra-OIC trade in the overall external trade of Member States slightly increased by 1.22%, rising from 19.03% in 2021 to 19.26% in 2022. The same report shows a fall of 1.6% in the flow of Foreign Direct Investment to OIC countries, reaching 137.8 billion US dollars in 2021, against 135.7 billion US dollars in 2022. 

These figures, according to experts, show the immense potential of intra-OIC trade and investment, prompting members to strengthen their economic relations.

This article was first published in The Guardian Post issue N0:3235 of Friday September 20, 2024