US commits to empowering young entrepreneurs to leverage potentials.

The commitment was made known during the launch of the Economic Partnership Summit in Yaounde October 15. The summit was sponsored the US Agency for International Development, USAID. 

It was launched by the Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey. 

The hybrid event which brought together some leaders from both public and private sectors in Cameroon, was aimed at discussing ways of enhancing cooperation, identifying industry opportunities, and recognising the role of youth in driving innovation.

In his remark, the US Ambassador to Cameroon, H.E Christopher J. Lamora, reiterated the commitment of his country’s government to strengthening the capacities of young entrepreneurs in Cameroon to be able to leverage their full potentials. 

The US diplomat highlighted that Cameroon’s greatest resource is its people, especially the youth. For the past two and a half years of the stay in the country, the US Ambassador said he has been fortunate to meet hundreds of young Cameroonians, who show remarkable resilience and potential in entrepreneurship.  

“Despite challenges like limited access to capital, high start-up costs, and a sometimes - difficult business environment, many are finding ways to start their own businesses. Small and medium enterprises are vital to Cameroon’s economy, and young people are making significant contributions to this sector,” he said.

In spite of these, the diplomate pointed that youth business ownership remains lower than that of the general population, even while youth are Cameroon’s largest and fastest-growing demographic. 

“It’s estimated that young people as defined as those below the age of 35 own only 20-25% of businesses in Cameroon, despite making up 60% of the population,” he said. 

Ambassador Lamora emphasised that this disparity is mainly due to barriers like limited access to finance, inadequate business training, and a lack of mentorship opportunities.

“Policies that improve access to credit, offer mentorship and training, and reduce corruption and bureaucratic barriers to starting and scaling businesses can unlock the full potential of young entrepreneurs,” he stressed.

Economic challenges

According to the Ambassador, Cameroon just like the United States have faced significant economic challenges, including the COVID-19 pandemic, fluctuating global energy prices, and inflationary pressures in recent years. 

For the case of Cameroon, Ambassador Lamora mentioned that security issues in some parts of the country have created additional uncertainty and despite of these obstacles to growth, Cameroon’s economy just as the US, have demonstrated resilience. 

“We all recognise Cameroon’s strong potential for future growth, and the United States is eager to be a part of that success,” he said.

He mentioned that the US aims to explore ways to strengthen cooperation with Cameroon to advance prosperity in both countries.  

Priorities in bilateral cooperation

The US Ambassador mentioned that his country has consistently demonstrated its commitment to Cameroonian prosperity by investing millions of dollars annually to support the country’s development, security, and economic growth. 

“Our key priorities in Cameroon include improving cooperation on health, security, and the environment; promoting mutually beneficial trade and investment; and providing humanitarian aid in line with our shared values,” he stated.

Achievement in cooperation

Citing some achievements of the cooperation, he said in the area of health, the US has invested over $650 million to fight malaria, HIV/AIDS, and tuberculosis across Cameroon, as well as supporting the accreditation of five laboratories and an internationally certified blood bank. 

“Nearly 4,000 Peace Corps volunteers have served here since 1962, contributing to agriculture, health, education, and economic development,” he stated, before adding that: “Since 2014, we have been the largest bilateral humanitarian donor, providing emergency food aid to over 1.4 million people.  And all these efforts continue to today”.

With regards to environmental cooperation, he mentioned that the US government has enhanced efforts to combat wildlife trafficking and helped design a National Forest Monitoring System. 

Cameroon has benefited in the cooperation through the facilitation of over 3,000 participants in exchange programmes like Fulbright and the Mandela Washington Fellowship.

“There is still more we can do together to improve the business climate, which will help attract even greater investment from American companies.  The Embassy has been consistently engaged to support and encourage Cameroonian efforts to meet the criteria for a return to African Growth and Opportunity Act (AGO) eligibility, including with respect to human rights,” he elucidated.  

He further expressed optimism of both countries working together to create an environment where every young person has the opportunity to contribute to and benefit from their country’s development.

This story was first published in The Guardian Post Edition No:3263 of Friday October 18, 2024