Stimulating national dev’t, job creation: IPA facilitates over 6,960 billion FCFA-worth investment projects.

The amount, IPA officials have disclosed, has been brought into the national economy, thanks to 396 conventions, sealed with foreign investors.

The investment projects, which reflect the growing interest of investors in the country, are aimed at boosting growth, development and improving the living conditions of compatriots. 

The projects, IPA officials have further disclosed, are projected to create 159,000 jobs for citizens. 

The impressive achievements of the State agency, among others, were unveiled by the Director of Investment Promotion at the Investment Promotion Agency, Emmanuel Ako Tamumgang.

The IPA official made the disclosure during the third edition of the Economic Actors and Local Development Fair, known by its French acronym, SAEDEL.

The fair held in the seaside resort city of Kribi in Ocean Division of the South Region from October 21 to 26. 

Held under the theme: “State, decentralised local authorities, private sector and local development”, the SAEDEL fair brought together decision-makers, elected officials and business leaders.   

Participating at the fair as a special guest, the IPA seized the opportunity to present its central role in the economic transformation of Cameroon's local communities and regions. 

Tamumgang’s presentation at one of SAEDEL conferences was anchored on the theme: “The Investment Promotion Agency at the service of local development”. 

The IPA official used the gathering to emphasise the extent of the agency’s involvement in local development processes in the country. 

“IPA is involved at almost every level of local development, whether in wealth sharing, capacity building for young people, or infrastructure development,” Tamumgang asserted. 

He noted that the IPA, aside playing a strategic territorial marketing role, promotes the country’s image overseas and state policies. 

Tamumgang said it is thanks to this approach that products such as Penja pepper and Cameroon tea have achieved international recognition, boosting the reputation of the regions that produce them and attracting more investments.

IPA creating local opportunities 

The Investment Promotion Director at IPA also used the gathering to emphasise the agency’s impact on the creation of local opportunities. 

Citing the case of Kribi, Tamumgang said companies in the cement and agro-industrial sectors have set up units, providing jobs for young people and promoting the transfer of skills and technologies. 

He sounded upbeat that “these young people can then set up their own businesses or contribute to the development of local sectors, making their areas a benchmark at national and international level”. 

MoU between PAK, API

Tamumgang told business leaders that at the last Cameroon Investment Forum in Douala, IPA signed a Memorandum of Understanding, MoU, with the Kribi Deep Seaport to promote its economic zone. 

He said the major impact the mega-structure is having on the region's development are visible. 

“Through the Port of Kribi and its partner, IPA, this type of infrastructure makes a concrete contribution to the vision of the Head of State. Through this partnership, IPA is seeking to attract more companies to the port to develop this economic zone,” he said. 

Tamumgang explained that “as the zone develops, wealth is generated, infrastructure is built, young people find jobs, and a variety of businesses are established, strengthening the local economy”.

Linking investors & local SMEs, producers 

He said IPA also strives to link investors with local Small and Medium-sized Enterprises, SMEs, and producers, guaranteeing a fair share of the wealth. 

Tamumgang told his hearers that IPA also plays a key role in growth of infrastructures through investments it facilitates into the country. 

He mentioned investments in roads, hotels and logistics, which, he said, contribute to the economic dynamism of the country, beefing their assets to attract tourists and businesses. 

“IPA is present throughout Cameroon, signing strategic partnerships with public and private entities to develop local communities,” Tamumgang said. 

IPA strengthening proximity to investors, communities

The Investment Promotion Director at IPA encouraged local business leaders to get in touch with the agency. This, he said, will overcome the lack of communication between the agency and certain regions.  

To also strengthen its proximity to investors and communities, IPA, he added, is continuing to expand its network of representatives across the country. 

Already well established in Douala, after its head office in Yaaounde, the official said IPA plans to open new offices in Limbe, Garoua and Bafoussam. 

This strengthened presence, he added, will enable the agency to respond more reactively to local requests and directly support development projects at regional level, subject to available resources.

“We need to break down the prism of information symmetry that exists first and foremost in our economy, because it's important for these structures. IPA is still a very young structure, and we don't yet have the resources to support all the municipalities or to communicate widely on our activities, so that all the municipalities and regions are aware of them,” he explained. 

IPA mapping economic potential of each region

He said it is on this that IPA is working on mapping the economic potential of each region, in order to better direct investors towards areas based on their specific assets. 

The initiative, Tamumgang said, would help reduce rural exodus, by offering young people opportunities in their own localities.

He also harped on IPA’s crucial role in the decentralisation process, especially with the 2019 Decentralisation Code, which enables municipalities to now set up public enterprises or establishments. 

“This decentralisation process is ongoing, and IPA is actively supporting communities to strengthen their autonomy and contribution to national development,” Tamumgang stated. 

This article was first published in The Guardian Post Edition No:3282 of Wednesday November 06, 2024