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Cameroon Investment Forum; Business leaders call for reforms to stimulate import-substitution

The Cameroon Investment Forum (CIF) 2024, orchestrated by the API in Douala, highlights the import-substitution policy, targeting key sectors such as rice, corn, fish, milk and oil. webbed. Initiated in 2021, this strategy aims to boost local production. Private actors, during this gathering, expressed their concerns, particularly on land challenges and agricultural financing, essential for the success of this policy.

Célestin Tawamba, head of Gecam, points out the land insecurity which slows down agriculture, while Leonel Kungaba Fongoh of Global Corporation Group pleads for easier access to land, suggesting partnerships between foreign and local investors. The Ministry of Domains and Land Affairs insists on knowledge of land regulations, crucial for investors.

Gwendoline Abunaw of Ecobank Cameroon and Apeccam invite the private sector to explore bank financing solutions. Dr Simon François Yonga Bakalag highlights the importance of meeting market standards to ensure the marketing of local products. “For import-substitution to be successful, our products must imperatively meet the standards dictated by the market, which is the real barometer for structuring an effective value chain,” he declared.

The CIF 2024 revealed striking figures on imports, pushing representatives of the private sector to demand reforms to achieve import substitution and strengthen the national economy. In response to these concerns, CIF 2024 has been a platform for policymakers and investors to dialogue and seek concrete solutions. The objective is to transform these challenges into opportunities for growth and sustainable development for Cameroon, relying on an effective and well-planned import-substitution policy.