In an increasingly interconnected global economy, collaboration among business organizations is essential for fostering growth and innovation. Today marks a significant milestone as the American Chamber of Commerce, the European Chamber of Commerce, and the UK Cameroon Chamber of Commerce come together to sign a Memorandum of Understanding (MOU). This Memorandum of Understanding bringing together the European, American and UK Chambers of Commerce enables the three business entities to cooperate in sectors of mutual interest through sustainability, resource sharing and networking .
This MOU aims to facilitate trade, investment opportunities, and knowledge sharing among the chambers. By formalizing their partnership, they seek to leverage their networks to support businesses in their respective regions, fostering economic growth and cooperation.
“A strong partnership between economic actors was essential to address common challenges, strengthen business opportunities, and improve the competitiveness of business activities. Cameroon, with its strategic position in Central Africa , its immense economic potential, deserves a dynamic, inclusive and competitive business framework,” said Yanis Arnopoulos, President of the European Chamber of Commerce in Cameroon.
This initiative, which comes at a time when the World Bank is working on the modalities of new support for the Cameroon Business Forum, a body responsible for public-private dialogue in the country, served as a pretext for the signatories of the MoU to launch an appeal to all consular chambers and employers’ organizations in Cameroon to join the movement, in order to “speak with one voice”. The objective, according to Yanis Arnopoulos, is to be a partner of choice for the government and international institutions for the implementation of favorable reforms. “The government is working to re-establish the Cameroon Business Forum and our association of chambers of commerce wants to support this initiative so that we can restore Cameroon to its former glory, so that it becomes a destination that attracts investors…”, he said.
Furthermore, Laure Djoukam, President of the American Chamber of Commerce in Cameroon, said that this collaboration contract aims to contribute to “the attractiveness of the business environment in Cameroon.” “We work together to share best practices, pool our resources, and strengthen the capacities of our members. We are committed to joint advocacy to improve transparency, legal security, and the infrastructure necessary for businesses to flourish. We will develop joint projects that will encourage innovation and sustainability,” she said.
This collaboration not only unlocks new markets for businesses but also cultivates innovation and enhances competitiveness, empowering member companies to excel in an increasingly globalized economic landscape. With this partnership, the American Chamber of Commerce, the European Chamber of Commerce, and the UK Cameroon Chamber of Commerce are extending an open invitation for other chambers to join their collaborative initiative
Dr Elias Pungong Chairman of the UK Cameroon Chamber of Commerce is inviting all other Chambers including GECAM to join the initiative . He believes that “Together we are stronger. We are going to work on issues like Tax and Land reforms, foreign exchange regulations and good governance.”
It should be noted that in 2023, Cameroon’s economic growth slowed to 3.3% from 3.6% in 2022, according to the World Bank. This situation affected all sectors of the economy due to lower-than-expected public investments, rising prices, and persistent internal conflicts. Inflation rose from 6.3% in 2022 to 7.4% in 2023, driven by rising food prices and transport costs. To turn the tide, the government must work to ensure an economic environment that attracts investors, supports entrepreneurs, and creates sustainable jobs.
