World Report

Privatisation and macroeconomic reforms have contributed to a favourable environment for foreign investment

Public-private partnerships are required to increase regional competitiveness

resident Biya’s administration has undertaken extensive efforts to encourage the promotion of the private sector throughout the last decade and welcomes new foreign investment. Cameroon’s longstanding political stability, as well as the macroeconomic reforms it has been carrying out since 1996, have both contributed to a stable and promising environment for investors. The country’s prominent position in the Central African Economic and Monetary Community, its access to the sea and recent improvements in transport infrastructure have given new life to local companies and should contribute to an increase in FDI, which is already on the rise due to extensive privatisation in the country.

A national industrial strategy has been created with the aim of fortifying the private sector and increasing Cameroon’s regional competitiveness. Minister of Commercial and Industrial Development, Mr. Bello Bouba Maigari, elaborates, “We are aiming for seven percent growth in industrial development and this calls not only for increased public and private sector activity and new financial, but also for an integrated strategy to improve the coordination of business activity and to improve the use of resources.”

To encourage FDI, President Biya’s administration adopted a new Investment Charter in 2002 that comes into effect this year, and has also been working to strengthen transparency and good governance. The first stage of its good governance programme was implemented in May 2001. Minister of Communication Jacques Fame Ndongo comments, “The strategies of the programme aim essentially at supporting growth and long lasting development, promoting partnerships between the state, the private sector and civil society, strengthening the judicial system and enhancing transparency of the state.”