The expansion of the private sector is a powerful engine for economic growth in developing countries, and the main source of job creation. In the case of Cameroon there’s little doubt that private enterprise is a vital driving force, yet both public and private sectors need to work in tandem. So, the government and private companies are creating public-private partnerships (PPPs) to finance large infrastructure projects, and strengthen smaller businesses, which often suffer from a lack of funding.
Luc Magloire Mbarga Atangana, the Minster of Trade in Cameroon, is well aware of the importance of PPPs and is guiding his ministry’s contribution to socio-economic development by delivering competitive, quality-based, customer focused services.
“I want to first of all say that Cameroon is a liberal country; it is a liberal economy where every private initiative has its place – the first place. The role of the government is just one of support, regulation and facilitation,” said Mr Atangana.
“So really the keys are in the hands of the private sector, of private initiatives, and the State helps them through investment charters. Specialists agree that it is an extremely modern charter, in the sense that it guarantees the free practice of activities, the free repatriation of profits and, at the same time, it ensures the protection of investments. This is the global framework in which the economy of Cameroon is evolving.”
Like every emerging economy Foreign Direct Investment is essential to economic growth and the Ministry of Trade is constantly working to attract investors to Cameroon.
“We do much the same as everyone else today, through our website which works as a showcase for Cameroon,” said Mr Atangana. “We communicate through the website, and we also communicate a lot through our diplomatic representatives across the world.”
Mr Atangana urges investors to have “faith in Cameroon, faith in the stability of institutions in Cameroon which make investing in Cameroon, without playing with words … a good risk”.
“Cameroon is the best place to invest, and, as the British say and taking into account the development of regional policies, Cameroon is the “gateway”, a “one stop” into Central Africa.”
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