Cameroon Prepares Investment Incentives
By Emmanuel KENDEMEH, Cameroon Tribune du 07/02/2013
A draft bill on investment incentives was examined yesterday at the Star Building.
The government of Cameroon is preparing investment incentives to
attract both foreign and local investors and maintain them to grow and
create wealth and jobs. The Regulation and Competitiveness Board meeting
yesterday, February 7 chaired by Prime Minister, Head of Government,
Philemon Yang during its first session for 2013, examined the draft bill
on the incentives that will eventually be forwarded to the National
Assembly for consideration.
Talking to the press after the in-camera session, the Secretary of
State in the Ministry of Mines, Industry and Technological Development,
Fuh Calistus Gentry, said the draft bill is about making the business
environment in Cameroon attractive to both foreign and local investors
with focus on customs duties, taxes, land issues and all what is
required for an industry to establish.
He said government was through the incentives developing a spirit
where local investors should link up with their foreign counterparts to
create entities that can benefit from infrastructure. He added that with
a minimum investment of about FCFA 500 million, investors could benefit
from the facilities. One of the key innovations, Fuh Calistus said, was
the creation of one-stop shops at airports where all issues related to
investments could be handled without the hurdles of moving from one
ministry to another.
The Permanent Secretary of the Regulation and Competitiveness Board,
Akom Mvondo Moise, spoke of general and specific incentives that are
applicable to priority sectors. The advantage of the bill is that
people will have expedient access to land, customs duties and tax
exoneration to enable investors set up companies and in return create
wealth and jobs.
The President of the Cameroon’s Bankers Association, Mathieu Mandeng
re-echoed the importance of the draft bill, stating that it will
strengthen the Public and Private Sector Partnership in jointly
attracting investors to Cameroon.
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