Industrial Transformation: Seven Per cent Growth Rate Recommended

By Emmanuel KENDEMEH, Cameroon Tribune, 12-02-2014

Prime Minister Philemon Yang on Wednesday February 12, 201 discussed with the Executive Secretary of the Economic Commission for Africa.

The UN Under-Secretary-General  and Executive Secretary of the Economic Commission for Africa, Carlos Lopes  says Cameroon must attain a seven per cent economic growth rate  for its industrial transformation contained in the 2035 vision document to become a reality.

He had discussions with the Prime Minister, Philemon Yang at the Star Building yesterday, February 12, 2014 as part of his four-day working visit to Cameroon. Before the audience at the Star Building, he had discussions with the Minister Delegate at the Ministry of External Relations in charge of Relations with the Commonwealth, Joseph Dion Ngute.

Talking to reporters after the in-camera discussions, Carlos Lopes said Cameroon needs to step up efforts to improve its economic growth rate which is currently around five per cent. He recommended the mastery of the oil production sector right to the level of prices, creation of incentives and the availability of energy for industrial transformation to fully gain grounds in Cameroon. The UN senior official disclosed that studies have indicated that a threshold of seven per cent in economic growth is necessary for the industrial transformation process, stating that Cameroon needs to take advantage of diverse resources. The audience between Philemon Yang and Carlos Lopes was also an occasion for the Economic Commission for Africa boss to point out the pitfalls that have impeded industrial transformation in Cameroon.

Cameroon, Carlos Lopes said, was an important player for the Economic Commission for Africa, considering that its Sub-regional Office for Central Africa is in Yaounde. The Commission has the mission to support the economic and social development of member States, encourage regional integration and promote international cooperation for the development of Africa.