Political stability as guarantor for investorsAmong the countries of central African economic and monetary union CEMAC, Cameroon is the economically strongest. The German business circle in Cameroon rates the current economic situation in Cameroon as propitious. Comprehensive infrastructure and innovation projects are continuously pushed forward offering growing opportunities for German companies.
Especially investments in the energy sector are planned. They should help to overcome the bottlenecks in the energy sector that have a strong influence on the industrial sector. Already in December 2005, the Government started a national energy plan for the period from 2006 till 2016. With an investment volume of 232 Mio. US$, the power production and distribution is to be improved. Highest priority has the construction of the reservoir dam Lom-Pangar in the eastern province. Experts expect an additional increase of Cameroonian imports for the next years. Reasons here fore are the growing demand for infrastructural projects as well as for investments in the oil and mining industry.
Measures to support foreign investmentTo fight the global economic and financial crisis, the Government issued a program that is to be proved by an interdepartmental committee. If it possible to invest heavily in waterpower, port facilities, and road construction, Cameroon will be able to generate income of natural resources such as bauxite, iron ore, cobalt, and diamonds. Furthermore, petroleum, natural gas, and tropical timber will remain the richness of Cameroon for an unforeseeable time.
In January 2009, the EU and Cameroon signed a bilateral economic partner agreement (EPA). Within the next 15 years, Cameroon shall put 80% of their imports form the EU custom-free. In return, the market access for Cameroonian products in the EU will improve. The EU continuously supports Cameroon in improving the productivity and competitiveness of its industries.
Cameroon counts as the most politically stable country in the region. The presidential election took place in 2004. President Paul Biya confirmed for another 7 years with an overwhelming majority. Premier minister Ephraim Inoni presented a plan for the next 25 years, called “Vision 2035”, for the Cameroonian development. With this plan, Cameroon ends a unplanned period of time characterized by below-average growth rate and failings in the battle against poverty. The present plan ranging over one generation could be a milestone for Cameroon growing to a country with growth and prosperity.
The determined goal is to be count as one of the emerging countries by 2035. To reach this goal Cameroon will adjust its politics to reach two digit growth rates, stated the Cameroonian secretary of commerce. This target also counts for the growth and employment strategy of the international community, which will have to be aligned according to the “Vision 2035”. Among other things the plan provides that the earnings per capita increase immediately from 983 US$ today to 3.800 US$ by 2035, by 2017 realize double-digit growth rates, the amount of investments rises from 17,4% to 30% by 2025 and to bring down the population growth from 2,8% to 2,0%. The Cameroonian government is one of the first Governments of the African continent, grasping the measures for the support of foreign investments.
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