Donatus Boma, Deputy General Manager, Investment Promotion Agency, talks on the state of affairs.

What has been achieved in the promotion of private investment in Cameroon following the 2013 Law on Private Incentives?

It has been very successful since 2013 when the law on incentives for private investments became functional. As of now, 74 companies have been approved under the law with total investments worth about 1,020,000,000,000 FCFA and 32,717 projected jobs to be created within a period of 10-15 years. The most recent conventions were signed on Monday the August 1, 2016 with 7 new companies approved under the law.

What has been the feedback from investors since you started awareness campaigns in the regions?

We have so far had very positive feedback after our sensitization campaign in the West Region, with the increase in local companies requesting approval under this law coming from the West Region. We are still evaluating the assessment files and we expect many more since the investors from this Region are now aware of what the law on incentives for private investments is all about.

What do you expect from private investors in the North West Region where your teams will sojourn in the days ahead?

We expect the private investors in the North West Region to participate massively in the seminar because this is a big opportunity for them to understand the benefits this law offers to their investment projects. We equally expect to start receiving applications for incentives from the North West Region because amongst the companies already approved under the law, none is from the North West Region.

How soon should we expect to have a review of the 2013 Law on Private Incentives, given the needs expressed during the recent Yaounde International Economic Conference?

Reviewing the 2013 Law on Private Investment Incentives in Cameroon is not the IPA’s decision and there is actually no urgency to review the law. The law as of now is working very well with the increase in application for incentives by private investors in Cameroon. What is needed at this level is better coordination between the various stakeholders in charge of apply this law.

How much has been achieved in the putting in place of a working group for the evaluation and sensitization of local investors?

The creation of a working group in every region by the IPA and the Provincial Delegates in charge of investments is still at the evaluation phase. We work with the Delegates following the questionnaires put at their disposal, with which we will be able to evaluate and to know what to do next from the responses we will get after a period of time. So far, we have noticed a positive response because we have been receiving some files from the West Region.