OPINION:
The American Chamber of Commerce in Cameroon (AmChamCam) is the leading organization that aims at fostering trade and investment between the USA and Cameroon, pursuing policy initiatives, and providing valuable advocacy, networking opportunities, and business support. Through the chamber’s facilitation and other groundwork, some of the world’s top franchisors are currently present in the Cameroon market and operational: Best Western Hotel, Pizza Hut, Cold Stone Creamery, and more is in the pipeline. “Lately, we have closely collaborated with the government in formulating sound improvements that were adopted at 90% in the finance law 2022, to the mutual satisfaction of tax authorities and the business community” said Laure Djoukam, the President of AmChamCam. “We have also conducted several inbound and outbound trade missions to facilitate private companies’ negotiations and bilateral investments” she added.
The overall U.S. Cameroon trade volume went up 34% from US $491 million in 2019 to US $658 million in 2020, however, in 2021 Total trade amount decreased considerably. Factors related to COVID 19 may have played a role, but there are opportunities for trade growth, especially in the food sector where the crisis in Ukraine is creating a food deficit estimated at more than 11 billion in the whole continent” explained Djoukam.
“The AFCFTA however, is set to be a game changer for economic attractiveness of the region as it offers an integrated market opportunity of US $1.3 billion, with a combined GDP of US $2.5 trillion, provided African governments can take advantage by spurring an enabling business environment” said Djoukam. “In Cameroon both public and private leaders are strategically addressing issues related to infrastructure development, good governance, and policy reforms aimed at improving investment climate” Djoukam highlighted.
“Despite internal unrest in some areas of the country, the economy has demonstrated resilience with GDP growth forecasted at 3.6% for 2021 and improving to 4.2% in 2022. The successful conduct of the Euro Bond Refinancing and conclusion of a three-year Extended Credit Facility (ECF) program in 2021, evidenced investors’ confidence in the positive economic trajectory of the countryCameroon is a land with wealth of opportunities and is definitely open for business. We, as Amcham Cameroon, are committed to promoting a peaceful and enabling business environment for U.S. and other international investors” she concluded.
• Contact Ed@amchamcam.org
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