As the name implies, the Agency for the Promotion of Investments is an institution of promotion and facilitation of investments. The API will play a role in the orientation of investors, be they foreign or national, in the implementation of investment projects. The API is tasked with collecting information relative to opportunities of investment in Cameroon and diffusing them to the business community. The API should therefore promote an improved image of Cameroon to attract foreign direct investment.
Mrs. Angeline Minja, General Manager of the API along with Deputy General Manager Boma Donatus presented on the objectives as well as the roles and responsibilities of this new program. The principal theme of the luncheon was the structure and the grants and incentives the API has to offer to foreign investors among which:
- The various property assistance/site and infrastructure provisions available
- Training and labor market assistance the API offers to foreign investors:
- Guarantees, low interest rate loans or equity finance offers to foreign investors: Exemptions from regulations (such as licenses or foreign exchange restrictions)
- The list of sectors API is actively targeting at this moment
- A hypothetical case of a new investor getting into Cameroon and requesting the assistance of the API.
At the close of the meeting, audience member Mathieu Mandeng of Standard Chartered Bank implored Mrs. Minja to ensure practical yet quantifiable measures be put in place that reduce inefficiencies in business transactions. Josh Osih CEO of Camport inquired as to the incentives for local operators in this economy who have not benefitted from such incentives. Deputy general Manager Boma Donatus responded with optimism but could not cite specific forthcoming incentives.
by Charmian Penda