(Business in Cameroon) - On September 9, 2014, Cameroon Minister of Mining, Industry and Technological Developmen, Emmanuel Bondé (photo), signed investment agreements with 13 local and international companies for a total of 180 billion FCFA.
These companies from sectors ranging from agro-foods to metallurgy, affordable housing and mining, with investments projected to create around 3,000 new jobs, are the first to benefit from the April 18, 2013 law on the promotion of private investment in Cameroon.
Intended to encourage private sector investment, this legislation uses a single approval system through which it grants tax, customs, financial and administrative advantages to companies in start-up or operational phases in order to help the country meet its priority targets. From start-up phase, these incentives remain for a period of 5 to 10 years, depending on the case.
Generally speaking, companies that meet specific criteria are eligible to benefit from the incentives outlined in the April 18, 2013 law, in which article 4 indicates “permanent job creation for Cameroonians at a rate of one per category ranging from five million FCFA to twenty-five million FCFA in programmed investments according to the case; an annual export rate of 10 to 25% of gross sales, the use of natural national resources at a rate of 10 to 25% of the value of inputs; and the contribution of added value at a rate of 10 to 30% of gross sales.