(Business in Cameroon) - The woodworking company Bois d’Or has just secured a tax and customs exemption agreement granted by the Cameroonian government. The deal, signed by the Small and Medium-sized Enterprises Promotion Agency (APME) on August 31, aligns with the import substitution policy aimed at bolstering local industries.

Expressing his appreciation, Martin Otélé, the CEO of Bois d'Or, noted that it comes at an opportune moment, as it will significantly reduce the investment required for importing equipment. "We import a lot of machinery as part of our business, and paying VAT and customs duties on these machines is budget-consuming,” he said. Other tax and duty exemptions, from 5 to 10 years, are also granted for the setup and production phases of businesses.

Jean Marie Louis Badga, MD of APME, explained that the import substitution policy aims to reduce imports of products that can be manufactured locally. In line with this, the President's circular for the 2023 state budget preparation prioritized locally made furniture in public procurement. Currently, most of the furniture is still acquired from the external market.

Similarly, Central African Economic and Monetary Community (CEMAC) countries, including Cameroon, Gabon, Chad, CAR, Congo, and Equatorial Guinea, are gearing up to ban the export of raw logs. This move is intended to boost local processing within their respective sectors.