Presentation on theme: "1 THE INVESTMENT PROMOTION AGENCY - CAMEROON PRESENTS: THE INSTITUTIONAL FRAMEWORK FOR INVESTMENT THE INSTITUTIONAL FRAMEWORK FOR INVESTMENT PROMOTION."— Presentation transcript:
1 THE INVESTMENT PROMOTION AGENCY - CAMEROON PRESENTS: THE INSTITUTIONAL FRAMEWORK FOR INVESTMENT THE INSTITUTIONAL FRAMEWORK FOR INVESTMENT PROMOTION AND FACILITATION IN CAMEROON AND INCENTIVES OFFERED TO INVESTORS. UK-CAMEROON Trade & Investment Forum 7 - 9th of May 2014 Delivered by: Mr. Boma Donatus Deputy General Manager Investment Promotion Agency - Cameroon H.E Paul Biya President H.E Philemon Yang Prime Minister
2 THE INVESTMENT PROMOTION AGENCY (I.P.A) IS : Para-statal Establishment with financial autonomy and legal personality. Date of creation:1 st Septembre 2005 Date of Comissioning: 22 nd January 2010 Technical Supervisory Ministry: Ministry of Mines, Industry and Technological Development Financial Supervisory Ministry: Ministry of Finance, Organisation: Board of Directors composed of private / public and civil society personalities. Management : - General Manager - Deputy General Manager. WHO WE ARE Headquarters: Yaounde Regional Office: Douala
3 INVESTMENT FACILITATION & SUPPORT DATA BANK OF INVESTMENT OPPORTUNITIES POLICY ADVOCACY INVESTMENT GENERATION INVESTMENT LICENSING INVESTMENT PROMOTION MISSIONS OF THE I.P.A. WHAT WE DO
INVESTMENT FACILITATION & SUPPORT One - Stop – Shop for foreign investors to Cameroon Obtain visas for foreign investors; Welcome foreign investor on arrival. Arrange appointments with relevant structures on behalf of investors Where necessary accompany investors to meetings with government officials; Provide preliminary information to investors on possible sectors for investments. Respond diligently to investors inquiries. Act as unique interface between investors and government to guarantee transparency and accountability. Link investors to appropriate local partners. Focal points in major European countries (France, UK, Switzerland and Spain) to provide preliminary information on investment opportunities in Cameroon. 4
INVESTMENT PROMOTION - Participate in investment & trade missions overseas. - Market Cameroon as an investment destination to foreign investors - Present investment opportunities in Cameroon to foreign investors. 5 MARKETING OF INVESTMENT OPPORTUNITIES - Provide potential investors with preliminary information on sectors they are interested. - Put in place a data bank of investment opportunity to potential investors. POLICY ADVOCACY - Propose to government measures aimesd at improving the investment climate in Cameroon. Work with the Private Sector to address investment climate issues.
6 INVESTMENT LICENSING -Licenses Foreign Direct Investments under Law N° 2013/004 of 18 th April 2013 Granting private investment incentives in Cameroon. -Follows up, in collaboration with the Ministry of Finance, investors commitments contained in their licensing agreements.
HIGHLIGHTS ON NEW LAW GRANTING INCENTIVES TO INVESTORS IN CAMEROON. - LAW N° 2013/004 OF 18 TH APRIL 2013 applies to all types of investments except those in: - Downstream mining, - Gas & petroleum exploration - Provides TAX and CUSTOM incentives to companies who meet one of the following eligibility criteria: - Creation of employment; - Use of local national resources; - Exports. - Incentives applicable for: - 5 years installation phase - 10 years exploitation phase. 7
- Equally grants special incentives to companies investing in some priority sectors such as: - Agriculture and agro industry; - Tourism & ecotourism; - Real estate & low cost housing; - Energy & water supply; - Information and Communication Technology; - Export promotion projects etc. Special incentives can be cumulated with the common incentives. - Provides incentives equally to existing firms who develop new businesses or who carry out expansion of their existing businesses (re-investments). 8
- Equally provides strong government commitments to facilitate private investments in Cameroon. - This include: - A specific visa and reception desk at all the airports of the country and all diplomatic and consular services to ensure on the spot investment visas to investors. Investor simply needs to present an invitation letter from the I.P.A. - Granting resident and work permit to investors involved in any investment project and employment contracts of more than two years to foreign investors. - Issuing environmental compliance certificates related to relevant investment projects. - Issuing land title and long term leases to foreign investors.. 9
- The law creates a One-Stop-Shop within the IPA to handle the licensing procedure; - Puts in place a supervisory committee to ensure the respect of investment commitments and settle investment disputes; - Creates a joint Monitoring Committee supervised by the Prime Minister to guarantee the stability of incentives provided to investors; - Enshrines the principle of non discrimination of both foreign and local investors, - Provides the rights to foreign investors to: - Freely transfer dividends overseas. - Buy goods and services in foreign currency subject to compliance with local rules and regulation - Hold off – shore accounts. 10
WHY CAMEROON Stable Institutions guaranteeing long investments Strategic geographical location at the entry into Central Africa and to oil rich gulf of Guinea with a population of about 350 million inhabitants. Shares a 1500 km border with Nigeria from North to South opening investors to a Nigerian market of close to 200 million inhabitants. Legal and statutory investment framework that guarantees investment and free transfer of profits and salaries. 80 percent of Cameroon lies within a massive mineral belt with one of the worlds largest occurrences of bauxite, iron ore, rutile, platinum, cobalt and diamond etc. 11
A unique touristic destination with a diversity of touristic resources such as Seaside tourism, Photo Safari tourism, Hunting tourism, Cultural tourism, Mountain and eco tourism, and Sports tourism. Availability of competitive and highly trained manpower for use in industrial establishments. Availability of technical, higher education and university establishments that graduate yearly more than university graduates in various fields such as engineering, marketing, law, human sciences, medical sciences etc. Significant investments in the energy sector to boost local supply and cater for long-term demands of the industrial sector A flexible labor code that allows the hiring and firing of workers without excessive state intervention. Adhesion to the organisation for the harmonisation of business laws in Africa (OHADA), which facilitates the setting up of business in all the fourteen (14) African member States signatories to the convention. 12
A One-Stop-Shop at the Douala Port to facilitate the import and export transactions for investors, Existence of institutions to oversee the implementation of good governance practices in the public and private sector: National Board for Financial Investigation (ANIF) National Anti-Corruption Commission (CONAC) Account/Audit Chamber of the Supreme Court; Cameroon is signatory and member of Extractive Industries Transparency Initiative (EITI). The progressive building of a strong and independent judiciary to guarantee human rights and economic freedom. 13
14 SOME MAJOR BRITISH COMPANIES IN CAMEROON.
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