BUSINESS IN CAMEROON
Cameroon is situated on the West coast of Africa. It is a country that is becoming increasingly urbanized. It is the largest and most important economy within the Central African Economic and Monetary Community (CEMAC), with a population of more than 23 million inhabitants. Cameroon occupies a surface area of 475 440 KM² with a population density of 41.5 per square km. Its unique and enviable geographical location greatly facilitates her easy access to major markets around the sub-region like Nigeria (with the largest market in Africa) Chad, Gabon etc. The political capital of Cameroon is Yaounde and the economic capital is Douala which is the largest city and the industrial center of the country.
Why doing business in Cameroon
Cameroon is commonly known as Africa in miniature owing to its rich natural resource deposit and a wealth of other potentials in areas like Mining, Energy/Power and Agriculture, just to name a few.
Agriculture remains the backbone of Cameroon’s economy, employing 70 percent of its workforce, while providing over 40 percent of its GDP and 30 percent of its export revenue. Cameroon is blessed with very rich agricultural potential and Africa’s Economy is predominantly agriculture thus makes Cameroon a favourable business partner in Africa. The country’s principal and commercial crops are cocoa, coffee, bananas, cotton and rubber. Together with agriculture, Cameroon is also a major exporter of Petroleum, and timber.
Over the years the country has benefited from improve macroeconomic performance and structural reforms. Major and more favourable reforms have been made in the investment and tax policies, interest rates in the Banking sector, revenue mobilization, good governance, and accountability.
The government of Cameroon was one of the first in Africa to take the active step in implementing the FDI (Foreign Direct Investment) an enactment of investment code that aims at liberalizing investment in the country.
TOP 5 BUSINESS INVESTMENT OPPORTUNITIES IN CAMEROON
Cameroon officially known as Republic of Cameroon is located in the central part of Africa, and bordered by Nigeria, Chad, Central African Republic, Democratic Republic of Congo, Equatorial Guinea and Gabon. Besides being the largest and chief economy in the CEMAC Region, it has a very strategic location along the Golf Guinea with very rich business potentials. The countries business potentials lie in Agriculture, Petroleum, Tourism, Service and the Manufacturing industries.
- Food Processing Business
In Cameroon, you will find plantations in almost all the regions. Such as Banana plantations, palm plantations cocoa and coffee plantations. There are a lot of raw materials in the country, but there are very few food processing industries in the country and most of them at infant stage. The launching and establishment of hydro electric dams for more energy is an open door for your food processing industry to be realized in Cameroon
- Iron and Steel Business
Most of Cameroon’s iron or steel is still imported from mostly European countries. The country is boost of a lot of goal and diamond deposit, but most of it is exported to be refined before it is imported at very high costs. A well strategic and standardize iron and steel company may be a monopoly in Cameroon
- Plastic production Business
Cameroon is one of Africa’s major rubber exporter, but still short of manufacturing industries that make use of rubber as raw material. After visiting the rubber plantations with some reasonable capital at hand, just conduct a visibility study and get into the production of the plastic product that is in high demand around the World
- Car Assembly business.
Cameroon is one among few countries in the world that hasn’t got an auto mobile or a car assembly factory. The country has a growing income and exited population for cars, but spend lots of money in exporting all it cars from other countries. This has given rise to the very high cost of cars in the country.
- Construction Business
. Cameroon is going towards the light of infrastructural development. Due to the fact that present Cameroon is a grand construction side, a creative investor will want to make use of this. This is especially due to the fact that there is an increase in roads, bridges, dams, ports and rail construction projects ongoing in the country prior to meet emergence by 2035.