National Forum On Industry: recommendations To Accelerate Industrialisation

The maiden edition of the National Forum on Industry of Cameroon (FONAIC) drew curtains with far reaching proposals to reform the sector. After brainstorming in different workshops and Business to Business (B to B) conferences, participants who included public, private and foreign guests concluded with far reaching recommendations that will move forward Cameroon’s industrialisation drive from paper work to concrete actions in the field. Cognisant of the fact that funding remains a major obstacle to Cameroon’s industrial development, participants advised the powers that be to establish a financial industry based on a regulatory framework that complies with international standards in this area, notably the operationalization of the deposit fund, the finalization of the process of rebuilding the National Investment Corporation (SNI) and the restructuring of the Cameroonian Bank of SMEs. Among the 12 recommendations arrived at, participants hold that the State in protecting the industrial fabric through the development and implementation of customs and non-tariff barriers should accompany the private sector to improve the visibility of local products in large commercial space and develop tangible and non-tangible skills for the manufacturing industry based on public and private- public co-operation. While urging government to place industrial strategy at the heart of all sectorial strategies and conduct institutional dialogue to avoid inertia, participants also recommended the creation of a guarantee fund for the promotion of products sold out of Cameroon and prohibit the export of raw materials. The Yaounde forum was organised within the framework of operationalising the National Industrialisation Master Plan which aims at accelerating Cameroon’s industrialisation for an emergent economy by 2035. In the following exclusive interview, the Minister of Mines, Industry and Technological Development shades more light on the perspectives of Cameroon’s industrial drive.

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