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| President Biya |
Being full text of President Biya’s opening
speech at the Int’l Economic Conference in Yaounde
Distinguished Guests,
Ladies and Gentlemen,
First of all, I would like to express my
profound gratitude to all the personalities from the world of politics,
business and finance gathered here today. I wish to thank you for accepting our
invitation.
Cameroon
highly appreciates your presence at this conference. To us, this clearly marks
your interest in the modernization of our economy and improvement of the living
conditions of our people.
Permit
me now to recall the objective, or rather, objectives of today’s conference.
Its
purpose is firstly, to review the key components of Cameroon’s economy; to
determine the private sector’s potential contribution to its expansion; and
thereafter, assess the country’s real opportunities that would ensure its
integration into the global economy, in a more judicious and helpful manner.
The
findings of this review will be highly instrumental in implementing our
economic policy. They could, perhaps, be useful to other African countries
facing a situation similar to ours.
Secondly,
and this will certainly mark the highpoint of our conference, we will
facilitate meetings between public and private project initiators alike, and
foreign as well as local investors. To borrow from economic lingo, this
conference affords an excellent opportunity to create a veritable “investment
market” right here.
It
is not my place here to give you an overview of Cameroon’s economy. Certainly,
that will be done during the roundtable devoted to the macro-economic situation
and growth prospects.
For
my part, I would rather highlight some salient facts of a general nature in a
way that would reveal our innermost views as well as our genuine aspirations
for lasting prosperity in the current geostrategic context.
I
will start off with a few words about our continent:
The
continent that in the sixties was considered “doomed” has become, according to
some observers, a “continent of the future”...
Of
course, I am sincerely delighted, but at the same time, I must admit that I
remain rather cautious about the overly optimistic and unqualified forecasts
made by some people.
They
highlight the growth rates ranging across countries from 5% to 10% over the
years.
However,
we must recall that growth is not an end in itself. Moreover, it has been
acknowledged, even by the most prominent international economic institutions,
that we must go beyond the quantitative measurement of growth rate, to seek a
tangible improvement in people’s living conditions.
What
matters here is, first of all, our ability to actually put people at the centre
of our economic endeavours.
Serving
the human person and his overall well-being should constitute the be-all and
end-all of our investment choices, and our priorities for wealth creation.
Similarly,
it is only through sustainable management of global resources that we can
ensure true prosperity.
This
is a global obligation, but it particularly concerns Africa, considering that
it has to catch up and also the numerous inequities of the global context often
affecting the continent, which lacks the real wherewithal to defend itself.
Obviously,
its marginal position spared it from the full impact of the shocks of the
financial crisis of 2007 and 2008. Nonetheless, the continent has suffered its
delayed effects such as the collapse of oil and other commodity prices, the
slowdown in investment, etc.
Admittedly,
Africa is gradually entering globalization. One could even envisage that the
continent’s role would be increasingly prominent in the global economy as the
years go by.
Its high population growth and expanding
middle class create conditions conducive to
market attractiveness in terms of mass consumption and infrastructure
development.
The
youthfulness and dynamism of its population are reasons for optimism. The
African youth, in particular, are a major asset for the continent. They should
be at the forefront of technology to ensure that Africa hooks up to an economy where innovation is,
now more than ever before, a decisive factor of competitiveness.
To
this should be added the abundant and diverse natural resources, which
progressively should be processed locally in order to be more beneficial to our
economies.
Undoubtedly, all these features will make
Africa a partner that is constantly coveted by the most advanced countries in
their quest for resources to reboot their economies.
In
a world marked by ever-growing economic and social interdependence, the
challenge is to develop genuine areas of shared prosperity. This involves
forging new types of economic and socio-political relations based on the idea
of mutual benefit between partners.
In
this type of relationship, some contribute their financing capability and their
technology, while others offer unique opportunities to be seized, and rare
resources to be tapped, all in a fair and equitable exchange.
Such
is the new type of relationship that we should seek in economic partnership
agreements with the European Union, for instance, and also with any other
partners…
The
private sector should play a key role in such a set up. Africa, where the State
often occupies a prominent position in the economy, will need to foster
business development.
Such
is what Cameroon is seeking. It will pursue efforts in that direction to lend
the best possible support to domestic and foreign investments.
Here
too, it is important to promote the establishment of true win-win partnerships
between local businesses and major international firms.
As
you are aware, Cameroon’s objective is to become an emerging country by 2035.
This ambition, I believe, is largely shared by our people who have transformed
it into a national cause. All our public policies and, particularly our public
finance management are geared towards achieving this objective.
Our
expansionary budget is based on a fiscal policy which prioritizes expenditure
quality. Our public debt, contained at around 25 % of GDP, is closely
monitored. It must remain constantly at a sustainable level, while providing us
with productive financing resources.
We
are optimistic that the consolidation of these conditions will endear us even
more to investors.
Moreover,
I am fond of saying that Cameroon, Africa in miniature, is not coming
empty-handed to this give-and-take forum. Indeed, it has abundant assets, hence
its attractiveness:
The
most populated country in the CEMAC zone sharing a more than 1 500 km-long
border with Nigeria, Africa’s leading economy, Cameroon stands out thanks to
its strategic position at the crossroads between West and Central Africa and at
the intersection between the ECOWAS and CEMAC zones.
Its
Atlantic coastline, its rail network, its three international airports and 50
000 km of road all of which are constantly developing foster its integration
into regional and global trade.
It
abounds with natural resources and its varied soils, climates and natural
environments are suitable for agriculture.
With
Africa’s second hydro-electric potential and huge natural gas reserves,
Cameroon has embarked on varied and large-scale energy infrastructure
construction. The phased commissioning of such infrastructure is opening up
bright prospects for the availability of sustainable, adequate and permanent
energy.
Additionally, the country is endowed with an
expanding and diversified industrial fabric with many small and medium size
enterprises and industries (SMEs/SMIs) ready to enter into subcontracting and
co-contracting agreements.
There is abundant, young and qualified labour
force for a country with one of the highest school enrolment rates in
sub-Saharan Africa.
Above
all, Cameroon is determined to encourage private investment. An appropriate
legal framework has been put in place to that end.
Based
on the law on investment incentives, the framework will enable the development
of priority high-impact sectors which are:
- agribusiness;
- transport infrastructure;
- energy;
- low-cost housing and urban development;
- the extractive industry; and
new technologies.
All
these measures bear sufficient testimony to Cameroon’s strong determination to
attract more and more productive investments on its soil so as to accelerate
economic growth and prosperity for its people.
Cameroon
is a haven of peace, respecting the
rule of law and a country of liberty. Its institutions are stable, functional
and harmonious. They are capable of adapting to societal trends to ensure
social peace, the security of persons and property and the country’s political
stability at all times.
In
today’s world, and particularly in Africa, this, we believe, is a major asset
for investors.
Your
presence here expresses your determination to contribute towards fulfilling our
country’s legitimate aspirations.
Cameroon
will bear that in mind.
I
wish everyone fruitful discussions for mutually beneficial partnerships, and of
course, I wish our numerous visitors, a pleasant stay in Cameroon.
Thank
you.
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