Page 120 - Atouts Economiques Cameroun-2019-GB
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projects in Cameroon energy and transport will help boost private sector investment, job creation and economic diversification, and it goes hand- in-hand with complementary reforms to preserve financial stability, expand access to finance and improve the business climate.
The success of Cameroon's programme will also depend on the implementation of accompanying policies and reforms by regional institutions.
The importance of foreign trade, and particu- larly exports of bananas, cocoa, cotton, rub- ber, coffee, wood to the economy of Cameroon, justifies why the political capital Yaoundé established relations with the World Trade Organisation (WTO) whose rules govern world trade. Since 1995, several contacts took place between Yaoundé and the organi- zation to harmonize Cameroonian legislation with WTO rules.
The liberalization of the economy that continued for about ten years and the subsequent withdra- wal of the State from various sectors of the eco- nomy brought the conditions prevailing in Cameroon closer to the requirements of globali- zation of trade. However, many think that fixing the prices of commodities that constitute the bulk of African exports and subsidies to agriculture in developed countries undermine trade and pena- lize countries such as Cameroon.
Cameroon has signed investment guarantee agreements with various countries. These include France, Luxembourg, Germany, the Netherlands, Switzerland, Italy, China, Romania and Belgium. In addition to these bilateral agreements, Yaoundé signed a framework agreement in 1999 with the Multilateral Investment Guarantee Agency (MIGA), under which it provides Cameroon with technical assistance. This coope- ration strengthens the guarantees provided bilate- rally. It aims at encouraging investment for pro- ductive purposes, thus supporting the work of the World Bank and its subsidiaries.
To this end, the Agency shall issue guarantees, including through co-insurance and reinsurance operations against non-commercial risks for invest- ments of Member States in other Member States. It contributes through appropriate complementary activities, to promote investment flows towards and between developing Member States.
MIGA made a diagnosis of the National Investment Corporation (SNI). The approved action plan, first involved the examination of an institutional framework. MIGA provides the SNI with assistance to improve its communication policy. Cameroon derives ascertained advan- tages from its membership to MIGA. The Multilateral Investment Guarantee Agency is an institution that gives bail to foreign investors wishing to settle in the country. MIGA provides SNI with assistance for investment promotion.
The importance of Cameroonian foreign trade is the reason why Yaoundé had to establish relations with the WTO

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