Page 331 - Atouts Economiques Cameroun-2019-GB
P. 331

Since the 90s, the private sector became the muscle of the Cameroonian economy. In a view to reinforce it, several measures were taken, nota- bly the adoption of a new investment code and the implementation of a vast programme for the privatisation of public companies.
Since then every physical or foreign corporate body no matter his place of residence can carry out economic activities in the country. It can, indi- vidually or in association with others exercise this activity, either under common law or on one of the special regimes instituted by laws and regula- tions in force. In any case, it benefits from the full protection of Cameroonian law.
To this effect, it receives an equal treatment as that of Cameroonian physical or corporate bodies, in the respect of legal and regulatory provi- sions concerning the companies of strangers as well as provision of treaties and agreements arranged between Cameroon and their respective countries.
It also enjoys, in the respect of laws and regulations in force, rights of all nature concerning property, concession, and administrative authorisation.
No expropriation, nationalisation or requisition of a regularly established company or its goods can
take place without the State having hired prior to that, the procedure of declaration of public utility, justifying it and without prior compensation, just and equitable, based on an adequate evaluation of the company or its goods, object to such an act by an independent third party.
In the same light, every physical or corporate body regularly established in Cameroon can, in respect with laws and regulations in force, conclude and execute every contract it judges useful for its inte- rests, notably on financial and commercial issues, determine its production, distribution and trading policy and, in a general manner, accomplish every act of management conform to rules of busi- ness practice in Cameroon.
To exercise an economic activity, it enjoys the freedom of hiring and firing which is done in res- pect with social legislation and work in force.
The State guarantees every investor, physical or corporate body regularly established, to its part- ners and leaders, to its foreign staff holder of a duly signed employment contract, as well their legal families, entry, stay and free circulation and exit from the national territory.
It thereby issues every necessary administrative document to them. It also guarantees every phy- sical or corporate body non resident in Cameroon the right to freely transfer revenue of

   329   330   331   332   333