Economy: yaounde to host economic conference on import substitution tomorrow

Participants and stakeholders will discuss and analyze the pivotal role of import substitution in reshaping Cameroon’s economy and the economy of the broader CEMAC subregion.

Cameroon will play host to an economic conference on import substitution tomorrow Wednesday April 2.  The gathering which is scheduled to place in Yaounde will bring together small and medium sized enterprises representatives, importers, exporters, and business leaders. It will be launched by the Minister of Small and Medium-Sized Enterprises, Social Economy, and Handicrafts, Achille Bassilekin III.

Participants will discuss import substitution on the theme “Import substitution: A Key Factor for the Structural Transformation of Cameroon’s Economy and the economies of the Economic and Monetary Community of Central Africa, CEMAC subregion. The conference aims to facilitate a collaborative environment where innovative strategies and actionable solutions can be forged, per organizers.

The goal is to explore avenues for reducing dependence on foreign imports and fostering the growth of domestic industries, thereby strengthening the economic resilience and creating sustainable opportunities for local businesses across CEMAC nations. Per officials, the programmed launching of the event by the Minister of Small and Medium-Sized Enterprises, Social Economy, and Handicrafts, Achille Bassilekin III, highlights the government of Cameroon’s recognition of the vital role small and medium size enterprises, SMEs play in driving economic development and the nation’s commitment to supporting initiatives that promote self-reliance and local production.

The launching ceremony will set the tone for a day of fruitful exchange and strategic planning for the benefit of Small and medium size enterprise. The forum promises a comprehensive exploration of the challenges and opportunities associated with import substitution. Participants will delve into identifying key sectors with high potential for replacing imported goods with locally produced alternatives.

They will also examine strategies to enhance the competitiveness of Cameroonian industries, making them better equipped to meet domestic demand and compete in regional and international markets. Discussions will also address the critical need to improve access to financing and technical assistance for SMEs, empowering them to scale up their operations and innovate effectively.

By fostering a platform for dialogue and collaboration, the Cameroon National Shippers Council aims to spark concrete action plans that will accelerate the shift towards a more diversified and self-sufficient economy. The outcome from this is a vision that is set to benefit businesses, consumers, and Cameroon as a whole.