CWEIC traces major 2023 achievements
As Cameroon continues on the path towards 2030, bolstered by the Government’s National Development Strategy, the country continues to explore avenues with it network of international partners with the aimed to mobilise investors towards the realisation of the FCFA 88000 billion developments needs over a 10-year period. With more than 2.5 billion people, and a combined economy estimated at $13.5 trillion, where better to start looking for prospective partners than the Commonwealth? The Commonwealth is home to some of the world’s fastest-growing economies, while Commonwealth member states benefit from 21% lower bilateral trading costs, a factor known as the ‘Commonwealth Advantage’.
For an example of the Commonwealth network in action, look no further than the 2023 Commonwealth Trade and Investment Summit (CTIS), which showcased the vibrancy and vitality of the Commonwealth business community in no uncertain terms. The Commonwealth Enterprise and Investment Council (CWEIC) welcomed Senior government officials, C-suite Business Executives, international investors, and Strategic Partners to London for the 2023 Summit, which took place at the iconic Glaziers’ Hall on 27-28th November.
CWEIC is the Commonwealth’s business organisation, with a mandate from the Commonwealth Heads of Government to work across the 56 member states to drive trade and investment. Alongside partners in both the public and private sector, CWEIC works to convene, support, and advise businesses interested in working within and across the Commonwealth.
In April of this year, CWEIC Chairman Lord Marland opened a new Hub Office in Douala – which also serves Gabon and Togo –, giving Strategic Partners a point of direct contact in the country. In November, the Cameroon Hub Office welcomed the new British High Commissioner to Cameroon, H.E. Barry LOWEN, for an official visit. The CWEIC Hub in Cameroon boasts a number of high-profile Strategic Partners amongst which are: The Government of Cameroon, Cameroon National Shippers’ Council (CNSC), Investment Promotion Agency (IPA), Cameroon Water Utility Corporation (CAMWATER), Dashaco Holdings Africa, Special Council Support Fund for Mutual Assistance (FEICOM), Cameroon Business Women’s Association (GFAC), KMN Law Firm, Cameroon Telecommunications Corporation (CAMTEL), Port Authority of Kribi and Port Authority of Douala.
CTIS showcased the work that CWEIC has been doing to drive trade and investment throughout the Commonwealth network, working alongside more than 150 Strategic Partners to build bridges and provide support to businesses who recognise the Commonwealth’s immense potential. Alongside its new Hub Office in Cameroon, it operates a Hub in Kenya, serving East and Central Africa, as well as Hubs in Bangladesh, Ghana, Gibraltar, Nigeria, Singapore and representation in The Caribbean, Maldives, Malta, Sri Lanka, and the Pacific region.
Over two days, delegates heard from high-profile speakers such as H.E Felix MBAYU, (Minister Delegate at the Ministry of External Relations in charge of Relations with the Commonwealth, Cameroon), Honourable Paul TASONG, (Minister Delegate at the Ministry of Economy, Planning and Regional Development, Cameroon), Alderman Michael Mainelli (Lord Mayor of the City of London), H.E. Wamkele Mene (Secretary General, AfCFTA), Professor Benedict Oramah (President, African Export-Import Bank), Mr Jim Ovia, CFR (Founder and Chairman, Zenith Bank). High-level panel discussions focused on issues as varied as the intersection between technology and healthcare, investment finance for emerging markets, and the role of the private sector in driving sustainability.
This year’s guest of honour was the Hon Fiamē Naomi Mata’afa, Prime Minister of Samoa and next Commonwealth Chair-in-Office, who gave her thoughts on the immense potential of the Commonwealth for small island states. Prime Minister Mata’afa also formally announced that the Commonwealth Business Forum will come to Samoa in 2024, alongside the Commonwealth Heads of Government Meeting, following successful Forums in Malta, London, and Rwanda in previous years.
To say that all of this would not have been possible without Cameroonian support is no exaggeration – the Government of Cameroon, as one of CWEIC’s most active Strategic Partners, was among the premier sponsors of this year’s CTIS. This partnership showcases not only the close ties between CWEIC and the Government of Cameroon, but also Cameroon’s commitment to the Commonwealth, particularly as an avenue for unlocking greater international trade and investment opportunities as part of the country’s National Development Strategy.
The second day of the Summit saw a vibrant panel discussion on Cameroon National Development Strategy, led by CWEIC Deputy Chair Lord Swire. Delegates heard from H.E. Felix MBAYU (Minister Delegate at the Ministry of External Relations in charge of relations to the Commonwealth), Hon Paul TASONG, (Minister Delegate at the Ministry of Economy, Planning, and Regional Development), and Mr CHAM Etienne BAMA, CWEIC’s Country Director for Cameroon, Gabon and Togo. H.E. MBAYU spoke highly of the Commonwealth’s potential as a supporting pillar of the Strategy, highlighting “[shared] values and principles, which can be injected into business practices.”
Further highlighting the strides that CWEIC has already made in Cameroon, Mr CHAM also spoke of the work being done at CWEIC’s Douala Hub Office to “identify entry points for Strategic Partners who are interested in Cameroon”, with a particular focus on technology, infrastructure, and digitalisation. Hon TASONG and H.E. MBAYU held a series of formal meetings with businesses expressing interest in investing in Cameroon, as well as meeting with Hon Shirley AYORKOR BOTCHWEY, the Ghanian Minister for Foreign Affairs and Regional Integration. Alongside these formal links between Cameroon and CTIS, the country was represented by a healthy contingent of private sector business like Dashaco Holdings Africa, the Venerable Senator, President of GFAC, KMN Law firm, who had ample chances to interact, connect, and forge new relationships with over a hundred and fifty businesses affiliated with the Commonwealth.
The conclusion of the event’s first day saw Lord Jonathan Marland, Chairman of CWEIC, Global Advisory Council meeting alongside Lord Hugo Swire, Deputy Chairman, and Mrs Rosie Glazebrook, Chief Executive, and a gathering of Strategic Partners. This meeting served as an excellent platform for the Chairman to update Strategic Partners on the Council’s past endeavours and upcoming activities.
The event was concluded with the banquet dinner hosted by Alderman Michael Mainelli at the iconic Mansion House. This year’s CTIS was testament to the vitality, vibrancy, and diversity of the Commonwealth’s business community. It was a chance to showcase the immense potential of the Commonwealth, and the work that CWEIC is doing to drive trade, investment and inclusive economic growth across its 56 member states. It was also yet another example of growing international interest in Cameroon, and a tangible example of how the Commonwealth can bring businesses together.
