“Cameroon: Factory for a new industrialised Africa” is the theme of the 2019 Industrialisation Master Plan of the country.
The plan was presented to Senators by the Minister of the Mines, Industries and Technological Development, Ernest Ngwaboubou during a plenary session chaired by the Second Vice President of the Senate, Emilia Nkeze.
The Master Plan: five major pillars
The focus of the plan is on five economically strategic sectors. These are;
1. Forest, wood and by products
2. Mines, Metallurgy and steel industry
3. Hydrocarbons and petro-chemistry
4. Chemistry and pharmacy
5. Cotton, textile, leather and clothing
In his discourse, Ernest Ngwaboubou Minister of Mines highlighted the need for a holistic implementation of the master plan.
He said the development of an Industrial policy, digitalisation and more investments were necessary for a proper execution of the plan.
According Babissakana an expert in finance, the master plan has been proposed after a proper analysis of the sector.
He explained that the plan will favour industrialisation transformation.
Financial Institutions to buttress the master plan
Government is currently working to reform three main financial institutions expected to back the country’s industrialisation master plan financially.
#The national investment promotion bank
#The Small and medium size enterprises bank
#The National Investment bank
Experts say the creation of a National Sinking Fund to drive resources to public and private investment initiatives is cardinal.
At the end of presentation, it was evident the National Industrialisation plan has been drawn after a proper diagnosis of the available opportunities.
The national plan also encompasses other issues related to urbanisation, Habitat and public works.
Industrial development is therefore another important vector for economic growth.