CAMEROON – The Agency for SME Promotion (SMEPA) has sealed a significant deal with Cameroonian firm Fatima Foods Sarl to bolster Cameroon’s economy and support the government’s import substitution policy.
This pact grants the company lucrative tax and customs incentives aimed at ramping up its production of local flour.
Headquartered in Japoma on the outskirts of Douala in the Littoral Region, Fatima Foods is strategically positioned to contribute to the country’s economic growth while aligning with national development objectives.
Armand Tchinang, the Director General of Fatima Foods and a Canada-based entrepreneur, expressed gratitude to the government for its proactive stance toward Small and Medium-sized Enterprises (SMEs) in Cameroon.
Speaking in Yaounde after signing a tax and customs incentives convention with SMEPA, Tchinang emphasized that the agreement underscores Fatima Foods’ dedication to processing agricultural products into high-quality food items under the esteemed brand “Fatima.”
This move was made possible thanks to the 2013 law on private investment incentives in Cameroon, which offers investment project owners exemptions ranging from 5 to 10 years, both in startup and production phases.
With ambitions to process local staples such as cassava, plantain, and, in the foreseeable future, potatoes into food flour, Fatima Foods aims to meet the growing demand for locally sourced products. The anticipated launch of Fatima Foods is slated for the fourth quarter of 2024.
The tax and customs incentives extended to Fatima Foods will facilitate streamlined production processes, supervision of producers, and effective marketing strategies, thereby making a substantial contribution to Cameroon’s economy.
Jean Marie Badga, the Director General of SMEPA, lauded Cameroonians in the diaspora for heeding President Paul Biya’s call to invest in the nation’s development.
Badga emphasized the pivotal role of such investments in driving Cameroon’s economic advancement, citing recent investments from countries like South Africa and Canada.
Highlighting Cameroon as an investment destination, Badga reiterated the government’s dedication to implementing measures conducive to the establishment of projects and job creation.
The promotion of local flour production, aimed at reducing dependence on imported cereals like wheat, stands as a testament to Cameroon’s commitment to self-sufficiency and economic resilience.
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