PRESS RELEASE
The U.S. Embassy in Cameroon will lead a delegation of Cameroonian business executives and entrepreneurs to Chicago for a trade mission, business forum and attendance to the largest Packaging Industry Exposition. The event, called the 2008 Business and Technology Forum and also referred to as Chicago 2008, will take place from November 9 to 15, 2008 and it is sponsored by the US Embassy in Yaoundé and Makuna International of Chicago. Chicago 2008 will bring together business executives and entrepreneurs from Cameroon, and US companies and government trade agencies. The aim of the mission is to boost bilateral trade between the US and Cameroon.
Chicago 2008 could not have been scheduled at a better time. The US is open for business like never before. The US economy is slowing down at the moment and US companies are aggressively courting foreign markets for new opportunities. Aggressive pricing on the part of US companies combined with a weak dollar has given an advantage to foreign buyers. The US is the new value market – the quality that the US is known for is more affordable than ever. Chicago 2008 will bring this advantage to Cameroonian companies and entrepreneurs.
Forum Focus
The forum will highlight several sectors including housing, heavy equipment, industrial equipment, processed foods, hospitality industry supplies, automotive, shipping, packaging, private label, farm equipment and supplies, drilling, road construction, general import and export, and much more.
The forum can benefit companies and entrepreneurs in several ways. Some of these benefits include improving knowledge of what the US has to offer; comparing US products and services to European and Asian products and services; establishing new suppliers; concluding business deals; understanding how Americans do business; taking advantage of US quality; opening new markets for Cameroon products; exploring US trade funding and financing sources; and grooming vital English communication skills.
A center piece of this year’s Chicago forum is Pack Expo International 2008. The forum delegation will attend this important event. Pack Expo takes place once every two years and it is the largest exposition for the packaging industry. The event attracts over 45,000 visitors from 125 countries. The exposition covers several areas including packaging machinery, converting machinery, printing, labeling, bar coding, materials, packages and containers, components and assembly line technology. Cameroon needs packaging in all sectors, from shopping bags to industrial packaging. A major drawback for exporting to the US has been the lack of packaging facilities in Cameroon. This event is important to most business sectors in Cameroon and those who are interested in exporting to the US.
Highlighted Opportunities
Housing will be important at the Chicago Forum. Housing is critical to all economies because home construction provides quality jobs in several specialties. Additionally, homes require appliances, gadgets, fixtures, upgrades, maintenance and much more on an ongoing basis. US companies in the housing sector will be present at the forum.
Another center piece of the Forum is the Renu Cameroon project whose aim is to build a housing factory in Cameroon and 5500 homes over a 6-year period. The project will work with construction companies, real estate developers and investors to create several housing estates in Cameroon. The project is at an advanced stage and Renu Cameroon is still looking for investors, partners and clients. The first Renu Cameroon board of directors meeting will take place in Chicago during the forum.
Renu Cameroon will announce 4 housing development projects during the forum. These projects are in Yaoundé, Douala, Limbe and Buea, and total over 900 homes. Renu Cameroon is seeking investors and individual buyers into these projects. Specific details, particularly in the area of financing, will be available in Chicago. Forum participants will have first rights to buy into these projects. Purchasing and financing agreements will be concluded in Chicago.
Currently, there is an overstock of construction equipment in the US. The US economic slow down has increased used construction equipment inventory and the price of both new and used equipment has contracted. With the benefit of the strong Cameroon currency, there has never been a better time to buy from the US. The US still produces the best quality construction equipment and The Caterpillar brand – produced in the State of Illinois and only 125 hundred miles from Chicago – is still the number one brand in every country in the world. Construction companies, construction equipment dealers and interested investors should take advantage of the trade mission to explore opportunities in the construction equipment sector.
There has been a 30% increase in food prices in the last year and more increases are expected as food demand in Asia and production of bio fuels increase. There is a unique business opportunity for investors and farmers to increase food production in Cameroon and the sub region. Forward thinking entrepreneurs should look to US agro technology – seeds, fertilizer, equipment, soil management, software, mass food storage, packaging, etc. – to boost production, provide employment, and create new wealth. There will be fewer better investments in the years to come than in the food sector.
The housing and farm sectors may hold the key to real job growth in Cameroon; however, capital inflows play a major role. Exports are important in the realm of capital inflows. Exports from Cameroon to the US continue to fall significantly below expectation. This reality is made more somber because the AGOA law passed by the US congress allows duty and quota free entry of Cameroon products into the US. The lack of knowledge, financing, warehousing facilities, quality control, volume production and packaging technology are some of the reasons for this situation. The challenge of entry into US distribution channels and acquiring proper consulting support are also significant factors working against Cameroonian exports. Companies and individuals who are eager to export various products – Commodities, African foods, wood, African art, African ware, etc. - to the US can find answers to some of these questions by participating in Chicago 2008.
Water is a pressing need in most municipalities in Cameroon. Bringing drinkable water to villages and towns through the use of well drilling technology is a promising investment area. The US offers the best drilling technology. Companies who are interested in any type of drilling activity will benefit from the forum.
The long running love affair between Americans and large cars, especially large four-wheel trucks (SUVs or ‘Jeeps’), is slowing down as petrol prices continue to break new records. The prices of used cars have fallen by over 20% and more in some segments in the last 6 months. This is a good time for Cameroonian executives to purchase four-wheel drive vehicles in the US that will facilitate their movement and activities in the remotest corners of Cameroon. The market also offers an investment opportunity for car and auto parts dealers. Forum participants will have an opportunity to study the market and conclude deals.
The lack of trade financing remains a major impediment to US – Cameroon trade. The US offers several financing opportunities to facilitate trade between the US and Africa. Participants to the forum will meet representatives from US banks and Trade Agencies (OPIC, EXIM Bank, etc.), and receive first hand information on qualification requirements, the application process and much more.
A higher than usual number of participants is expected at Chicago 2008 because of an important development in the capital financing sector. In most cases, US financing institutions require a guarantee from a bank in Cameroon before burrowing money to a Cameroonian company. BEAC and the US EXIM Bank have recently given permission to a private insurance company to provide credit guarantees. This is a critical development. Cameroonian companies can take advantage of US financing that was previously beyond their reach. More transactions will be initiated at Chicago 2008.
Diaspora Participation
The trade missions and forums organized by the US Embassy of Cameroon are becoming increasingly important to the Cameroon Diaspora community in the US. The attendance of resident Cameroonians in the US continues to increase dramatically. Diaspora elements attend for several reasons. Diaspora Cameroonians are looking for opportunities to invest in Cameroon and the forum offers an opportunity for them to talk to real businessmen and woman about opportunities and conditions in Cameroon. The forum also offers the ultimate power networking opportunity for those who want to connect with viable enterprises and business leaders from Cameroon, and also US companies that are interested in doing business in Africa. The information provided by US funding and financing agencies is also useful to Diaspora participants. Many skilled Cameroonians who are working for US companies are looking for ways to connect their US companies to Cameroon agents and partners. To other US based participants, the forum is part of a transition strategy to move back to Cameroon.
This year will be especially important to the Diaspora community because of the Renu Cameroon project. The project is devising financing and mortgage instruments that will enable the Diaspora community to purchase homes in sophisticated Renu housing estates in Cameroon. The Renu project is also seeking investors and partners. More information will be available at Chicago 2008 and it is expected that the Renu project will attract more Diaspora attendees.
Success Factors
Traditionally, those who have benefited the most from past trade missions and forums are companies that fall into one or more of the following categories: companies that know what they want and have the capital resources to engage US companies; companies that want to compare the US market to other markets; companies that want to learn about the financing opportunities available and the conditions for qualification so that they can go back and better prepare themselves to start the application process; companies that want to learn how Americans do business; export companies that want to understand US import needs, import regulations, and packaging and volume requirements; and well prepared companies who want to open discussions with potential US partners and investors. Companies are also successful when they have focused objectives for the forum and submit their objectives to the Commercial Service at the US Embassy in Yaoundé and Makuna International at least 6 weeks before the start of the forum.
Success is less unlikely for companies without focused and realistic goals for the forum. A significant number of participating companies do not submit any goals to the trade mission management team. The planning team needs time to accommodate the requirements of participating companies but many companies join the mission at the last minute and expect miracles. Companies arrive in the US without a financial plan and not knowing the requirements of US investors and financing agencies, but these companies expect instant results. For these companies, it is better to use the forum as an opportunity to understand how to do business in the US and the requirements for obtaining capital from US sources.
Globalization
Globalization is the new reality and Chicago 2008 is an opportunity for Cameroon companies to gain competitive advantage through globalization. Globalization makes it imperative for savvy companies and entrepreneurs to explore all markets. Key globalization discussions and strategies will be presented at the forum. Chicago 2008 offers an opportunity for Cameroon companies and entrepreneurs to deal directly with the US business environment and companies in a globalization context.
More Information
For more information please contact the Commercial Section of the US Embassy in Yaoundé (Tel: (237) 22 20 15 00 Ext: 4118; Email: yanajp@state.gov) or Makuna International (Email: contact@makunainternational.com) or www.makunainternational.com.
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