The Chamber of Economic Cooperation of World Diasporas (Ccediam), a French organization, has announced the first edition of the World Diaspora Business Summit. The event will be held in Paris on November 14-15, 2024, in partnership with the Cameroon Chamber of Commerce, Industry, Mines, and Handicrafts (Ccima). The summit, under the theme “Business from the Heart of Africa, Cameroon,” aims to boost economic ties between Cameroon and its diaspora.

Christophe Eken, President of Ccima, emphasized the importance of the event. He stated, “This forum will be an opportunity to initiate business contacts, form partnerships, explore investment opportunities, and strengthen cooperation between our communities.”

The summit’s goals are broad and impactful. It aims to solidify relationships between African and European entrepreneurs, encourage trade, promote entrepreneurship, and develop partnerships beneficial to all parties. “The World Diaspora Business Summit 2024 will give participants the chance to discover business opportunities in various countries, share expertise, and build strategic connections,” the organizers said. The event will feature thematic conferences led by opinion leaders and experts, along with networking sessions to facilitate meaningful connections.

Cameroon’s diaspora, estimated at five million people, is known for being dynamic and highly organized. “Our diaspora is not homogeneous. We have all the skills and expertise needed for Cameroon’s development. Its contribution is not just economic. It can be intellectual, in fields like research, education, medicine, engineering, and much more,” said Louis Henri Ngantcha, a Member of Parliament and president of the Network of Parliamentarians for Diaspora and Cross-Border Cooperation, in an interview with Cameroon Tribune. The Cameroonian diaspora is recognized by authorities as a key player in achieving the goals of the National Development Strategy 2020-2030 (SND30). In 2023, more than 102,000 Cameroonian immigrants were registered in France, according to France’s National Institute of Statistics and Economic Studies (Insee), with a significant number of them being highly skilled.

Remittances from the diaspora are a vital financial resource for many families in Cameroon. These transfers especially help the most vulnerable members of society, improving their living conditions. Even during economic crises in host countries, these financial flows remain stable, less affected by fluctuations than foreign direct investment (FDI). In 2022, remittances amounted to $365 million (over CFA215 billion), an increase of 5% from the previous year. While these figures are lower compared to other African diasporas, like Nigeria’s, they still represent a significant economic resource that Cameroon can leverage for development.

The promotion of the “Cameroon-Europe World Diasporas Business Summit,” led by Ccediam, is built on ambitious efforts to mobilize the entrepreneurial African diaspora, economic actors in Africa, and European companies interested in exploring opportunities in Africa, particularly in Cameroon. This event is seen as a unique opportunity to showcase Cameroon’s economic potential, strengthen ties between the country and its diaspora, and highlight the advantages of a nation rich in potential.

Source: Business in Cameroon