YAOUNDE, April 17 -- The 4th edition of the Cameroon Investment Forum, a flagship biennial event that brings together high-level government officials, development partners, and various business stakeholders from around the world, opened on Wednesday in the commercial hub of Douala.

Organized by the state-run Cameroon Investment Promotion Agency (CIPA), the forum aims to intensify the import substitution dynamic in Cameroon by mobilizing and directing investments into niche sectors such as rice, maize, fish, milk, and palm oil, said CIPA Acting General Manager Donatus Boma.

"It is a platform for high-level consultations and exchange of experiences. It is an excellent opportunity for investors to understand why Cameroon is an investment destination," Boma told Xinhua during the opening ceremony, which was attended by African, Chinese, Russian, and European investors.

"The main objective is to encourage local investors and attract foreign direct investment in products aimed at increasing local production and processing. This initiative should help reduce Cameroon's deficit caused by the importation of staple foods in large quantities," he added.

The forum, held after years of postponement due to the COVID-19 pandemic, will end on Friday.

  - Xinhua