what is crucial in business is the idea

Pierre Moukoko Mbonjo, Minister of External Relations talks on the importance of the Commonwealth Day theme.

What is the importance of the theme for the celebration of the 2013 Commonwealth Day?

The theme for this year's celebration is "Opportunity through Enterprise." The significance of that theme is hardly far-fetched. As you may be aware, the world has been experiencing a profound and acute economic crisis since 2008 which shows no signs of abating despite the serious concerted effort to deal with its challenges of poverty and massive unemployment. The brunt of the crisis is being borne by young persons who form more than half of the Commonwealth population's of over two billion inhabitants.

Across the Commonwealth, unemployment rates in the 15 to 24 age group range between 30 and 50 per cent. Hence, the message to our crisis-stricken peoples and especially to our youths is that one effective way of coping with the crisis is by starting their own businesses. Through such an approach, they would create jobs for themselves, earn profits and why not create employment for others who may be in the job market.

How can a young unemployed person start a business when he or she lacks the start off capital or even the collateral security with which to secure credit facilities?

I think starting a business is not only an issue of capital. Though it is true that capital is crucial for the take-off of any business, I think there is more in starting a business than capital. You may have capital at hand and still fail to take-off if you lack a clear business idea and concrete plan.

So in my opinion, what is crucial is the business idea. If you have a concrete business idea that is brilliantly presented to a financier, I am convinced you could certainly attract the badly needed capital. That is why one of our efforts with the Ministry of Small and Medium Size Enterprise, Social Economy and Handicraft has been entrepreneurial education; to train potential and young entrepreneurs how to develop and present viable business plans.

How has the Commonwealth been contributing to solve the problem of unemployment?

The Commonwealth was fully aware of this challenge. That was why as far back as 1990, the organisation launched the Commonwealth Youth Credit Initiative (CYCI) which is part of the Commonwealth Youth Programme (CYP). The main objective of the CYCI is to promote business support and non-collateralised credit to young people who wish to establish micro- enterprises.

Other long-term objectives included preparing young entrepreneurs to access credit from larger financial institutions, improving awareness amongst financial institutions about the creditworthiness of young women and men and identifying potential co-financiers for the replication and expansion of the initiative. The initiative has achieved substantial successes, along the traditional lines of loan repayments, savings and reinvestment.

The starling success of the initiative in certain Commonwealth countries, clearly explains why certain local youth credit initiatives such as PAJER-U, PIFMAS, PIASSI and the NCPD are modelled along lines similar to those of the CYCI.

The 2013 World Bank's Doing Business Report said setting up business in Cameroon was cumbersome. What efforts to improve business climate?

The improvement of the business climate is a continuous endeavour and I think it should primarily be based on an individual than a collective assessment. If we take a retrospective look at our record in this area, I think you will concur with me that enormous progress has been achieved.

Without casting any form of aspersion on my government, the recent developments in Cameroon are indicative of our effort to improve upon this state of affairs. The mega infrastructural projects underway will go a long way to address some of the concerns in those reports. The creation of a one-stop shop by the Investment Promotion Agency (API) to simplify the process of opening a business in Cameroon, the creation of the Ministry of Small and Medium Size Enterprises to promote entrepreneurial spirit in Cameroonians and the intensification of the fight against corruption, are geared towards attaining that goal.