Top officials of the UAE and Cameroon after the event in Dubai on Wednesday.
Sajjad Ahmad, Deputy Business Editor
The trade and investment relations between the UAE and Cameroon are growing. Cameroon is launching various initiatives to attract more investments from the UAE in different economic fields, this was revealed in Dubai on Wednesday during the announcement of the ‘Cameroon Investment Week’.
Cameroon’s Investment Promotion Agency (IPA) will be organising the business forum codenamed ‘‘Cameroon Investment Week’’ under the theme ‘‘Invest in Cameroon, Land of Opportunities,’’ from Dec.6 to 8, 2022 in Jafza 1 Convention Centre.
This forum which will witness the participation of high government dignitaries, CEOs of private firms and leading Civil Society icons from both Cameroon and United Arab Emirates, will have as objective to present investment opportunities in Cameroon to United Arab Emirates investors in view of attracting them to Cameroon and to reinforce the economic ties between our two nations. The forum will also offer a unique platform for the governments of Cameroon and the United Arab Emirates and the business sector of both countries to network for two days in view of promoting business opportunities within the framework of their B2B, B2G and G2G meetings.
Furthermore, a brief launch was held on Wednesday in Dubai Press Club, some of the high-Level representative and speaker attended the event namely: Iya Tidjani, Ambassador to the Cameroon Embassy in Kingdom of Saudi Arabia, Donancien Mebouegue, Consul General of Cameroonian Consulate in Dubai, Mrs. Marthe Angeline MINJA, General Manager of Investment Promotion Agency Cameroon, Humaid Mohamed Ben Salem, Secretary General, Federation of the UAE Chambers of Commerce and Industry (UAE Chambers), Jamal Saif Al Jarwan, Secretary General, the UAE International Investors Council (UAEIIC) and Walid Hareb AlFalahi, CEO/Founder of Dubai Consultancy and UAE Trade Center.
Iya Tidjani said during his opening speech, “strategically located at the intersection between West and Central Africa, with a fast-growing dynamic population and businesses sprouting everywhere, Cameroon is a huge market today and will be a huge market tomorrow.”He said,” The upcoming forum will play a big role in highlighting Cameroon economic potentials and will attract more investors from the UAE to Cameroon.”Donancien Mebouegue said on the sideline of the event,” The event will spread more awareness about the Cameroon in the UAE’s investors circle. It will play a an important role in increasing UAE’s investments in our country. We will be showcasing the various opportunities in the fields of ports, tourism and infrastructure etc.”
Mrs. Marthe Angeline MINJA said: “Cameroon, Africa in miniature, is not coming empty-handed to this give-and-take forum. Indeed, it has abundant assets, hence its attractiveness.”
Jamal Bin Saif Al Jarwan, Secretary-General of the Emirates Council for Overseas Investors said “Africa is one of the most promising emerging markets, with a consumption growth of 1.2 billion people, with a total product exceeding $ 3.4 trillion, representing 3% of the global gross product; and the UAE enjoys relations of cooperation and a close partnership with the African Union, and the UAE is one of the most prominent global investors in the African continent and accounts for 88% of Gulf investments in the continent. The Emirates Council continues to play its vital role as an investment catalyst and works to build bridges of cooperation with its counterparts and partners to activate new partnerships. The link between the required needs, the available opportunities and the strengths inherent in these markets in light of their various attractive elements and incentives that make them one of the distinguished destinations for Emirati investors, thus promoting economic growth, diversification, creating job opportunities, and creating a positive impact to support the development process in the African continent.”
Walid Hareb AlFalahi, CEO of Dubai Consultancy & UAE Trade Center, said: “Cameroon with a rising middle class and growth-oriented vision, presents an immense opportunity for the UAE and its companies to invest and tap into the potential market resulting in mutual benefit and growth in trade and investment. Thus, in Cameroon Investment Week – Dubai, we look forward to discuss the ways of reinforcing the cooperation between the UAE and Cameroon and ways of promoting our bilateral ties.”
Cameroon is known to be one of the most resilient and diversified economies in Africa, the country’s open economic policy encourages investments while considering the private sector as the backbone to economic growth. Cameroon is a bilingual country situated in the heart of the Gulf of Guinea. Also known as “Africa in miniature”, its strategic positioning makes of the country the gateway into central Africa and the Nigerian market, amounting to over 300 million consumers.
The Country has a huge resource potential. Its hydroelectric potential is estimated to be the third largest potential in Africa of which only 3% is exploited. Its agro-potential is ranked 36th in the world with a handful of cash crops with recognised quality which it exports, while its subsoil offers many mineral riches with an impressive potential of untapped resources. Cameroon’s market-based diversified economy offers important investment opportunities in strategic sectors of the global value chain and thus makes of the country an investment destination par excellence.