"Investment opportunities abound in Cameroon, ready to be tapped. This will be brought to fruition through cooperation," Cameroon's Prime Minister, Head of Government, Philemon Yang told Indian investors at the opening of the 2013 edition of the India-Africa Conclave in New Delhi, India on March 17. The Confederation of Indian Industry-EXIM Bank Conclave on India Africa Project Partnership is based on the premise that India and Africa have a common aim to give the developing world a voice in areas from trade to environment. India's Minister of Commerce, Industry and Textiles, Anad Sharma opened the come together.
Philemon Yang used the opening ceremony at the Taj Palace that will end today, March 19 to present Cameroon's investment potentials in the mining, agricultural, petroleum, gas, transport and power supply areas. Stating that, "Arguably, Cameroon is one of Africa's best destinations for investments", he cited a series of laws the government has enacted to enhance investment incentives, provide for free enterprise, reduce tariff barriers and facilitate trade and capital flows.
Indian investors, interested in Cameroon certainly heard from the Prime Minister that only 1.8 billion cubic metres of the country's estimated 695 billion cubic metres of gas have been exploited and Cameroon plans to construct a gas liquefaction plant in Kribi. They also learned about the ongoing infrastructure projects, Cameroon's agriculture and forest projects. Mr Yang said Cameroon possessed vast forests which are sources of timber and other forest products. "These forests also create climate conditions that favour the production of diversified agriculture products such as cocoa, coffee, tea, cotton, banana, rubber, palm oil, and a host of other tropical fruits," he specified.
The 2013 edition of India-Africa Conclave, comes shortly after President Paul Biya opened Cameroon's diplomatic representation in New Delhi. The Prime Minister considered this a demonstration of the Head of State's resolve to facilitate economic exchanges between India and Cameroon. During the come together, the Cameroon delegation and Indian investors are expected to sign Memorandums of Understanding in the areas of agriculture, mines and tourism.
