Private investors agree to do business in Cameroon

The Minister of Mines, Industry and Technological Development Emmanuel Bonde has signed separate agreements with 13 companies.

According to the agreement over 180 billion FCFA will be invested in specific sectors to create over 3000 direct and indirect jobs in Cameroon.

The local and foreign investors agreed to do business in Cameroon in accordance with law No.2013 /004 of 18 April 2013, which provides incentives for private investments in the Republic of Cameroon.

The 13 local and foreign companies are involved in Agro-industry , Low-cost housing, Metallurgy, Chemical housing and Cement production.

During the signing ceremony the Minister of Mines, Industry and Technological Development Emmanuel Bonde, stated that the agreement will mark a new era not only for these companies that has to employ more professional staff but for the 3000 jobs that will be created.

One of the major investors is the Turkish group of investors that operate a Cement Grinding Plant.

They forecast on producing 600,000 metric tons of cement per annum at the beginning and production shall eventually increase to 1 million.

Another potential investor who operates in the cement production sector indicated his company’s readiness to begin real business in Cameroon immediately .

He assured government that the managing board of his company promises to invest 40 billion FCFA, creating 900,000 jobs by the time the company begins production.

General Manager of the Investment Promotion Agency, Marthe Angeline Minja promised government’s support to all investors.

She said a 5 per cent reduction in custom duties; real estate shall be made easy, credit facilities and the exemption of the Value Added Tax (VAT).