Economy

At audience in Yaounde: Trade minister urges Indian delegation to take advantage of AfCFTA.

Cameroonian & Indian officials at event

The Minister of Trade, Luc Magloire Mbarga Atangana, has urged investors from India to seize the opportunity presented to them by the African Continental Free Trade Area, AfCFTA, to invest in Cameroon.
The minister was speaking in Yaounde while receiving a high-profile delegation of Indian investors at the conference hall of his ministry.

The meeting, held Friday, September 20, aimed at bolstering economic relations between Cameroon and India.

The representative of the Confederation of Indian Industries and the Commonwealth Enterprise and Investment Council, CWEIC, Ajay Jain, led the delegation from India.

Also present at the Yaounde audience were the Indian High Commissioner to Cameroon, H.E Shri Vijay Khanduja, and the Interim General Manager of the Investment Promotion Agency, API, Boma Donatus.

Speaking during the meeting, the Indian business leaders expressed keen interest in several key sectors of the Cameroonian economy, including renewable energy, manufacturing, mining, construction, and compliance with industry standards.

Responding to their interest, the government official, in his remark, welcomed the interest shown by the Indian investors, emphasising Cameroon’s unique position as a gateway to the African market.

Minister Mbarga Atangana further noted that the country offers a stable and secure investment environment.

“Cameroon is a land of opportunities, providing investors with a favorable environment for their projects,” the minister stated.

He highlighted the strategic importance of the African Continental Free Trade Area, AfCFTA, stressing that companies producing locally in Cameroon could access a vast continental market.

He described AfCFTA as a significant advantage for investors, reinforcing Cameroon’s role as a springboard for entering the wider African economy.

The officials revealed that the Indian delegation’s visit is part of Cameroon’s broader strategy to attract foreign investments, in line with President Paul Biya’s vision for economic growth.

Experts say the collaboration between Indian businesses and Cameroonian stakeholders could serve as a catalyst for development in sectors crucial to Cameroon’s economic diversification.

As both nations continue to explore deeper trade and investment ties, experts are of the opinion that the recent visit marks a significant step toward enhancing cooperation and expanding opportunities for mutual benefit.

This article was first published in The Guardian Post issue No:3240 of Wednesday September 25, 2024