Dubai To Host Cameroon Investment Forum This Thursday

Dubai To Host Cameroon Investment Forum This Thursday
  • Several partnership agreements will be signed during Cameroon Investment Week: Investment Forum
  • The event will be attended by a panel of Three Ministers from the Republic of Cameroon

Investors from the United Arab Emirates and Cameroon will gather on December 15, 2022, to explore ways of strengthening business relations, and investment opportunities and discuss prospects of signing mutually-beneficial partnership agreements.

During the “Cameroon Investment WeekInvestment Forum, which will take place at Jafza One Convention Center, Jebel Ali Free Zone, the two countries will delve into a viable business and investment opportunities.

To foster discussions, the event will assemble major high-profile stakeholders including; HE ALAMINE OUSMANE Mey, Minister of Economy, Planning and Regional Development, Republic of Cameroon; HE Luc Magloire MBARGA ATANGANA, Minister of Trade, Republic of Cameroon; H.E. Gaston ELOUNDOUD ESSOMBA, Minister of Water Resources and Energy, Republic of Cameroon; H.E. Iya Tidjan, Ambassador to the Cameroon Embassy in Kingdom of Saudi Arabia; and the General Manager of the Investment Promotion Agency Cameroon Mrs. Marthe Angéline MINJA.

The event will also be attended by several Top CEOs, Managers of local governmental and private economic entities as well as representatives of the Cameroonian business community.

The Investment Forum will feature a number of panel discussions covering Cameroon’s Business environment and investment opportunities in strategic sectors like oil, port, aeronautics, electricity & decentralization.

During the event, institutions from the UAE and Cameroon will sign memoranda of understanding (MoU) to create an attractive environment for UAE companies willing to invest in Cameroon, encourage the exchange of trade missions, and facilitate information exchange between the parties.

His Excellency Iya Tidjani, Ambassador of Cameroon at the Kingdom of Saudi Arabia, said:

“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”.

Mrs.  Marthe Angeline MINJA, General Manager of Investment Promotion Agency Cameroon, said:

“Cameroon, Africa in miniature, is not coming empty-handed to this give-and-take forum. Indeed, it has abundant assets, hence its attractiveness”

Mr. 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 discussing the ways of reinforcing the cooperation between the UAE and Cameroon and ways of promoting our bilateral ties.”

The focus of this gathering is Foreign Direct Investments (FDI) attraction which is generally characterized by huge investment projects, a high rate of job creation, a significant contribution to infrastructural development and transfer of technology, as well as their support to adding value to local resources. Thus, this event becomes a platform to ensure the attraction of sustainable FDIs in a bid to fast-track the achievement of Cameroon’s development goals.

In its 2022 investment report, the United Nations Conference on Trade and Development (UNCTAD) ranked the UAE as 17th country globally and first Arab country in the world in terms of FDI outflows that totaled 22.5 billion USD in 2021, reflecting a 19% growth compared to their 2020 records which clearly underlines the growing interest among UAE entities in investing in foreign markets and the positive effects that these entities experience from outward FDI.

According to a 2021 report and survey commissioned by the Dubai Chamber of Commerce, sectors including fintech, agriculture, health tech, and e-commerce display great potential in African markets, provided companies can access the necessary investments to address challenges such as weak digital infrastructure, limited public amenities, and unfamiliar regulations. The same survey from Dubai Chamber found that among business leaders in Africa, fintech is expected to see the most growth in 2022 — of up to 89 percent, followed by agriculture and food processing, by 89 and 87 per cent, respectively. These figures indicate Africa’s position as an attractive investment destination with the potential to generate higher returns on investment in the long term.

The Investment Forum will therefore form a part of undertakings to ensure the continuity of the UAE-Cameroon business relationship.

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