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Agro-industry, oil, construction sectors get fresh impetus.
Agro-industry, oil, construction sectors get fresh impetus.
Some nine agro-industry, oil and construction investors have concluded a deal with the Investment Promotion Agency that will see the firms invest as much as FCFA 74.91 billion to scale up the sector.
The investors include Molecules GAZ, Ramis Sarl, United Hotel International, Cemtech industries Cameroon, Yon Cam Sarl, World Food Industry Sarl, Capital Trading Private, Inpharaf and Rafmac. This happened, thanks to the signing of a convention between the Investment Promotion Agency and the firms. The nine firms were represented at the signature table by their Chief Executive Officers, while the Investment Promotion Agency was represented by its Director General, Marthe Angeline Minja. The terms of the convention indicate that the nine private companies will invest a total of FCFA 74.91 billion. Such investments will generate 3,726 new jobs that will be picked up by young Cameroonians.
The General Director of the Investment Promotion Agency expressed satisfaction as she congratulated the firms for the step of faith they have taken. “This means that the law on incentives for private investment is paying off”, she said. Since its inception in 2014, the Investment Promotion Agency has so far signed 216 agreements with the private sector.
The projected investment from these agreements amounts to FCFA 3,801 billion and an estimated 73,000 direct and indirect jobs.
But the General Director of the agency, Marthe Angeline Minja, thinks it is not enough to publish figures. “The ultimate goal of this law is to see the materialization of these conventions and projections in investments and actual jobs, in order to boost the economy and therefore contribute to the development of the sub Region”, she stressed. It is in this light that she urged the new partners to speed up the investment so the projections can materialize within a record time. “The effective exploitation of our palm oil potential alone is capable of generating more openings that can require the investments of billions that will produce over FCFA 400 to FCFA 500 Million for the state through customs revenue”, stated Eugene Ngueha, Ramis Sarl’s General Director.
Culled from Cameroon Insider