Businessmen from both countries held working sessions in Yaounde yesterday to seek ways of correcting the trade imbalance between both countries. Since 2005, Cameroon’s trade balance with South Africa has been on a steady decline.
This deficit amounted to FCFA 58 billion representing the volume of Cameroon’s imports from South Africa while Cameroon’s exports to South Africa during the same period represented a meagre FCFA 1 billion, revealing thus a trade imbalance in favour of South Africa. Furthermore, it is estimated that about 100 South African companies import from Cameroon while less than 20 Cameroonian companies export to South Africa. Correcting this trade imbalance between the two countries was the purpose of a bilateral consultation meeting between Cameroonian and South African businessmen that held yesterday January 26 2011, in Yaounde within the framework of a South African economic mission to Cameroon.
Declaring open the meeting, the Minister Delegate to the Minister of the Economy, Planning and Regional Development, Yaouba Abdoulaye said trade between both countries have however sped up since the institution of a legal framework on September 22, 2006. He hailed the presence of businessmen from various sectors of activity in the South African delegation as exemplifying Cameroon’s vision to diversify and move from words to concrete actions likely to boost foreign direct investments in Cameroon. “The consultations that we are beginning today are of great importance in the building of a win-win economic partnership between Cameroon and South Africa,” he underscored.
The same message was echoed by the Deputy Minister of Trade and Industry of the Republic of South Africa, Elisabeth Thabathe who regretted that the trade volumes between both countries have remained embarrassingly low inspite of the strategic roles played by both countries in the Southern African and Central African sub-regions respectively. “The future of business in Africa lies in cooperation between our countries,” she emphasised. The economic mission, she further said, was interested in searching for common grounds to promote bilateral trade particularly in sectors such as infrastructure, agriculture, energy and manufacturing industries. After the opening ceremony, the businessmen from both countries were split into five working groups that explored opportunities in governmental projects; infrastructure and construction; clothing and textiles; oil, gas and financial services; and agro-industry and transport.
The South African economic mission is a follow-up to the economic mission to South Africa by a delegation of businessmen led by the Minister of the Economy, Planning and Regional Development, Louis Paul Motaze from October 23 to November 2, 2010. Since its arrival in Cameroon on January 22, 2011, the South African delegation has held working sessions with businessmen and some state corporations in Douala and Limbe. Between working sessions, the delegation will today continue meeting with high level government authorities such as the Minister of the Economy, Planning and Regional Development.
