They signed a bilateral agreement to mutually protect and promote investments.

The Republic of Cameroon and that of South Korea have reached a deal to protect their investments and considerably move it to higher heights for the mutual benefits of the two countries. Cameroon’s Minister of the Economy, Planning and Regional Development, Emmanuel Nganou Djoumessi, and South Korea’s Ambassador’s to Cameroon, Cho June-Hyuck, on Tuesday December 24 signed an agreement to protect and promote investments. This was in the presence of five other Cameroonian Ministers. 

By the agreement, Cameroon will benefit from enhanced cooperation in the area of development through the dispatch of more Korean experts and volunteers along with other forms of grants and aid as may be mutually agreed by the two parties. Efforts will also be stepped up to increase the number of South Korean investments in Cameroon and bring in the country’s wealth of experience in development to bear on Cameroon. “Korean industries are looking forward to coming to Cameroon to establish good partnerships.

The agreement signifies a milestone in our bilateral relations. Cameroon’s geopolitical position is very important in this part of the world. It has a good sea-shore, a good prospect for off-shore plant, a good potential for the exploitation of minerals and a good potential for energy infrastructure,” Cho June-Hyuck said.  

The Korean diplomat said the conclusion of the agreement was testimony to Korea’s commitment to supporting Cameroon in achieving sustainable economic development especially as it is set to implementing its lofty roadmap of becoming an emerging economy by 2035. “Korea is a country that has known sustainable economic growth in a short space of time and we are willing and happy to share our experience with Cameroon so that it can also know economic development and experience prosperity,” the Ambassador noted.

Lauding the Korean input that is already quite visible in the country since the two countries established cooperation ties in 1961, Minister Emmanuel Nganou Djoumessi sounded upbeat that much remains to be gained by the two countries in further strengthening what he qualified as cordial bilateral ties.

He cited Korean projects in Cameroon like the Steel processing plant by POSCO, the Limbe deep seaport, the Limbe Cement Plant, the construction of the Emergency Medical Centre in Yaounde, the implementation of the National Public Key Infrastructure (PKI) project which serves as a major instrument for a secured platform for information exchange within the telecoms network, the construction of three vocational training centres in Douala, Limbe and Sangmelima as well as initialising the National Institute of Vocational Trainers and Programme Development Projects, among others.