9 private new investors to create over 5500 jobs

Nine private new investors have signed deals with government for the creation of over 5,500 jobs through projects that are evaluated at FCFA 123.9 billion. The agreements were penned by the Minister of Mines, Industry and Technological Development, Ernest Gwaboubou and representatives of the nine private companies. The agreements, which are in line with the April 18, 2013 Act on Private Investment Incentives in Cameroon, were signed in Yaounde on December 18, 2015, with the Director General of the Investment Promotion Agency, Angeline Minja, as witness.

The Star Land Company plans to invest FCFA 10.3 billion for the construction five-star hotels in Douala and Yaounde, with over 520 jobs to be created. KTM Cameroun Company seeks to invest FCFA 12.5 billion in setting up a motor bike assembly and tricycle plant in Douala. Over 630 jobs are up for grabs when the project goes operational. Mira Company, Cameroon, on the other hand, intends to construct a cement factory in Douala. The project is estimated at FCFA 32.3 billion and is likely to create 1,618 jobs. FCFA 2.9 billion is the amount the Aza Manufacturing Company intends to invest in the production of domestic gas cylinders by constructing a plant in Douala. The project seeks to create 107 jobs.

The Cameroon Palm Company, SOCAPALM, signed a deal to extend the cultivation of oil palm and rubber in the Littoral Region. The investment is worth FCFA 38.2 billion, with 816 Cameroonians to be employed. The Moulin Cog Rouge Company will create 300 jobs with the construction of an industrial plant to process wheat. Unifood Cameroon plans to invest FCFA 20 billion to set up a plant to produce food products, cosmetics and plastic sacks. This will create over 1,190 jobs. Another company that signed Friday’s deals was SOTRABUS S.A, which is to invest 1.8 billion in the construction of an autobus assembly plant in Douala. This should create 312 jobs. The Hygiene Solutions Industrial Company says it will pump in FCFA 1.2 billion into the economy to create 75 jobs by setting up a plant for manufacturing pads and other hygienic products.

Minister Gwaboubou counted blessings of the April 18, 2013 Act on Private Incentives, saying over 53 big and six small and medium-size entreprises have so far partnered with government, investing over FCFA 650 billion and creating over 21,500 jobs. The volume of investments is considerable, he said. The General Manager of the Investment Promotion Agency, Angeline Minja, rejoiced at the growing confidence of business persons in investing in Cameroon, saying there has been renewed momentum from private investors sequel to the first ever Cameroon Investment Forum that held in Douala in November. She noted, “The figures are good and the ball is now in the court of investors to get their projects operational as soon as possible”.