Cameroon Signs CFAF370.3 Billion in New Investment Agreements, Metallurgy Takes 95%

Cameroon’s Investment Promotion Agency (IPA) has signed investment agreements covering six private-sector projects with planned investments totaling CFAF370.3 billion. Metallurgy accounts for more than 95% of the proposed capital. The projects, which also cover tourism, leisure and manufacturing, are expected to generate 14,267 jobs, according to figures released on September 14 in connection with the agreements. Three metallurgy projects alone represent CFAF353.5 billion and 12,850 projected jobs, or about 90% of the total employment forecast.

The largest investment is planned by Cameroon Steel Manufacturing Company, which is expected to invest CFAF247.5 billion and create nearly 8,500 jobs. The project accounts for about two-thirds of the investment covered by the six agreements and nearly 60% of the projected jobs. Complexe Multi-Industriel du Cameroun, which already operates in Douala, plans an additional CFAF100 billion investment to expand its activities, with 4,050 jobs projected, while AZA Manufacturing plans to invest CFAF6 billion and create about 300 jobs. Together, the three projects account for most of the investment and employment covered by the agreements.

Tourism Projects Target 1,382 Jobs

Tourism and leisure account for CFAF15.2 billion of the planned investment. SCI Emergence plans to invest CFAF10 billion in a project expected to create 1,100 jobs, while Christinal Hotel is proposing a CFAF5.2 billion investment with 282 projected jobs. Together, the two projects represent 1,382 planned jobs. In manufacturing, FAGRICAM Industrie plans to invest CFAF1.6 billion and create 35 jobs.

Speaking during the signing ceremony, IPA Interim General Manager Boma Donatus welcomed the investors’ decision to expand their activities in Cameroon and highlighted the country’s investment ties with China. He also pointed to technology transfer as one of the potential benefits of attracting more industrial investment. The IPA encouraged the companies to move ahead with their projects and reiterated the government’s support for private investment.

The agreements were accompanied by a separate amendment concerning an existing investment by Yousheng Cement. That operation is not included in the CFAF370.3 billion total for the six projects.

Cameroon’s Investment Promotion Agency acts as an interface between investors and public agencies. Its mandate includes facilitating investment procedures, assisting project sponsors and supporting approved projects through their implementation.

Mercy Fosoh