Yaounde, Cameroon Africa. (Cameroon News) – The Korean Pohang Iron and Steel Company plans to construct a steel processing plant in Cameroon and also a hydro- power plant to operate it, the Ambassador of the Republic of Korea to Cameroon, Cho June Hyuck said in the capital city, Yaounde, December 8, 2011.
“Our Iron and Steel Company will like to set up a hydroelectric power plant because they have plans to invest in iron ore mining and also in steel processing”, the Ambassador disclosed, adding that, “They will also need energy, so they will see possibilities of creating energy here in Cameroon that will not only supply communities but companies as well”.
Korean and Cameroon officials organized a business and energy cooperation forum at the Yaounde Hilton Hotel on Thursday, December 8, 2011 to assess the path covered in 50 years of diplomatic relations and chart the way forward.
The Secretary of State in Cameroon’s Ministry of Industry, Mines and Technological Development, Dr Fuh Calitus Gentry said that during a similar forum in Korea, “We finalized plans for South Korea to fund and construct a national mining laboratory here to the tune of 7 million U.S. Dollars (about FCFA 3.5 billion)”, stating that the laboratory will be a welcomed relief to the country’s mining sector.
60 percent of Cameroon’s mineral potentials are still to be explored, the government official said.
Cameroon Diamond Mining Industry - South Korea CK Mining develop Diamond Mine Yakadouma
“So far, our cooperation has been more or less focused on the preparatory stage such as feasibility studies or master plans”, Ambassador Cho June Hyuck said, specifying that, “Now, is the time to go to the next level to materialize our ideas and aspirations for Cameroon and Korea”.
After re-opening the Korean Embassy in Yaounde, Cameroon, the country moved ahead and also opened the Yaounde branch of the Korea International Cooperation Agency (KOICA).
The Korea Business Center , a branch of the Korea Trade-Investment Promotion Agency was re-opened in Cameroon’s economic capital port city, Douala in November 2011.
