Yaounde, Cameroon Africa. (Cameroon News) – South Korea on Thursday, November 10, 2011 re-opened its Trade Centre in Cameroon’s economic port capital city, Douala. It was closed down 19 years ago due to economic crisis that hit Korea. The centre is a branch of the Korea Trade-Investment Promotion Agency (KOTRA).
“The centre will have as mission to introduce greater investors to Cameroon”, the Ambassador of Korea to Cameroon, June Hyuck Cho said, in Douala during the re-opening ceremony of the Centre.
He further said, “We think that Cameroon is a stable country for investment and we are very much interested in strengthening our bilateral cooperation”.
Cameroon’s Minister of Economy, Planning and Regional Development, Louis Paul Motaze stating that the business climate was improving in the country, wished to see many Korean enterprises set up economic activities in Cameroon.
“South Korea is an emerging economy”, Mr Motaze said, stating that some 50 years ago, the Korean economy was almost at the level of many African economies, including Cameroon.
Government sources in Yaounde say that up to the third quarter of 2011, trade volume between Cameroon and Korea was below 100 million US Dollars.
With the re-opening of Korea Trade Centre, projections show growth in trade exchanges to be more than 150 million US Dollars in 2012.
Korea today, the Minister said is almost between the 12th or 13th world economy, meaning that Cameroon has much to learn from Korea.
He disclosed that the success of the Korean economy was due to rigorous and more importantly, applied planning and stated that economic planning has resumed in Cameroon with the growth and employment strategy document.
South Korea re-opened its Embassy in Yaounde, Cameroon in 2008. The country has also put in place its International Cooperation Agency (KOICA) in Yaounde.
“We need to keep this momentum up. Our vision is not limited to Douala”, Ambassador June Hyuck Cho said and explained that, “We are looking for the genuine partnership between the two countries”.Pin It