Cameroon has great potential for investment: Thani Al Zeyoudi

There are initial plans to increase the capacity by around 350 megawatts, which is an opportunity for our companies investing in renewable energy sector, says Dr Thani bin Ahmed Al Zeyoudi

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, leading an Emirati delegation of business, investment and development leaders to Cameron. — Wam

By Wam

Published: Wed 30 Nov 2022, 3:37 PM

Last updated: Wed 30 Nov 2022, 4:12 PM

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has stated that the UAE is one of the most significant investors in Africa, especially in sectors that will have great future worldwide over the next 20 years, such as infrastructure, food security, renewable energies, communications and other prospective sectors.

In an interview with the Emirates News Agency (Wam) during his visit to Cameroon, leading an Emirati delegation of business, investment and development leaders, Dr Al Zeyoudi said that the visit reiterates the depth of strategic relations between the two countries, and the UAE's keenness to invest in some vital sectors in Cameroon that demonstrate great potential.

Dr Al Zeyoudi said that the visit reiterates the depth of strategic relations between the two countries, and the UAE's keenness to invest in some vital sectors in Cameroon that demonstrate great potential. — Wam

Cameroon produces about 1,500 megawatts of electricity from renewable energy, Dr Al Zeyoudi said, adding that "there are initial plans to increase the capacity by around 350 megawatts, which is an opportunity for our companies investing in renewable energy sector."

Cameroon has ambitious plans in renewables, aiming to achieve an increase of 25 per cent by 2035. It has hydroelectric power generation capabilities, the third largest in Africa, which represent a great opportunity for trade and investment flows between the UAE and Cameroon, Al Zeyoudi said, adding that agriculture is another area of investment focus due to the fertile soil and greenery in Cameroon.

Al Zeyoudi also stated that some companies are already discussing investment opportunities with Cameroon, including DP World that aims to manage some ports in Cameroon including Douala Port.

Other investment opportunities that were discussed are in aviation, logistics, and SMEs sector.

The UAE is one of the most prominent global investors in Africa, with a share of 88 percent of total GCC investment in the continent. — Wam