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Chinese state group New Silk road Energy Holding discloses plans to build a Chinatown in Cameroon

Chinese state group New Silk road Energy Holding discloses plans to build a Chinatown in Cameroon
  • Comments   -   Friday, 19 November 2021 13:30

(Business in Cameroon) - Dong Kaiming, vice-president of Chinese state firm New Silk Road Energy Holding Group Co. Ltd was granted an audience, on November 17, 2021, by Cameroon’s Minister of Trade Luc Magloire Mbarga Atangana in Yaoundé. During the audience, the Chinese executive presented his group’s project for the construction of a Chinatown in Cameroon. According to information garnered at the Ministry of Trade, the Chinatown will serve as a hotspot for the commercialization of agrifoods (like rice, sugar, veterinary and medical products, inputs, and cotton) as well as fishery and livestock products produced in Cameroon. 

Despite the import-substitution policy being promoted by the Cameroonian government, the Minister of Trade Luc Magloire Mbarga Atangana encouraged the Chinese firm to come to invest in Cameroon. Per his statements, Cameroon is a good bet in terms of investment with an appropriate regulatory framework focused on entrepreneurial freedom. "You are welcome to invest in Cameroon, the investment hub in Central African and soon to become one for the whole African continent thanks to ongoing infrastructure projects, the dynamism of its business community, and its youthful population," said Luc Magloire Mbarga Atangana.

New Silk Road Energy Holding Group Co, Ltd. is a wholly state-owned enterprise group under the China Federation of Supply and Marketing Cooperatives. The company was founded on April 28, 2014, and set up in Qingdao on January 8, 2018, with a registered capital of 200 million yuan (about XAF18 billion).

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