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Major investment deals expected as Biya heads to Italy

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Friday, 17 March 2017

Major investment deals expected as Biya heads to Italy

Cameroon’s President Paul Biya will pay a two-day state visit to Italy from Monday, the state house in Yaoundé announced. Though the statement by the secretary-general at the Presidency did not give details, observers envisage the signing of major investment deals during the visit. President Biya’s plan comes about a year after his Italian counterpart Sergio Mattarella paid a similar visit to Yaoundé. The president will be accompanied by the First Lady Chantal Biya to the world’s eighth largest economic power. The visit comes barely a month after the holding in Yaoundé of the maiden Cameroon—Italy business forum. The forum that brought together over 70 Italian investors and their Cameroonian counterparts, served to strengthen the economic cooperation between both countries, organisers said. Italian Deputy Foreign minister for International Cooperation, Mr Mario Giro, led his country’s delegation to the forum. “The areas of interest are energy, housing, transportation and agribusiness, but we are also exploring other interesting sectors because there are a lot of possibilities here in Cameroon,” Mr Giro said. Rome and Yaoundé have enjoyed diplomatic relations since 1962. Last week, the Italian government announced it had cancelled some of Cameroon’s debts under the Highly Indebted Poor Countries Initiative from the year 2006-2042.

Source: www.africareview.com