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Friday, 05 November 2010

Cameroon and Germany seek to strengthen economic ties

Cameroon and Germany agreed on Friday to strengthen their bilateral economic ties, at the end of their maiden three-day cooperation talks held in Douala. Taking place under the aegis of Premier Philemon Yang, the talks organized by the Club of German Friends (CAA) saw the participation of 40 German business people and their partners from the Cameroon inter-employers’ grouping (GICAM). The forum also got the institutional support of the Cameroonian government and the German embassy in Douala. During the three-day forum, the two delegations deemed it necessary to strengthen their economic relations, with the German side insisting on improvement to the legal framework conducive to investment in Cameroon. “The issue is to see how to improve judicial governance, reduce the red tape, foster tax incentives, and combat corruption as such difficulties deter foreign investors,” CAA chairman Jacques Bimai said. Cameroon’s exports to Germany have reached 21 billion FCFA, equivalent to about two percent of its exports to the European Union. As for Cameroon’s imports from Germany, they have reached 57 billion FCFA, about eight percent of Cameroon’s purchasing from the European Union.