The UAE and Cameroon are jointly exploring opportunities in sectors such as renewable energy, infrastructure and logistics.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, led an Emirati delegation of business and investment leaders to Cameroon to explore opportunities and strengthen UAE-Cameroon ties, state news agency Wam reported on Tuesday.
The minister held numerous talks on Cameroon’s growth plans and current logistics and infrastructure needs as part of his visit.
“Cameroon is an emerging and ambitious economy, and it is evident that there is considerable scope to extend bilateral trade and enhance investment flows into priority sectors such as renewable energy, technology and logistics,” Dr Al Zeyoudi said.
“The UAE invested $1.2 billion in sub-Saharan Africa between January 2016 and July 2021, and this visit has underlined the significant opportunity that exists in Cameroon.
“I am confident we have created an important platform for future collaboration between the public and private sectors while underlining the role the UAE plays as a launch pad for African companies seeking to expand into global markets.”
Non-oil trade between the UAE and Cameroon reached $406 million in the first nine months of the year, up 5.7 per cent from the same period a year earlier.
Cameroon aims to increase the contribution of renewables to 25 per cent of the country’s energy mix by 2035, as well as its hydropower generation potential.
“The UAE can play a role as a global gateway for Cameroon and the West Africa region, helping to open greater access to expanding trade routes for both new and established markets,” said Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development.
“There is huge potential for Abu Dhabi to further deepen ties, increase trade flows and accelerate investments between our countries.”
The Emirates plans to invest $160 billion in clean and renewable energy sources over the next three decades.
It is building the Mohammed bin Rashid Solar Park in Dubai with a five-gigawatt capacity. Abu Dhabi, which is developing a two-gigawatt solar plant in its Al Dhafra region, has set a target of 5.6 gigawatts of solar capacity by 2026.
Earlier this month, the UAE and the US signed a strategic partnership to invest $100 billion to produce 100 gigawatts of clean energy globally by 2035.
They will work together to prioritise commercial projects in developing and poor countries, as well as support them with technical and financial assistance.
They will also focus on tapping into available resources and public and private sector expertise to expedite investment and introduce the latest technology as they push to reduce costs in clean energy projects in developing countries.