Central Africa - Partnership signed: Kribi Port to partner with Commonwealth companies

A partnership agreement was signed between the Port of Kribi (PAK) through its General Manager Patrick Melom and the Commonwealth Enterprise and Invest- ment Council (Cweic), represented by its chairman, Lord Jonathan Marland, former British Minister of Trade.

The Port of Kribi (Cameroon) and the Commonwealth Enterprise and Investment Council (Cweic) are now business partners.

Recall that Cameroon will host the WTO in 2024. The Yaoundé government will organise the 13th Ministerial Conference of the World Trade Organisation (WTO).

It is thanks to this partnership agreement signed between the parties on 10 October that the PAK will now facilitate companies of Cameroon in the business community in the Commonwealth, companies through this partnership agreement will be able to participate in important business meetings to promote investment in the port area.

"Through this partnership, Cweic will accompany PAK in its strategic vision to become the regional hub in the Gulf of Guinea by connecting PAK with senior government officials and business leaders in its Commonwealth network."

stated the Commonwealth representative. The Director of the Kribi Port Agency precise:

"this agreement puts us in contact with entrepreneurs interested in investing in the development of the port.

The partnership augurs promising prospects for PAK. Already at the time of signing Cweic's partners were planning to explore the possibility of investing in Cameroon.

Recall that the Cweicwhich is a non-profit trade organisation mandated by the Heads of Commonwealth Government to facilitate trade and investment in its 56 member countries, this organisation has a significant network of member countries, and has an extensive network of companies operating in the industrial and oil sectors,

These include Afreximbank; City of London Corporation; Equity Group Holdings; Algo fuels LTD; Gold Coast Refiner, among others, who may invest in or collaborate with the Kribi Port Authority in the development of the industrial area on the PAK's land.

During the Commonwealth Business Forum held last June in Kagali, Rwanda, Commonwealth Secretary General Patricia Scotland said, that trade exports within the Commonwealth recorded a recovery of USD 700 billion in 2020 and USD 760 billion in 2021.

It is estimated to be the highest figure ever recorded in terms of value and volume of trade. Figures from the African Development Bank (AfDB), revealed during the said Forum, indicate that the Commonwealth, which has 54 member countries including Cameroon, has a total GDP of about $13 trillion and is expected to reach $19.5 trillion by the end of 2027.

A niche opportunity to be seized by the Port of Kribi and the Italian business world interested in investing in a strategic port in Central Africa that gives access to locally processed products to 54 African capitals, the Commonwealt and Europe at 0 tariffs.

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