Saudi Arabia Supports Companies to Enter Cameroon, Togo Markets

Business

February 26th, 10:21am

Riyadh - Bandar Mosallem

Douala port is one of the largest ports of Cameroon, which has excellent investment opportunities in infrastructure (Getty Images)

The Saudi Ministry of Investment is currently working on listing all national companies interested in investing in Cameroon and Togo as part of its support for Saudi investment abroad and addressing its challenges with the relevant authorities. Several Saudi government agencies aim to stimulate and support the private sector to enter foreign projects by presenting available investment opportunities and coordinating with relevant agencies to address the challenges. The Ministry revealed several opportunities in Cameroon and Togo, west of Africa. The countries have opportunities in port infrastructure, electricity, water networks, sanitation, communications, tourism, agriculture, and phosphates, said the Ministry, asking those interested to determine suitable projects. According to the data on investment opportunities available in the two republics, of which Asharq Al-Awsat reviewed a copy, the projects implemented in the Douala port include infrastructure for land sites and communications, water, electricity, and various urban facilities. Togo's legal framework on public-private partnership revealed that project design and scale were optimized to help anticipate risks associated with it and enable public debt management. The Saudi government provides all incentives and support to national companies and institutions to develop their business locally and internationally. It will also address the local private sector to participate in international conferences and exhibitions to present its services and explore available investment opportunities. In 2019, Saudi Arabia established the General Authority for Foreign Trade (GAFT) to promote the Kingdom's international trade gains and defend its interests in foreign trade, contributing to developing its national economy.​ GAFT is concerned with all tasks related to developing policies and strategies of foreign trade in coordination and alignment with the public and private sectors, in addition to several tasks, including the supervision of commercial attachés abroad and joint Saudi-foreign business council. GAFT is also concerned with international trade relations, dispute settlement, and negotiations on free trade agreements and bilateral, regional, and international agreements. It aims to protect the Kingdom's industry from harmful practices in international trade by implementing trade remedies procedures stated in World Trade Organization agreements. Meanwhile, the Saudi Fund for Development aims to involve the private sector in projects in developing countries by empowering local capabilities and increasing its ability to export its services and products to foreign markets. Vision 2030 came with ambitious aspirations and targets to develop local content and export national services and products abroad, which requires complementary work between various government agencies and partners from the private sector.

from Asharq AL-awsat https://english.aawsat.com/home/article/4180446/saudi-arabia-supports-companies-enter-cameroon-togo-markets