Biya regime to seek new partnerships at Russia-Africa Economic Forum in October ⁰

The Cameroon Chamber of Commerce, Industry, Mines and Handicrafts (Ccima) said it is raising awareness among its members about the upcoming Russia-Africa Economic Forum in Moscow. The announcement came in a September 15 letter from Ccima’s secretary general to the head of the Pan-African Association for Excellence, Education, Development and Friendship Between Peoples.

Cameroon sees the forum as a chance to deepen cooperation with Russia, where economic exchanges remain narrow. The relationship is currently limited to Russian wheat exports to Cameroon and Gazprom’s exclusive purchase of Cameroonian natural gas.

“The cooperation between Cameroon and Russia mainly covers military, trade and humanitarian areas. Despite economic and technical agreements signed with the former USSR in the 1960s and 1970s, the economic dimension remains underdeveloped,” Cameroon’s presidency noted in a preparatory document for the 2023 Russia-Africa Summit.

The same document stressed that, as Cameroon faces financing challenges with some traditional partners, cooperation with Russia could help fund major structural projects.

It added that Russia, the world’s eighth-largest economy, holds expertise in wheat production, fertilizer manufacturing and mining. Partnerships should therefore focus on mobilizing development aid, attracting foreign direct investment, strengthening trade capacity, building partnerships and expanding resources through decentralized cooperation.

Source: Business in Cameroon