Cameroon-Korea: Investments Protection Bill Examined
The Minister of Industries, Mines and Technological Development, Ernest Ngwaboubou defended the bill in the Foreign Affairs Committee on March 28, 2017.
Cameroonian and Korean investors will in the near future freely enjoy the profits of their investments and contribute in boosting trade ties between the two countries. This follows the bill the Foreign Affairs Committee of the National Assembly examined to authorize the President of the Republic to ratify the Agreement between the Government of the Republic of Cameroon and the Government of the Republic of Korea for the Promotion and Protection of Investments, signed in Yaounde on 24 December 2013.
The Minister of Industries, Mines and Technological Development, Ernest Ngwaboubou defended the bill in Committee assisted by the Minister of External Relations, Lejeune Mbella Mbella in the presence of the Vice Prime Minister, Minister Delegate at the Presidency in charge of Relations with the Assemblies, Amadou Ali. The Chairperson of the Foreign Affairs Committee, Hon. Enow Tanjong said the commissioners were inquisitive on the bill and asked many questions to which the Minister gave satisfactory answers.
The agreement is to promote investments made on the territory of one of the contracting parties by investors of the other contracting party, in order to stimulate private business initiatives. It therefore seeks to create an enabling environment for the development of such investments through equal advantages, transparency, and fairness in the treatment of the national and international investors concerned, while ensuring full protection and security of their investments. The agreement provides a legal protection to Cameroonian and Korean investors, provides for dispute settlement procedures, mechanisms for entry into force, as well as conditions for its termination.
When the bill on the agreement must have been adopted in a plenary sitting of the House and promulgated into law by the President of the Republic, investors from both countries will enjoy many advantages. Government argues that it will enable investors to freely enjoy the profits of their investments, as the agreement affirms the principle of free transfer and free remittance of investment-related funds.
Ils ont dit
Ernest Ngwaboubou: « Ce texte protège les investissements »
Ministre de l’Industrie, des Mines et du Développement technologique
« L’importance de cette loi consiste non seulement à autoriser le chef de l’Etat à la ratifier, mais surtout, dans le contenu, c’est un texte qui permet de protéger les investissements tant des Camerounais en Corée que des Coréens au Cameroun. Cela permet également d’assurer la promotion de ces investissements privés. En outre, il s’agit de faire en sorte que les ressortissants des deux pays n’aient pas de problème dans l’un ou l’autre Etat. Les échanges avec les députés se sont passés dans une ambiance conviviale. Mais cela ne veut pas dire que la loi est déjà adoptée, puisque la question peut revenir en plénière, surtout que nous sommes encore au niveau de l’Assemblée nationale ».
Hon. Enow Tanjong: « Minister Gave Fruitful Answers »
Chairperson of the Foreign Affairs Committee
“The members of the Committee showed a lot of interest in the bills. These bills concerned the economic development of our country in general. In particular, the last bill concerned the agreement between the Government of Cameroon and the Government of Korea for the promotion and protection of investments. This is a convention for the flow of trade and investments between the two countries. My members asked very interesting questions and the minister went into details and gave fruitful answers. He had a mastery on the functions and explanation of the bill. This was very satisfactory indeed. In the general plenary we do not think that there will be any upheavals in the consideration of the bill.”