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.
 

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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 ég...

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