Cameroon, with the population of 26.5 million and GDP of 38.8 billion dollars, is the largest country in population and economy among CEMAC(Central African Economic and Monetary Community).
Cameroon has been blessed with natural environments that put the country in advantage of agriculture, and also with natural resources including minerals, petroleum gas, and forest. Based on abundant natural resources, Cameroon enjoyed prosperous days in the beginning of 2010 by achieving the economic growth rate of 5%. Since then, however, its growth rate plummeted to 3.17% due to decrease in crude oil and commodity prices.
In 2019, the country recorded the economic growth rate of around 4% by recovering the economy, but in 2020 it has reported minus growth (the rate of –2.5%) with depressed economic activities since COVID19.
However, international organizations including the World Bank has expected that in 2021 the Cameroonian economy becomes active in line with economic recovery.
The Cameroonian governments are carrying out diverse measures for transition to manufacturing industry-centered structures so that they have designated the agriculture-based industry, the energy and resources industry, and the digital information and communication industry as 3 priority sectors.
The ‘Vision 2035’ project with the aim of Cameroon’s becoming an emerging country makes a target to produce 24% of the total GDP in manufacturing industries.
Since the establishment of diplomatic relations, Korea and Cameroon have continued cooperation in various economic fields.
In recent years, Korea’s top corporations have paid attention to Cameroon’s electrical infrastructures and have carried out some projects in Cameroon based on global information technology such as a project of electronic customs and one of building e-government system. Cameroon and Korea have run a consultative meeting, a title of ‘Korea-Cameroon Economy and Energy Cooperation Forum’ since 2012.
This forum celebrates the 10th anniversary in 2021, the year celebrating the 60th anniversary of the establishment of diplomatic relations between the two countries.
In the near future, bilateral economic cooperation will be strengthened by running the consultative meeting and encouraging Korean companies to enter Cameroonian markets accompanied by transfer of development experiences.
(Unit : million USD, %)
|Amount||Increasing rate||Amount||Increasing rate|
※ (main export item) textile products, electronic products, and petrochemicals
※ (main import item) energy and resources products including crude oil, jewel and gold
|Investment||Number of newly entering enterprises||Amount of investment(thousand USD)|
※ (main Korean enterprises in Cameroon) KORID, KOCAM Mining, KORPEC Cameroon, AMining and Shipping Company, IBG Cameroon, G.N.S Sarl