(Business in Cameroon) – Sources within both the Port Authority of Kribi (PAK) and the logistics company Africa Global Logistics (AGL) confirm that key parties involved in the development of a 1,500-hectare industrial zone adjacent to Kribi’s deep-water port in southern Cameroon will meet in Paris in the coming days. While the exact date is still pending, it is expected to take place next week, according to a source close to the discussions.
The meeting will involve PAK, the public body managing the Kribi port platform, led by Patrice Melom; AGL, a logistics company that acquired the African assets of the Bolloré Group in December 2022; the Chinese company CHEC, one of the operators of the Kribi container terminal; and the Tanger Mediterranean Special Agency (TMSA), which manages Morocco’s Tanger MED port complex.
Also attending the meeting will be Cameroonian businessman Colin Ebarko Mukete, who controls the investment vehicle Belmont Investments, involved in the container terminal project at Kribi’s deep-water port. The Indian investment vehicle Arise IIP, which recently committed to invest CFA230 billion in the development of a 500-hectare industrial zone at the port of Douala, will also participate.
One of the primary objectives of the Paris talks is to finalize a shareholder agreement that will define each party’s stake in the project. This is expected to lead to the creation of a joint venture, with capital contributions from the partners based on their respective assets. This initial capital release is aimed at securing the necessary funding to begin the project.
50,000 Jobs Expected
The CFA550 billion investment will involve the development, operation, and maintenance of 1,500 hectares of land for logistics and industrial activities. According to PAK projections, the Kribi industrial-port zone will generate 50,000 direct jobs. The work will mainly include deforestation, land leveling, and the construction of utilities and infrastructure such as telecommunications, water, electricity, public lighting, sanitation, and roads. Additionally, commercial buildings such as high-end business centers and warehouses will be constructed.
Once completed, this infrastructure will be leased to companies, with the added benefit of the incentives provided by the 2013 law on private investment in Cameroon and the law governing economic zones. These laws offer significant tax and customs exemptions during both the installation and production phases.
PAK believes the project will have far-reaching benefits, including increased activity and traffic volumes at Kribi port, enhanced competitiveness for Cameroon’s foreign trade, a boost in foreign direct investments (FDI), and a contribution to the country’s industrialization in line with the National Development Strategy for 2020-2030.
