China-Cameroon Trade has Broad Prospect: Official

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Last updated at: (Beijing Time) Thursday, August 29, 2002

China-Cameroon Trade has Broad Prospect: Official

China will boost cooperation with Cameroon and jointly explore a new way to upgrade two-way trade, a senior Chinese trade official said in Beijing Wednesday.

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China will boost cooperation with Cameroon and jointly explore a new way to upgrade two-way trade, a senior Chinese trade official said in Beijing Wednesday.

The official with the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) noted that China and Cameroon established diplomatic relations in 1971.

In 2001, two-way trade hit 210 million US dollars. China's exports were worth 29.36 million dollars and imports 180 million dollars, with a trade deficit of 150 million dollars unfavorable to China.

China's principal exports to Cameroon are machinery, electrical equipment, garments, textiles, light industry products and metals. Cameroon's exports to China consist mainly of crude oil, logs and sawn timber.

Cameroon customs figures indicate China is its fifth largest export destination and eighth largest imports source.

MOFTEC statistics show by 2001, a total of 16 Chinese companies had invested in Cameroon in the fields of infrastructure, garments and automobile products with contract value amounting to 160 million dollars.

Besides, China also rendered assistance to Cameroon in such aspects as building hydroelectric station, agriculture, medical and health work as well as personnel training.

China and Cameroon are mutually supplementary in economy. Cameroon has rich natural resources while China has sophisticated industrial techniques and proven products. That means huge potential for the development of two-way trade, especially in construction project, according to the MOFTEC official.

China is encouraging its ventures to operate in Cameroon and is keen to widen joint efforts to boost cooperation within the World Trade Organization (WTO), he said.

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