28 July 2013, Yaounde – The Chief Executive Officer of the South Korean iron and steel production company, POSCO Group, Joon -Yang Chung at the Star Building have signed two Memorandums of Understanding with government officials to construct a State-owned steel industry and cooperation with the Cameroon Industrial and Shipyard Company.
The signing took place July 23, 2013 at the Star Building under the auspices of Prime Minister, Philemon Yang.
Primer Minister, Head of Government Philemon Yang chaired the signing ceremony that came after a brief audience with the visiting Korean investors. He said the signing of the Memorandums of Understanding will consolidate cooperation between the two countries.
The first Memorandum of Understanding that was signed for government by the Secretary of State in the Ministry of Mines, Industry and Technological Development, Fuh Calistus Gentry and for POSCO Group by its Chief Executive Officer, Joon -Yang Chung concerns the construction of a steel industry in Cameroon. Mr Fuh Calistus told the press that focus is on technical cooperation and knowledge transfer necessary for the Cameroon steel initiative. He further said that the industry will lay the foundation for the processing of Cameroon’s mineral resources in conformity with the Mining Code which states that 15 per cent of all that is mined in country has to be processed locally. The Chief Executive Officer of POSCO said the project will start with feasibility studies after which an agreement will be signed for the start of the construct work proper. He expressed the willingness of the Group to help in constructing the industry with the capacity of producing 500,000 metric tons of steel.
Concerning cooperation with the Cameroon Industrial and Shipyard Company, its Board Chairman, Louis Claude Nyassa who signed the Memorandum of Understanding for the company stated key areas of concern. He said the MoU gives the green light for the company to enter into negotiations with POSCO Group to obtain financial, trade, industrial maintenance and technical partnerships.