APAnews | There is a frenzied palm oil rush in Central Africa where several multinational firms are running production outfits in the region.
Img : Mad rush for palm oil in Central Africa
The rush would make the Central African Economic and Monetary Community (CEMAC), the palm oil capital of Africa, the Secretariat of the regional bloc said on Thursday.
Apart from firms, which were previously established in the sub-region, such as the French Group Bolloré through the resumption of the activities of the Cameroon Society of Palm Groves (SOCAPALM), there is a growing interest from foreign companies to invest in the sector in Central Africa.
Of note is the development of 73,000 hectares of plantation by Erakles in Cameroon, with a possibility for the American company to extend its capacity to 100,000 hectares.
In the same vein, the Asian firm Olam claims to have made an investment to develop 50,000 hectares in Gabon, where the international firm Eco Oil Energie is banking on a production of 50,000 hectares in Congo.
According to various sources, similar industrial ambitions have been announced in the Central African Republic, where if not for an ongoing crisis, Chinese and French interests could have launched their projects.
For CEMAC, palm oil investment in Central Africa is on the increase.
The region is poised to become the world’s foremost producer of oils.