Wednesday, July 19, 2017

Equatorial Guinea Vice President Strengthens Bilateral Relations with China

The Republic of Equatorial Guinea Vice President, HE Teodoro Nguema Obiang Mangue, strengthened bilateral relations with the People’s Republic of China on a recent state visit.

The Equatorial Guinea Vice President met with the Vice President of the People’s Republic of China, Li Yuanchao, on his official visit.

The two leaders discussed the deep bilateral relations the countries have enjoyed over the past 45 years, which were renewed in April 2015 by the President of the Republic of Equatorial Guinea, HE Obiang Nguema Mbasogo, and the President of the People’s Republic of China, Xi Jinping.

The Vice President also discussed areas of sustainable development and cooperation, including trade, investment, finance, energy, agriculture, and infrastructure.

The Vice President, who is also in charge of National Defense and State Security, met with senior Chinese military officials of the Central Military Commission, and discussed military and security experiences and concerns.

The Vice President then met with the President of the National Committee of the Chinese People’s Political Consultative Conference and high-level officials from the working session to discuss the strengthening of cooperation between the two countries.

Also during his state visit, the Vice President visited with Equatorial Guinea students pursuing advanced academic degrees in China. The Vice President extended grants of 30,000 Euros to the Equatorial Guinea students to continue their academic endeavors.

The Vice President visited and payed respect to several of China’s most important landmarks, including the Great Wall of China, the Forbidden City, and the main square.

Equatorial Guinea and China enjoy strong bilateral relations, including cooperation in the fight against poverty in Africa, language and cultural immersion exchanges, and significant investment and business partnerships. 

Equatorial Guinea Strengthens Energy Sector

The Republic of Equatorial Guinea has strengthened its energy sector with an agreement to jointly develop the offshore Yolanda and Yoyo gas fields with Cameroon.

The Yolanda stretch is located in Block 1 in Equatorial Guinea waters, while the Yoyo block is located in Cameroon waters. The two countries have agreed to condense the field as one resource and jointly develop it.

Both gas fields were discovered in 2007 and are currently operated by Noble Energy EG and Noble Energy Cameroon.

The two countries agreed in 2016 to exchange information and data regarding the contiguous gas fields, and are expected to engage in discussions shortly to utilize the joint Yoyo-Yolanda gas field.

The Equatorial Guinea Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, said, “Our partners in Cameroon share our ambition to rapidly bring the Yoyo-Yolanda field to production and to maximize the value from our nations’ abundant resources. I am excited about a fast track approach on this project.”

Equatorial Guinea has a strong energy industry, recently developing new partnerships at the Africa Oil & Power (AOP) 2017 Conference.

Equatorial Guinea also recently joined the Organization of the Petroleum Exporting Countries (OPEC) and is Sub-Saharan Africa’s third-largest oil and gas producer.

Friday, July 14, 2017

Equatorial Guinea Promotes Entrepreneurship

The Republic of Equatorial Guinea promoted entrepreneurship at the recent VI Ordinary Congress of the Democratic Party of Equatorial Guinea (PDGE).

Equatorial Guinea highlighted the importance of infrastructure to further drive economic growth, continued economic diversification, and cooperation between sectors to ensure the success of small and medium-sized enterprises (SMEs).

Equatorial Guinea also emphasized reinforcing institutional capacities of ministries involved in business activity in the country; creating a new registry of cooperatives; restoring the Fund for Protection to Work (FTP) in cooperation with the Ministry of Labor; creating a fund for the promotion of economic activities in each industry; creating the Sectorial Groups of Professionals; disseminating the Uniform Act of the OHADA; implementing awareness campaigns for industries; creating professional centers in each province of Equatorial Guinea; and facilitating increased access to state contracts.

Equatorial Guinea has made significant strides in regards to economic activity in recent years as part of a Government directive to diversify the economy away from energy to include all relevant business sectors.

Economic diversification and the promotion of entrepreneurship are in line with Equatorial Guinea’s Horizon 2020 national development plan.

Equatorial Guinea Outlines Strategic Vision for Horizon 2020

The Republic of Equatorial Guinea outlined its strategic vision for the Horizon 2020 national economic development plan at the Democratic Party of Equatorial Guinea (PDGE) congress.

The Equatorial Guinea strategic vision for Horizon 2020 will focus on revision of the current plan to focus on economic diversification and strength; creation of measures to improve the business climate, improve economic competitiveness, and business-related laws; and implementation of a National Panel of Experts.

Equatorial Guinea has made significant strides in recent years in regards to development due to the Government-led initiative, including an increased rate of education, in particular for young women; a decreased rate of infant mortality; increased access to safe drinking water and sanitation; and widespread access to technologies such as broadband internet.

Equatorial Guinea has also invested its resources in infrastructure, including the construction of roads, bridges, ports, airports, housing, public buildings, electrification, and telecommunications, among others.

The Horizon 2020 development plan is a Government-led initiative that seeks to diversify Equatorial Guinea’s economy from energy to other sectors such as transportation, infrastructure, farming, and fisheries.

Thursday, July 13, 2017

Equatorial Guinea Aims to Strengthen Transportation and Commerce Sectors

The Republic of Equatorial Guinea is determined to strengthen its transportation and commerce sectors in line with the Horizon 2020 national development plan.

Equatorial Guinea highlighted the importance of adopting adequate economic measures and programs in order to meet the short-term challenges of production in the larger Central African Economic and Monetary Community (CEMAC).

Equatorial Guinea also stressed the need to convene a forum of specialized and technical institutions to identify the appropriate import products for consumer goods.

Equatorial Guinea emphasized the essential factors of transportation and commerce sectors including assessing the current environment, the promotion of national production, the transportation of domestic products, and the marketing of domestic products.

The goals were presented and discussed at the third meeting on the strategic vision Horizon 2020.