Monday, August 16, 2010

South Korea Increases Investment In Equatorial Guinea

Equatorial Guinea's President Obiang Nguema Mbasogo, on his first trip to Korea since the two allies formed diplomatic ties three decades ago, has met with Korea's President Lee Myung-bak during a bilateral summit in Seoul, Korea. President Obiang said the agreements reached at the meetings in Korea will be of great benefit—technologically and economically—to both nations.

President Lee mentioned his expectation for Korean investments to move forward in Equatorial Guinea, while President Obiang asked Korean businesses to take advantage of the country's vast opportunities in natural resources, including oil, gas and agriculture. Equatorial Guinea's Minister of Agriculture and Forestry, Teodoro Nguema Obiang Mangue, and Minister of Foreign Affairs, Pastor Micha Ondo Bile, also participated in the summit.

The leaders of Equatorial Guinea and Korea also agreed to cooperate in infrastructure and energy development projects, which will help to diversify Equatorial Guinea's industries for its citizens. The two leaders intend to "promote bilateral exchanges in technologies and human resources to foster closer economic ties," according to the Korea Times.

President Lee praised Equatorial Guinea's efforts towards its social, economic and infrastructure plans. The leaders discussed how Korea's development experience can help Equatorial Guinea with its "Horizon 2020" development plan to help the African nation with its education and construction of infrastructure efforts. During President Obiang's four-day stay, he is scheduled to visit Korea's energy facilities before departing to China.