Thursday, January 19, 2017

Equatorial Guinea Invests in National Companies as Priority of Horizon 2020 Development Program Goals

The Republic of Equatorial Guinea has invested heavily in national companies in order to achieve the goals set by the country’s Horizon 2020 development program.

The President of the Republic of Equatorial Guinea, HE Obiang Nguema Mbasogo, announced that the Government will financially support national companies and foreign firms who associate with them to further boost private sector economic development.

The President highlighted that “from the private sector, social welfare will reach all social strata.”

Equatorial Guinea is ideally situated for such an investment plan as it has resources such as security, a favorable investment environment, and strong institutions, which are lacking elsewhere in Africa.

Under the Horizon 2020 development program goals, Equatorial Guinea is working on the training and empowerment of the private sector in sectors such as mining, fisheries, tourism, agriculture, telecommunications, health, and financial services.

Further development under Horizon 2020 development program includes extensive urban planning, the development of the city of Luba for the oil industry, the hydroelectric plan on the Wele River, the power plant in Kogo, electrical equipment in Mbini, among others.

Recently, Equatorial Guinea hosted the first symposium on economic diversification at the world-class conference center in Sipopo. Authorities from Equatorial Guinea and delegates from financial institutions such as the International Monetary Fund, the World Bank, the Bank of the Central African States, and the African Development Bank participated in the conference.

Participants discussed plans to eliminate poverty, limit obstacles to private investment, improve the allocation of public spending, incentivize the development of human capital, and stimulate the productive private sector.

In addition, the President has hosted the first Asia-Equatorial Economic Forum in Dalian, China in April 2015. Representatives of more than 140 companies attended the Forum, and $2.5 billion in agreements were signed.