Friday, May 12, 2017

Equatorial Guinea Hosts First Economic Forum with Saudi Arabia, Strengthens Ties with Signing of Key Agreements

The Republic of Equatorial Guinea is currently hosting the first Equatorial Guinea – Saudi Arabia Economic Forum in Jeddah, and strengthening ties with the Kingdom with the signing of several key agreements regarding economic development of energy, agriculture, fisheries, and mining.

The agreements include a strategic partnership with Arabia Energy DMCC and the Bioko Oil Terminal to cooperate on construction and financing for the tank farm project set to become West Africa’s largest oil and petroleum products storage facility.

In addition, Equatorial Guinea and Saudi Arabia signed four agreements creating a framework for collaboration between the Jeddah Chamber and the Ministry of Fisheries and Water Resources, the Ministry of Agriculture, Livestock, and Food, and the Ministry of Mines and Hydrocarbons.

The President of the Republic of Equatorial Guinea, HE Obiang Nguema Mbasogo, opened the Economic Forum, along with the Chairman of the Jeddah Chamber. Earlier in the week, the President met with His Majesty King Salman bin Abdulaziz Al Saud and other high-level officials to discuss areas of mutual cooperation and economic development.

In his speech, the President highlighted the strong and friendly relationship between the two countries, the commitment by Equatorial Guinea to facilitate an inviting investment climate for those from Saudi Arabia, and a streamlined process for visa applications for Saudi investors.

The Economic Forum was organized by the Ministry of Mines and Hydrocarbons of Equatorial Guinea.