|By PR Newswire||
|August 8, 2014 12:27 PM EDT||
WASHINGTON, Aug. 8, 2014 /PRNewswire-USNewswire/ -- President Obiang Nguema Mbasogo presented the opportunities offered in Equatorial Guinea to foreign investors and said that American companies operating in the country can take credit for pioneering a national industry that is now contributing to the development of both Equatorial Guinea and the American economy.
Referring to American companies operating in Equatorial Guinea, president Obiang said, "They are true ambassadors of the opportunities offered and Equatorial Guinea will be presented to them in this forum."
The Equatorial Guinea Economic Forum, which was held at the St. Regis Hotel in Washington, D.C., aimed to highlight the strategic commitment of Equatorial Guinea to economic diversification and encourage investment by American companies. The forum presented opportunities for growth in the sectors of agriculture, finance, health, mining and hydrocarbons. In addition, it presented the new structure of governance in the country, the status of the Horizon 2020 economic and social development program, and the country's commitment to ensure the security of foreign investments in Equatorial Guinea.
In his opening remarks, President Obiang said that Equatorial Guinea is committed to reaching the Millennium Development Goals by 2020, including reaching the status of "emergent economy," which he described as a self-sufficient economy.
"Our country is devoting all efforts to achieve economic diversification by developing other sectors and services that allow us to reduce dependence on the hydrocarbon sector," he said.
"In order to associate the American private sector in the implementation of this vast program of economic diversification, and based on the positive experience of oil companies operating in our country," he said, "we are here again to share opportunities that our country can offer to those who wish to invest in the many sectors."
Equatorial Guinea has used its petroleum resources to vastly improve basic economic and social infrastructure, which is essential for establishing a profitable investment climate.
"In this sense," he said, "the country has secured ports and airports, road network throughout the country, electrification throughout the nation, health, telecommunications, urban development and the transport network and other services, so that any investment is made in the country with the maximum comfort."
He said the nation had established a national co-investment fund that will support national and foreign private initiatives in the priority productive sectors of interest. The fund is capitalized at one billion dollars.
"We are gathered here to exchange information, know each other better and create an environment of trust to facilitate the investment of foreign capital in Equatorial Guinea," he said.
President Obiang said Washington, D.C., was political center of Africa this week. He said that leaders at the U.S.-Africa Leaders Summit discussed the present and future of our continent and the possibilities for mutual beneficial partnership between Africa and the U.S.
About Equatorial Guinea
The Republic of Equatorial Guinea (República de Guinea Ecuatorial) is the only Spanish-speaking country in Africa, and one of the smallest nations on the continent. In the late-1990s, American companies helped discover the country's oil and natural gas resources, which only within the last five years began contributing to the global energy supply. Equatorial Guinea is now working to serve as a pillar of stability and security in its region of West Central Africa. The country hosted the 2011 Summit of the African Union. For more information, visit http://www.guineaecuatorialpress.com.
This has been distributed by Qorvis Communications, LLC on behalf of the Republic of Equatorial Guinea. More information on this relationship is on file at the United States Department of Justice, Washington, D.C.
SOURCE Republic of Equatorial Guinea