About Equatorial Guinea
Robust foundations for a new era of business innovation are being laid as part of the Horizon 2020 economic development strategy.
2019 marks the launch of Advancing EG to build momentum towards a strong and sustainable future for Equatorial Guinea.
Advancing EG 2019
Following on from the Horizon 2020 program and meetings with international development partners in November 2018, the Government established the one stop shop for businesses and investors in January 2019. This is all part of the adoption of the country’s “ease of business” roadmap. This is followed by the National Economic Conference – CEN2019 which will take place in Malabo 22-26 April 2019.
On 15–17 October 2019, the Ministry of Finance, Economy & Planning will host a major Economic, Trade & Investment Summit that will include high level participation from African heads of state, ministers and global industry investors.
Infrastructure & Human Capital
Equatorial Guinea’s strategy for sustainable growth builds not only on its economic policies but also on its wide range of assets. Across the country there is a wealth of opportunity for partnerships due to its natural beauty, favourable location and climate, over 400 kilometres of coastline and a rapidly evolving infrastructure, ICT skills sector, supply change management and communications networks.
Transport. Equatorial Guinea is developing a growing reputation of having one of the best transport infrastructures in Africa, with cities expanding and developing at a rapid rate, attracting more international businesses due to modern motorways and domestic and international flights. Similarly, the port of Malabo is due to become the first deep-water port in the region and is set to be a key transport hub between Africa and South America.
Digital communications. The past decade has seen the rapid evolution of digital connectivity with 75% mobile phone penetration and 25% internet penetration, offering considerable opportunities for commercial linkage across the country, region and worldwide. The government too sees the potential of ICTs in its forward-thinking technology strategy, offering considerable opportunities for its large under-25’s workforce.
Tourism. Equatorial Guinea remains an undiscovered tourist destination with its vast unspoiled landscapes, developed infrastructure and a rich biodiversity found in rainforests, sandy beaches, volcanic areas, island destinations and archaeological sites. It has a number of national parks which are home to sea turtles, a 100 registered mammals including gorillas, chimpanzees and elephants and over 2,000 types of birds. In recent years, work has focused on the development of an effective tourist infrastructure and the elimination of development obstacles including administrative procedures, difficulties in obtaining visas, insecurity and corruption.
Agriculture & livestock. Known as the “pearl of Africa” for its fertile soil, favourable climatic conditions and a high quality of natural resources, the potential in Equatorial Guinea for competitive agricultural production of tropical and subtropical crops and timber is considerable, with just a quarter of the 850,000 hectares of arable land in production. The government has already taken measures to modernise existing production facilities, establish transformation units, develop rural funding mechanisms, create support mechanisms for SMEs and cooperatives and refurbish local market facilities.
Maritime & fisheries. Equatorial Guinea is establishing itself as a maritime logistics hub in the Gulf of Guinea with the deep-water port of Malabo which has been developed to accommodate multiple large vessels and store goods, the port of Bata with a nearby dry port to store containers and two further ports. Equatorial Guinea also intends to develop into a regional leader in marine production and marketing to not only self-supply the domestic market, but also become the main supplier of fishery products for the sub-region.
Petrochemicals & mining. As the largest oil producer in the CEMAC zone and the third largest in Africa, there are currently up to 1.7 billion barrels in proven reserves, equivalent to about 10 years of production at current rates. Many areas have yet to be fully explored and it is worth noting that eight new exploration contracts have been recently signed, four of them on the ground.
Non-oil diversification. In a move to secure sustainable national energy sources and to boost nationwide electrification, the government has begun exploring alternatives including hydro, wind, geothermal and solar, which currently represent just a fraction of the domestic energy market.
Education. Equatorial Guinea is committed to the promotion of education and professional training at all levels and for all age groups as part of its Horizon 2020 development plan. The future looks promising as, according to the UNESCO Institute of Statistics, Equatorial Guinea obtained the highest literacy rate of Sub-Saharan Africa in 2011, at over 94%.
Health. Equatorial Guinea has made considerable improvements in life expectancy, maternal and infant mortality over the past few decades and, under the Horizon 2020, plans to build on this progress to strengthen the healthcare infrastructure and provision, roll-out proactive health promotion and continue in its work to prevent malaria and ebola.