Following consultation with multiple development partners, the Government of Equatorial Guinea will be publishing their road map for ease of doing business in January 2019. This includes a one stop shop for investors and companies wishing to trade and set up in the country. The unique characteristics of Equatorial Guinea mean that a wealth of business opportunities are available in key sectors for maritime & fisheries, tourism & eco-tourism, agriculture, ICT for education and health, logistics and port services and the financial industry. 2019 is the year of Advancing EG and the perfect time to engage with the Government and key stakeholders to leverage these outstanding opportunities in the country.
The economic and political stability in Equatorial Guinea is attracting growing interest from foreign companies. Due to the discovery of oil in its territorial waters, it has grown from a largely agricultural economy to one of the leading oil producers in the CEMAC zone and the third largest oil producer in Sub-Saharan Africa.
The government has invested oil-generated revenues into improving the infrastructure of the country, building roads, schools, hospitals and social housing as part of its ambitious Horizon 2020 economic development plan. Looking forward, the focus is to diversify the economy to maximise the potential of underdeveloped sectors, principally tourism, agriculture, maritime & fishing, as well as building on the rapid evolution of new technologies in the region and opportunities in the renewable energy sector.
Building on its strong business links across the region and its favourable location, Equatorial Guinea is set to become the regional hub for transport, energy, communication and investment.
To support its ambitious Horizon 2020 economic development plan, the government has made impressive improvements to its transport infrastructure and has increased energy capacity with three additional turbines and a hydroelectric power plant which will generate an energy surplus for export to Cameroon and Gabon. Equatorial Guinea is also part of the “Coast of Africa to Europe” initiative which will allow 23 countries to access broadband connection to the internet.
The investor environment has become more attractive with tax and custom policy reforms, robust oversight of commercial activity by the National Council for Social and Economic Development and the Court of Auditors and the creation of a one-stop shop for investors, ensuring swift and simplified administrative formalities for the opening and creation of new companies.
Equatorial Guinea has built a formidable reputation of implementing major projects with international partners.
Due to the strength of the oil and gas sector, there is partner representation from Switzerland, the United Kingdom, China, Spain, Russia, France, Nigeria and Japan. Global energy companies include Hess, ExxonMobil, Marathon Oil, Noble Energy, Mitsui and Marubeni.
Also notable is the presence of Chinese, French, Brazilian, Spanish and German companies in other sectors such as construction, transport , banking and insurance.