Working Session on Economic Diversification on Equatorial Guinea

With the collaboration of the Subregional Office of Central Africa for the United Nations Economic Commission for Africa, the high-level dialogue on Economic Diversification in Equatorial Guinea was developed in the Malabo Hilton Hotel. The meeting, which took place on Thursday, 12th July and opened by the Secretary of State, Head of Monitoring the Horizon 2020 Plan, Cesar Augusto Mba Abogo, was in the presence of around seventy representatives of different national and international organisations.

In representation of the Minister for Finance, Economy and Planning, Lucas Abaga Nchama, the Secretary of State, Head of Monitoring the Horizon 2020 Plan, opened the working session.

With the objective of discussing the decisive questions concerning the diversification of the nation’s economy, the government believed it was appropriate to carry out this working session in order for the participants to analyse strategies and tools to speed up economic diversification, industrialisation and the structural transformation of the Republic of Equatorial Guinea.

As regards the debates in the meeting, the Secretary of State and Head of Planning, Muakuku Rondo Igambo, who chaired the session, guided the course on which the subject of debate must follow, highlighting that the foundation of the country’s economic diversification is already established with the implementation of the National Horizon 2020 Development Plan.

Rondo Igambo pointed out that diversification must adhere to the implementation of the aspects in the first stage of the plan (extensive and recent road network, modern economic infrastructures such as ports and airports, industrial installations, the energy generation system and significant investment in the telecommunications network etc.), which would generate competitive advantages.

Conscious of the excessive dependence of the exportation of oil-bearing resources not being sustainable, the representatives of Central African countries adopted the Douala Consensus in September 2017, which underlines the urgent need to speed up the diversification process of the subregion economies, by means of promoting an industrialisation based on natural resources, and particularly in agriculture driven by commerce and urbanisation.

Furthermore, the Douala Consensus has been strengthened by the recent signature of the Kigali Declaration – a document that establishes the area with African Continental free trade. As a result of this signing, intra-African trade and value chains will be able to take advantage of providing industrialisation and the integration of Africa in global value chains.

The recent evolution of the economical and social situation in the Republic of Equatorial Guinea reveals that the nation registered one of the strongest periods of economic growth in the African continent between 1993 and 2012, thanks to the discovery of important gas and petroleum fields.

During his speech, while acknowleging the support from the United Nations system and the Subregional Office of the Central African Economic Commission, Cesar Augusto Mba Abogo expressed that “the choice of subject to discuss on this occasion revealed the interest of the Commission and the government in reflecting and exchanging points of view on one of the main challenges for the structural transformation in the African continent in general, and for our our economy in particular”.

Other important speeches were made by the Director of the Subregional Office of the Central African Economic Commission, Antonio M.A. Pedro and the Resident Coordinator of the United Nations in Equatorial Guinea, Coumba Mar Gadio.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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