Our World See This Report at Worldfolio.Co.Uk Wednesday August 6, 2014 EQUATORIAL GUINEA Africa’S Small Giant U.S.-Africa Leaders Summit 2014 Washington, DC
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#AfricaSummit #EquatorialGuinea Our World See this report at worldfolio.co.uk Wednesday August 6, 2014 EQUATORIAL GUINEA Africa’s small giant U.S.-Africa Leaders Summit 2014 Washington, DC This supplement to USA TODAY was produced by United World Ltd., Suite 179, 34 Buckingham Palace Road, London SW1W 0RH – Tel: +44 20 7409 3106 – [email protected] – www.unitedworld-usa.com t one time per- in its diplomatic and economic haps Africa’s The citizens of the continent’s wealthiest country per capita are now seeing strategy to help develop Africa. least-known na- the benefits of oil revenues, thanks to the government’s heavy investments Successive U.S. adminis- tion, the Repub- trations have worked with lic of Equatorial in public works and social infrastructure President Obiang to further Guinea is beginning to make improve the country’s political Anews as the world learns of its freedoms, human rights per- extensive petroleum reserves formance, financial transpar- and the government’s ambi- ency and the standard of living tious efforts to spend that lar- of the average citizen, as well as gesse on improving the lives of the proper use of the country’s the country’s almost 1.3 million petroleum riches. citizens. In commercial activities, Foreign investors have most of Equatorial Guinea’s poured into the country lo- exported oil goes to the U.S. cated in the heart of the west American companies in the central African region on the oil, construction and security Atlantic Ocean, lured by one sectors have one of the largest of the world’s fastest growing foreign presences in Equatorial economies which is fueled by Guinea and relations are so close proved petroleum reserves of that the African nation allows more than 1 billion barrels of American passport holders crude and 1.3 trillion cubic feet visa-free entrance, with the U.S. of natural gas. is only one of three countries to Indeed, following a short dip enjoy that privilege. in growth five years ago as the Certainly, the U.S. role in turbulence of the global eco- developing Equatorial Guinea nomic crisis briefly buffeted can only grow as relations be- Equatorial Guinea, the coun- come even closer and more U.S. try’s economy has returned to multinationals, both large and annual growth of around 7%. small, invest in one of Africa’s The World Bank lists the 23rd African Union Summit in Equatorial Guinea most vibrant economies. country as the wealthiest coun- Along with the oil and gas try per capita in Africa thanks The government of President down to the people, creat- dependence from Spain in Following Macias’ ouster sectors, investment opportuni- almost entirely to its energy ex- Teodoro Obiang is pouring ing employment and a newly 1968 when the former colony and the installation of Obi- ties exist in other sectors such as ports, which account for more billions of dollars into public emerging middle class with its was largely broke, with few ang as president, the country hard woods, agriculture, tour- than 90% of gross domestic projects to create and upgrade rising demand for improved educated professionals and struggled as many other Afri- ism and consumer products as product. everything from highways, living standards and consumer suffering under widespread can nations have with a mori- the country’s economy expands And with world oil prices airports and ports to housing, goods. repression and cruelty by bund economy, nascent steps even further and Equatoguin- expected to rise at least over health facilities and safe drink- Equatorial Guinea has the then-president, Francisco towards democracy and cor- eans prosper. the short term, the future of the ing water systems. come a long way since its in- Macias. ruption. Equatorial Guinea is evolving nation seems assured as a great At the same time, just as in Over the past several de- as one of the African continent’s place to do business for intelli- other countries wrenched out A UNITED WORLD SUPPLEMENT PRODUCED BY: cades, the situation has im- true success stories and the Unit- gent investors. of poverty by sudden riches Eva Malika de la Torre, Gonzalo Llaryora, proved and the United States ed States is the government’s pre- But it is not only oil and gas derived from natural resources, Karla Arteaga and Fátima Ruíz Moreno has begun to see Equatorial ferred partner to ensure that role which are driving investment. wealth is beginning to trickle Guinea as an important partner and the country’s future. Our World Insert is produced by United World. USA Today did not participate in its preparation and is not responsible for its content 2 Wednesday, August 6, 2014 Distributed by USA TODAY EQUATORIAL GUINEA CHAMBER OF COMMERCE Community of Central Af- rica) since 1983, an organi- zation put in place to help establish a Central African market. Maintaining the continent’s highest income Business evolves per capita, and with its vari- ous development projects underway, Equatorial Guin- ea is poised to lead and ready to compete. But how does it fare in far beyond oil competition with its Afri- can counterparts? It is “the Thanks to its varying development programs and its future-focused strategies and quality of our infrastructure” vision, the country is in a good position to become an economic powerhouse on the which is our advantage, Mr. African continent Boho asserts; the country is also working on upgrading “This is the best time” for ing beyond oil and towards try. The Chamber of Com- existing infrastructure using Equatorial Guinea, says Gre- investment in other sectors merce plays a major role in technological innovation in gorio Boho, Chairman of the with a view to a diverse and this – its primary role in the order to facilitate advance- Chamber of Commerce. sustainable economy. country’s development, Mr. ments in development. The Horizon 2020 Plan, One way they are doing Boho states, is in assisting It is important, says Mr. which was set into motion this is focusing more on ag- to create a solid foundation Boho, that the nation focus by the government in 2007, riculture and fishing - ag- between companies and/or on agriculture, fishing and has been helping to trans- ricultural development is investors and the ministries opening pathways for busi- form the country’s infra- very major tenet of the Plan, of government. nesses and investments, structure and economy. The says Mr. Boho, an agrono- The Chamber eases the which is what will ultimately plan, which also features mist with many years in process by expediting and fa- make Equatorial Guinea a strengthening social policy public service. According cilitating the settlement pro- leader in Africa. Another ad- and the reduction of poverty, to Mr. Boho, the country is cedures for business, helping vantage? The security which places considerable focus on “working to create the best to foster relationships in all is found in Equatorial Guinea, sustainable development. possible conditions for agri- levels of business including Mr. Boho says, is not found Diversification is a top culture, encouraging people the country’s institutions in many African countries. It priority in the nation’s eco- to return to the field and and local entrepreneurs. also helps that business rela- nomic plans along with in- implement agriculture and They are the point of contact tions with the U.S. are excel- creasing its competitiveness. practices that can sustain the for interested businesses and lent. The U.S. “has been the For most of this millennium, country beyond oil.” are also responsible for pro- engine of Guinean develop- the country has experienced The country is also work- moting the country to pro- ment in the last several years,” a boom thanks to a growing ing to attract more foreign spective investors. Mr. Boho says; thanks to that energy sector, due in large investment by being more In addition, human re- relationship, “we have experi- part to the American oil customized in terms of treat- sources is a high priority on enced growth” and receive a industry and the continu- ment and streamlining the the Chamber’s agenda: “we those [foreign] companies benefit,” Mr. Boho states. lot of support. It is a relation- ing excellent relations be- process, making it easier and seek the continuous train- and at the same time acquire The country has been a ship that “is strengthening tween the two nations. Now, faster for businesses to in- ing of our human capital, so the know-how so that it can member of CEMAC (the day by day, and we are com- Equatorial Guinea is look- stall themselves in the coun- that [workers] can be part of be shared for the country’s Economic and Monetary mitted to that.” EQUATORIAL GUINEA OF THE 21ST CENTURY DEVELOPMENT AND PROGRESS INFRASTRUCTURE “Africa has taken control of its own resources, “ings have changed considerably – the way people think and even the way which is helping our countries to move forward. We they move around. Logistics are greatly helping the economy develop. A trip that continue to work toward institutional reforms and used to take a day can now take a few hours, thanks to the new roads.” – Francisca democracy to reach the goals of the Horizon 2020 Obiang, Managing Director of GE Proyectos development plan and move closer to a developed economy.” – President Teodoro Obiang Between 2013 and 2020, the national government plans to carry out more than 1,500 infrastructure projects e IIAG’s Roads Indicator shows E.G. is one of In 2011, President Obiang inaugurated a new $130m seaport the most improved countries since 2000 and a new airport on the long-neglected island of Annobón ough it ranks 42nd in IIAG’s Sustainable About 80% of the national roads are now asphalted Economic Opportunity index, E.G.