Continental industry association the African Energy Chamber welcomes the improvement of Equatorial Guinea’s business environment through the establishment of an all inclusive model for setting up businesses in the country.
“The implementation of Equatorial Guinea’s one-stop shop allows companies to set up a business in the country in only one week, putting the country at par with global standards,” says African Energy Chamber executive chairperson NJ Ayuk, who adds that, “for the African Energy Chamber and the oil industry, it is important to encourage men and women who find opportunities, have ideas of innovative services and unavailable products, those who have the courage to deploy capital, accept risk, and make it happen”.
While Equatorial Guinea benefits from fair infrastructure, investors have traditionally been timid to set up shop in the country, given its excessive bureaucracy and regulations sometimes seen as unfavourable to business.
Government does recognise it has an enormous task of fostering an environment where investors and small and medium-sized enterprises can succeed. Government’s continuous implemention of sound and efficient business regulations will be critical for entrepreneurship and a thriving private sector, according to the chamber.
Equatorial Guinea President Obiang Nguema Mbasogo had been personally advocating for stronger reforms to the country’s business environment over the past few years, especially under the National Economic Development Plan: Horizon 2020.
The plan aims to overcoming social and economic challenges in the country and is divided into two phases beginning in 2008 and ending in 2020. The initial phase aims to produce a framework for economic development that would foster development for future generations fuelled by the private sector, followed by consolidation within economic sectors.
The chamber has sent its congratulations to Equatorial Guinea’s Ministry of Finance, Economy and Planning, on taking positive steps towards reforming its business environment as it enters into its Year of Energy, which will see a series of global roadshows and international summits being hosted by the country’s capital city Malabo, and expected to attract billions in investment into the country. In addition, the third National Economic Conference is also set to be held this year in Equatorial Guinea.
Under the Year of Energy programme, Equatorial Guinea will be hosting the APPO Cape VII Congress and Exhibition between April 1 and 5, organised by Africa Oil & Power, and the Gas Exporting Countries Forum.