In Riyadh, during the 9th edition of the Future Investment Initiative, Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo defended his vision of a forward-looking Equatorial Guinea. Speaking to investors from around the world, he outlined his country’s efforts to transform its oil wealth into a driver of economic diversification and sustainable development. The Head of State emphasised the need to invest heavily in youth, innovation and new technologies, the pillars of inclusive growth.
Speaking at the Future Investment Initiative forum, the Equatorial Guinean head of state emphasised the need to attract more investment in non-oil sectors. Agriculture, tourism, infrastructure and renewable energy are now at the heart of the national strategy. The aim is to reduce dependence on oil, which still accounts for nearly 70% of GDP and more than 90% of Equatorial Guinea’s export earnings, and to create an economy capable of withstanding fluctuations in world prices.
“ We are here to present our programme and attract investors by emphasising our commitment to greater economic diversification. Agroprocessing is a key priority, as our goal is to ultimately achieve national self-sufficiency and independence, which is a top priority for any country. We intend to process and export food products, mainly to other African nations, particularly those facing supply challenges. We firmly believe in Equatorial Guinea’s potential to become a major food supplier for the African continent.”
Teodoro Obiang Nguema Mbasogo, President of the Republic – Equatorial Guinea
Since 2019, Equatorial Guinea has undertaken numerous reforms to improve its business environment. These include simplifying administrative procedures, establishing special economic zones and opening up more to the private sector. President Obiang Nguema has reaffirmed the country’s commitment to political stability and the robustness of its financial institutions in order to reassure investors.
“Equatorial Guinea is a well-established nation in Central Africa, and we are actively seeking foreign investment. We invite investors and companies to explore the opportunities offered by our country. Thanks to a stable environment, we believe that now is the right time for companies and investors to engage in key sectors of our economy.”
Teodoro Obiang Nguema Mbasogo, President of the Republic – Equatorial Guinea
By participating in FII9, Equatorial Guinea aims to establish itself as an African investment platform. President Obiang has made it clear that emerging markets are not looking for charity, but for strategic alliances. He called for a change in the perception of Africa, no longer seeing it as a risk, but as a land of concrete opportunities, as exemplified by Equatorial Guinea’s journey.
