Equatorial Guinea courts US investors
The government of Equatorial Guinea has staged an investment forum for over 200 potential US investors in Houston.
At an event sponsored by the Greater Houston Partnership, the country highlighted investment opportunities in the IT, telecommunications, fisheries, construction, agriculture and agroindustry, mining and hydrocarbons sectors.
President Obiang Nguema Mbasogo and several cabinet members presented the government’s plans to diversify the country’s economy, which is currently largely dependent on petroleum extraction.
The officials also explained the regulatory regime, infrastructure, economic environment, government assistance and economic incentives foreign investors will find in Equatorial Guinea, including a one-stop shop to assist businesses in getting established.
The President placed total U.S. investment in the country at nearly USD30 billion, mostly in the oil and gas sector. Much of that investment has come from Houston.
He noted that telecommunications was a high priority for the government, which currently is upgrading its network and has three companies providing telephone, wireless and Internet service. A fiber-optic network and an undersea cable connecting Bioko and the mainland territory, Rio Muni, will form the country’s telecommunications backbone.