President Obiang at G20 Summit Addresses African Union Concerns During the Global Economic Crisis

CANNES, France, Nov. 4, 2011 /PRNewswire-USNewswire/ -- In the second day of G20 economic talks, President Obiang Nguema Mbasogo of Equatorial Guinea represented the priorities of the African Union.  He stressed the need to take into account the requirements of developing emerging economies while emphasizing that Africa can be a part of a global solution to the tenuous world economy.

"The G20 must work with developing economies, especially those on the African continent, to insulate them from the current volatility in the global economy," said President Obiang. "We, as Africans, have responsibility for our own continent, but we must work together as a global community to solve this challenging economic situation."

President Obiang discussed with the leaders of the G20 the need to increase the speed of socioeconomic development in Africa and to build cooperation among the continent's nations.  He also stressed that Africans must work independently to build the continent's economic capacity.

"In terms of the economy, the African Union must adopt the principle of independence with global cooperation," continued President Obiang.  "We must show that Africa has its own voice and that it is able to assume the responsibilities on the continent in the international context."

President Obiang is also meeting directly with French President Nicholas Sarkozy.  Of importance to the talks is the stability of the Central African CFA Franc, (XAF), which is pegged to the Euro (EUR), and is Equatorial Guinea's currency. President Obiang is the only head of state of the currency's area that is present for the for the Cannes meeting.

Equatorial Guinea has assumed an increasingly active role in international affairs in recent months. It will host the Africa Cup of Nations soccer tournament in January and recently held the tournament's 16-nation draw in the nation's modern conference center, Sipopo. Sipopo will also host the events associated with the African-South American Summit, bringing together ministers of foreign affairs from 65 countries this November and heads of state next year. In June and July, Equatorial Guinea hosted the AU Summit, also in Sipopo.

About Equatorial Guinea
The Republic of Equatorial Guinea (Republica de Guinea Ecuatorial) is the only Spanish-speaking country in Africa, and one of the smallest nations on the continent. In the late-1990s, American companies helped discover the country's oil and natural gas resources, which only within the last five years began contributing to the global energy supply. Equatorial Guinea is now working to serve as a pillar of stability and security in its region of West Central Africa. The country hosted the 2011 Summit of the African Union. For more information, visit http://www.guineaecuatorialpress.com.

SOURCE Republic of Equatorial Guinea

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