President Obiang Highlights Foreign Investment Opportunities at Industrialization Conference

Equatorial Guinea works to diversify economy and promote industry development

MALABO, Equatorial Guinea, Nov. 22, 2011 /PRNewswire-USNewswire/ -- During the opening ceremony of the First National Industrialization Conference, President Obiang Nguema Mbasogo of Equatorial Guinea addressed opportunities for industry development and diversification of the economy. He encouraged international investors to support industrialization, not only in Equatorial Guinea, but throughout the continent, stating that the resources in Africa could help resolve major global issues.

"We have an opportunity for basic industrialization of the country, adapting ourselves to our needs and possibilities," said President Obiang. "We will design an industry made to our measure and we need our creative spirit to eliminate the current situation of dependency. Reducing dependence on imports and transforming our natural resources will allow us to ensure our independence and our credit in a globalized world."

President Obiang discussed with the attendees of the conference the need to collaborate and improve the PEGI 2020 that, according to him, should focus on the development of industries such as agriculture, tourism, mining and health. He stressed the need for international investment to help support the country's development projects. "We have not met all the objectives of the conference," explained the President, "but many have been achieved."

Marcelino Owono Edu, Minister of Mines, Industry and Energy, also encouraged support for improvement as well as the need to reduce Equatorial Guinea's economic dependence. He discussed the country's capacity for economic development, highlighting the main objectives of the PEGI 2020.

The National Industrialization Conference took place November 21 and 22 at the modern conference city, Sipopo, outside the capital Malabo. Sipopo's International Conference Center was built for hosting large-scale international events, such as the African-South American Summit for Foreign Ministers, which will take place November 24 and 25.

About Equatorial Guinea

The Republic of Equatorial Guinea (La Republica de Guinea Equatorial) 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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