Equatorial Guinea’s Sets Up One-Stop Shop
Image: Ventures Africa
Johannesburg – January 14, 2019: The African Energy Chamber welcomes the improvement of Equatorial Guinea’s business environment via the establishment of a one-stop shop for setting up businesses in the country.
“The implementation of Equatorial Guinea’s one-stop shop allows companies to set up a business in Equatorial Guinea in only one week, putting the country at par with global standards, said NJ Ayuk, the Chamber’s Executive Chairman. 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 a reasonably good infrastructure, investors have traditionally been timid to set up shop in the country given its excessive bureaucracy and regulations sometimes seen as unfavorable to business.
The government does recognize it has an enormous task of fostering an environment where investors and small and medium enterprises can succeed. The government continuous move to implement sound and efficient business regulations will be critical for entrepreneurship and a thriving private sector.
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 Chamber sends its heartfelt 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 Malabo, and excepted to attract billions of investments into the country. In addition, the 3rd 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 & Exhibition between April 1-5, organised by Africa Oil & Power, and the Gas Exporting Countries Forum 5th Gas Summit in November, the first to be held on the African continent.