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Equatorial Guinea Develops Industrial Plan in Drive to Diversify Economy

Posted by – April 24th, 2014

Industrialization Plan 2020 will help reduce dependence on imports, build sustainable economic activity

PR Newswire

MALABO, Equatorial Guinea, April 23, 2014

MALABO, Equatorial Guinea, April 23, 2014 /PRNewswire-USNewswire/ — The government of Equatorial Guinea has established the Industrialization Plan of Equatorial Guinea (PEGI) 2020, aimed at creating a guide for the development of sustainable industry and a diversified economy.

“Reducing dependence on imports and transforming our natural resources will allow us to ensure our independence and solvency in a globalized world,” said President Obiang Nguema Mbasogo when talking about the plan. Equatorial Guinea’s economy is heavily dependent on the production of oil and natural gas. The plan is aimed at reducing this dependency. The government has identified four priority sectors for development, one of which remains oil and energy. The others are agriculture, livestock and agro-industry; fisheries and aquaculture; and services—especially tourism and financial services.

The government announced a number of new foreign investments in these priority areas at an investment conference in Malabo in early February.

The different industrial projects will contribute to reducing the rural exodus, creating high-quality jobs, and raising the standard of living of the population.

The PEGI-2020 was adopted at the industrialization conference held in 2011. This plan supports the national development plan ‘Horizon 2020’ as part of development of the industry to ensure economic diversification.

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