Malabo, July 03, 2024 (ECA) - Following a consultation with the Minister of Planning and Economic Diversification of the Republic of Equatorial Guinea, Gabriel Mbaga Obiang Lima, ECA has been asked to support the Equatorial Guinean government in the design and organization of a national forum on economic diversification.
Equatorial Guinea intends to take advantage of this national reflexion to diagnose and adopt an action plan leading to a wide consensus on economic diversification.
The discussions, held in the office of the equatoguinean minister accompanied by his collaborators, enabled the ECA delegation led by its Director, Jean Luc Mastaki, to present the expertise and avenues of collaboration for the successful completion of this project. "Industrialization and economic diversification are the mandate of ECA's Sub-Regional Office for Central Africa. We are delighted to support the national economic forum. We wish to accompany Equatorial Guinea in the formulation and adoption of its Master Plan for Industrialization and Economic Diversification (PDIDE). It will be the compass for the march towards the structural transformation of this beautiful country, which is already well underway" declared Jean Luc Mastaki.
Tourism, blue economy, fishing, agriculture, oil & gas and logistics are sectors in which Equatorial Guinea can develop a world-class competitive edge. The development of value chains and related services can guarantee their competitiveness, particularly in view of the AfCFTA.
This subject was at the heart of discussions with the Ministry of Trade, Industry and Business Promotion, which has been met on July 2, 2024. Surrounded by his close collaborators, Minister Delegate DORIA LAJAY Alberto expressed his country's support needs: accession to the World Trade Organization (WTO), support for the implementation of the national AfCFTA strategy, development of quality infrastructure, capacity building for SMEs, particularly young people and women, and their inclusion in the quality approach, and business financing.
ECA is keen to boost know-how and "made in Equatorial Guinea". In response, the Bureau suggests "developing agropoles to intensify quality agro-industrial production. Equatorial Guinea is a significant component of the Congo Basin, and the forestry economy should be a growth sector. Through its ability to mobilize partners, ECA can rely on UN entities to support accession to the WTO", noted Jean Luc Mastaki.
To realize its potential, generate sustainable growth and take advantage of opportunities such as AfVFTA or the sub-regional market, "Equatorial Guinea needs an innovative and skillful private sector made up of young people and women. Partners such as Afreximbank, AFC and BADEA are ready to build the capacity of local entrepreneurs. However, the foundation that needs to be solidified remains the strengthening of education, and specifically technical and vocational training. There is an urgent need to increase the density of vocational training," concluded Jean Luc Mastaki.
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org