Wednesday, July 18, 2012

Obiang to Build Economic Ties on Asia Trip

Equatorial Guinea Participates in the 5th Forum on China-Africa Cooperation

Equatorial Guinea’s President Obiang Nguema Mbasogo is traveling to Beijing, China to attend the 5th Forum on China-Africa Cooperation (FOCAC). The conference will last from July 19-20th and will focus on ways to strengthen China-Africa relations and enhance trade.

According to Chen Deming, China’s commerce minister who was quoted in the China Daily, China-Africa trade hit a record high of $166.3 billion in 2011. He stated that China’s investment in Africa reached $14.7 billion by the end of 2011 with over 2,000 Chinese businesses located in the region.

Under the theme “build on past achievements and open up new prospects for the new type of China-Africa strategic partnership,” this year’s forum will review the progress made since the 2009 conference in Egypt and develop a plan for the next few years.

More than 50 African countries, including Equatorial Guinea, will participate in FOCAC this year. Together, they will work with China to improve dialogue, stimulate development and address issues of mutual interest.

President Obiang’s participation in FOCAC 2012 reflects the government of Equatorial Guinea’s recent efforts to expand trade relations, encourage foreign investment in Equatorial Guinea, and seek a broader range of development partners.

This May, President Obiang participated in Expo 2012 in Yeosu, South Korea, and in February, he met with Ugandan President Yoweri Museveni to discuss strengthened bilateral relations.