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Third National Economic Conference of Equatorial Guinea

From April 22nd to May 4th 2019, the Third National Economic Conference was held in Equatorial Guinea, whose motto was “Consolidating Social Equity and Economic Diversification”.

Christine Thiele Balms Abogados | Balms Marbella

14/06/2019

Tercera Conferencia Económica Nacional de Guinea Ecuatorial

Its main purpose has been:

  • Present the achievements and challenges of the vision of the National Horizon 2020 Plan to the national and international community.
  • Adapt the planning schemes for economic and social development in the short, medium and long term for the country’s emergency.
  • Integrate the Sustainable Development Goals and those of the 2063 Agenda of the African Union into the planning schemes for economic and social development.

This event, developed under the high patronage of the President of the Republic of Equatorial Guinea, HIS EXCELLENCE OBIANG NGUEMA MBASOGO, had the participation of the three branches of government (executive, legislative and judicial), legalized political parties, civil society, private sector, development partners and international economic bodies such as the African Union, the United Nations System, the Korean Institute for Development, the Central African Economic and Monetary Community, the Development Bank of Central African States, the African Bank of Development, the World Bank and the International Monetary Fund.

The works were developed in plenary and parallel sessions in four thematic committees that are:

  • POVERTY ERADICATION COMMITTEE: where poverty was addressed in monetary terms, with the aim of putting an end to poverty by covering the basic needs of hunger, health, education, access to drinking water and the improvement of other living conditions.
  • COMMITTEE ON SOCIAL INCLUSION AND SUSTAINABLE PEACE: where the fight against inequalities was addressed, focused on eliminating its causes and not their consequences, through the application of clear and concrete policies that promote equal opportunities, and that also promote the social investment.
  • PRODUCTIVITY AND INDUSTRIALIZATION COMMITTEE: where mainly economic aspects were addressed, such as investment to boost industrialization.
  • ENVIRONMENTAL SUSTAINABILITY COMMITTEE: where the guarantee of production, environmental sustainability, urban planning and responsible consumption in the life of future generations was addressed.

As a result of the work carried out during the 10 days of the celebration of this Third National Economic Conference, a series of Resolutions were issued among which to mention:

  1. The implementation of postgraduate studies: Master and Doctorate, to comply with the pedagogical architecture of the New Higher Education System.
  2. The adaptation of the educational system to labor demand and the promotion of the use of ICTs in national companies and educational institutions.
  3. The reinforcement of the organization and mechanisms of coordination and management of the national health system, based on Primary Health Care.
  4. The search for sources of Foreign Direct Investment (FDI) to finance economic diversification.
  5. Increase in Investment in Research, Development and Innovation (R + D + i).
  6. The promotion of the establishment of food processing and conservation industries.
  7. The reform of the current Labor Law.
  8. Regulation and promotion of electronic commerce.
  9. The promotion of national and international tourism as a source of income.
  10. The creation of a Special Development Zone for Information and Communication Technologies (ICTs) for companies.
  11. The realization of feasibility studies for the establishment of facilities for the development of aquaculture.
  12. The propulsion of the Renewable Energy industry.
  13. The construction of ecotourism infrastructures (hotels, cabins, observatories) in accordance with international standards.
  14. Construction of sanitary landfills and implementation of a selective waste collection system in all cities.
  15. The promotion of agroecology and the production of resilient species to climate change.

Likewise, during the celebration of this conference an Economic Recovery Agenda (ERA) was adopted, which is a transition strategy and support of the New National Development Plan, designed for its implementation during 2019-2022, whose objectives are: Correct the deviations found in the fiscal plane; Laying the foundations for a new era of economic and sustainable growth; Strengthen the framework of action for the modernization of the Public Administration and Strengthen the coverage of social policies and urged the Government to implement the Roadmap on the competitiveness of the economy and the improvement of the business climate in Equatorial Guinea, approved during the celebration in November of last year of a “High Level Seminar on the Improvement of Business Climate” as a consensus between the national private sector and the public.

The closing of the III National Economic Conference, was through a speech delivered by the Head of State and Government His Excellency OBIANG NGUEMA MBASOGO, who outlined the general lines of his vision, with the clear objective of, among others: combating current economic deficiencies in terms of production diversification and quality, training human resources, providing quality social services to the population based on improvements in the functioning of the administrative apparatus, implementing quality governance at the service of the People, eradicate poverty, expand and improve infrastructures and boost the development of the private sector and set the new time horizon of the new development strategy adopted in the country, in the year 2035, under the slogan “JUNTOS AVANZAMOS” (“MOVING FORWARD TOGETHER”), owing to the Government to elaborate and present it in the next months for its adoption through the established legal channels.

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