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(HERALD) ‘Zim to boost ties with Equatorial Guinea’

‘Zim to boost ties with Equatorial Guinea’
Business Editor

ZIMBABWE is dedicated to cultivating and promoting sound investment partnerships and is searching for friendly and well-meaning nations such as the Equatorial Guinea in efforts to resolve transitory challenges facing the economy. Speaking at a business cocktail hosted for the Equatorial Guinea business delegation in Harare on Wednesday, Reserve Bank of Zimbabwe Governor Dr Gideon Gono said Zimbabwe had emerged from a protracted land reform programme oozing untapped opportunities in all sectors of the economy, particularly in agriculture, mining, manufacturing, tourism and financial services.

In this regard, Equatorial Guinea stood out as one such country Zimbabwe could forge win-win trade and investment partnerships with.

"The visit (by that country’s President Toedoro Obiang Nguema Mbasogo and the business delegation) is a clear testimony of the growing friendship between the Republic of Equatorial Guinea and Zimbabwe.
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"These relations are important in ensuring that bi-lateral co-operation benefits the people of the two great countries as enshrined in the Zimbabwe/Equatorial Guinea Joint Permanent Commission of 2004 Agreement on Economic, Technical, Cultural and Scientific Cooperation in March 2006," said Dr Gono who was recently in Equatorial Guinea.

He described his visit as having revealed immense business opportunities for the two countries which could be explored and exploited for mutual benefit.

"The income base of the Equatorial Guinea economy, supported by oil export revenues, presents exciting opportunities for our local companies to forge win-win strategic ventures here at home with their counterparts from Equatorial Guinea," he said.

The cocktail was hosted by the central bank and the Confederation of Zimbabwe Industries. It was attended by Govern-ment officials and business leaders from both countries.

Equatorial Guinea boasted of a growing oil sector, with production averaging 360 000 barrels per day.

Opportunities in that country were abound in sectors such as clothing and textiles, infrastructure development, tourism and forests and woodlands.

Dr Gono painted a glowing picture about opportunities in this country, saying Zimbabwe was a highly competitive investment destination with comprehensive investment infrastructure and first class regulatory and legislative framework, among its attributes.

He challenged the local business community to seize the trade and investment opportunities that existed between the two countries while deepening already existing synergies.

"At the business to business level, it is imperative that we capitalise on the framework of sound bilateral relations enhanced by our leadership and make the best out of your initial contact and deliberations.

This was also expressed by the Equatorial Guinea ambassador Juan Antonio Bibang Nchuchuma who emphasised the need for expeditious implementation of agreed projects.

"We want to emphasise on implementation. Action, action and action is what we want to see and my office is ready to facilitate that," he said in an interview.

Dr Gono also said the central bank was ready to facilitate business between the two countries.

"Your central bank and your governor and his team stand ready to facilitate and provide the necessary support (on a needs-basis) to translate your initiatives into concrete economic and financial benefits for our great countries."

Equatorial Guinea’s Special Affairs Minister Mr Alejandro Evuna Owon said it was incumbent upon the business communities of the two countries to strengthen their ties as the groundwork had already been done at the highest level.

He was impressed by a mini-exhibition by some companies at the Harare International Conference Centre. The exhibitors included Dairibord Zimbabwe, Cairns Holdings, Ariston Holdings, Cold Storage Company, Netone and Telone.

Earlier in the day President Teodoro Obiang Mbasogo was shown around the exhibitions by Dr Gono.

Dairibord Zimbabwe Limited group chief executive Mr Anthony Mandiwanza spoke on behalf of business saying Zimbabwe’s business community was eager to take up opportunities in Equatorial Guinea. Initiatives along those lines had already started.

The business delegation is in the country as part of President Nguema Mbasogo entourage on a four-day State visit.

Labels: THE HERALD, TRADE

posted by MrK @ 7:17 PM