President's visit to enhance ties

By Fu Chao | China Daily | Updated: 2015-04-30 07:28

Business ties between China and the Republic of Equatorial Guinea are being further strengthened by a state visit by the president of the African country, Teodoro Obiang Nguema Mbasogo, to China from April 27 to May 2.

The relationship is also expected to get a boost from the Equatorial Guinea-Asia Economic Forum, which begins on Thursday in Dalian, Liaoning province.

Government delegates from Equatorial Guinea will explain the appeal of doing business in their country and seek cooperation opportunities with some 300 Chinese investors.

The forum aims to attract more Chinese investors and companies to settle in the oil-rich country, which has Africa's highest per capita GDP, at $26,000.

Before the state visit, which is Teodoro Obiang Nguema Mbasogo's ninth to the world's second-largest economy, he met with China's Foreign Minister Wang Yi in the city of Bata, in Equatorial Guinea, on Jan 14.

During that meeting, the president spoke highly of the relationship be-tween the two countries and said China is a good and true friend to his nation.

Support and help provided by China played a crucial role in the rise of Equatorial Guinea, according to its president.

Equatorial Guinea is now working on industrialization and economic restructuring and seeking more cooperation with China.

The African country used to have a poorly developed infrastructure and very few resources, causing its economy to suffer slow growth and even collapses.

Teodoro Obiang Nguema Mbasogo, who has been president of Equatorial Guinea since 1979, agreed to cooperate with an American company to develop his country's oil resources.

Following that move, Equatorial Guinea experienced rapid economic development. According to official data, from 1997 to 2007, the country maintained a more than 25 percent year-on-year economic growth rate.

In recent years, in addition to oil production, the president has started to develop other sectors to fuel the economy, including agriculture, fisheries, petrochemicals and mining, tourism and the service industry.

fuchao@chinadaily.com.cn