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Business Profile
Economy: Equatorial Guinea produces timber, cocoa, coffee, bananas and spices for export, and is self-sufficient in other basic food products. The manufacturing industry is confined to timber processing. However, it was the long overdue development of the country’s oil reserves that accounted for the economy’s spectacular growth (up to 20 per cent annually) during the 1990s. Oil and gas now account for over one quarter of GDP. These are not Equatorial Guinea’s only reserves, for there are confirmed deposits of gold, uranium, iron ore, tantalum and manganese. Intervention by the IMF in the mid 1990s has led to restructuring of the public and financial sectors. However, a long legacy of maladministration, corruption (the country’s largest companies are still largely owned by members of the ruling family) and the lack of even the most basic services have made progress difficult. Nonetheless, Equatorial Guinea is making economic headway. The USA, Cameroon, Liberia and Spain are the country’s main trading partners. Equatorial Guinea is a member of the Central African Customs and Economic Union (CEEAC) and the CFA Franc Zone, and receives large injections of foreign aid from a variety of sources.
Commercial Information: The following organisation can offer advice: Cámara de Comercio, Agrícola y Forestal de Malabo, Apartado Postal 51, Malabo (tel: (9) 2343).
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