China-Africa relations: Xi Jinping vows to help Equatorial Guinea diversify economy away from heavy oil and gas reliance
- In Beijing, Xi and Teodoro Obiang Nguema Mbasogo announce elevation of bilateral ties to comprehensive strategic partnership of cooperation
- Equatorial Guinea has promised to improve the business environment for Chinese companies in the country
Chinese President Xi Jinping held talks with Equatoguinean counterpart Teodoro Obiang Nguema Mbasogo in Beijing on Tuesday, where he promised that “China supports the economic and social development of Equatorial Guinea and its efforts to promote economic diversification and industrialisation”.
Xi said Beijing would encourage Chinese companies to invest and start businesses in Equatorial Guinea and allow more agricultural products from the tiny Central African nation to enter the Chinese market.
04:12
How Huawei's use of 5G and AI is transforming China’s coal mining industry
Equatorial Guinea, which has a population of about 1.6 million, is heavily dependent on crude petroleum and gas, which provides about 90 per cent of government revenue and leaves it susceptible to price shocks. But Malabo has identified agriculture, fisheries, finance and tourism to boost the economy.
Xi said China would “share its experience in agricultural and rural development with Equatorial Guinea and continue to carry out agricultural technical assistance projects”. After the talks, the two leaders announced the elevation of bilateral ties to a comprehensive strategic partnership of cooperation.
A joint statement said China and Equatorial Guinea had agreed to expand trade and investment cooperation and deepen cooperation in agriculture, fisheries, energy, mining and infrastructure, and that China supported Equatorial Guinea’s higher-quality agricultural and fishery products entering the Chinese market.
China agreed to support the building of Equatorial Guinea’s public health system and would continue to send medical teams, carry out “light trips” and conduct other free clinics.
