Petroleum Africa
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Wednesday, January 16, 2019
Release
The African Energy Chamber welcomed Equatorial Guinea’s improvement in its business environment via the establishment of a one-stop shop for setting up businesses in the country.
“The implementation of Equatorial Guinea’s one-stop shop allows companies to set up a business in Equatorial Guinea in only one week, putting the country at par with global standards, said NJ Ayuk, the Chamber’s Executive Chairman. For the African Energy Chamber and the oil industry, it is important to encourage men and women who find opportunities, have ideas of innovative services and unavailable products, those who have the courage to deploy capital, accept risk, and make it happen.”
While Equatorial Guinea benefits from a reasonably good infrastructure, investors have traditionally been timid to set up shop in the country given its excessive bureaucracy and regulations sometimes seen as unfavorable to business.
The government does recognize it has an enormous task of fostering an environment where investors and small and medium enterprises can succeed. The government continuous move to implement sound and efficient business regulations will be critical for entrepreneurship and a thriving private sector.
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