Mbini MoUs Lay Initial Groundwork
Mbini, a special economic zone under planning with more than 20 million square meters of commercial, residential and industrial facilities, is underpinning Equatorial Guinea’s quest to diversify and industrialize its economy. Those efforts are beginning to pay off.
On April 30, the Ministry of Mines, Industry and Energy, representing the Government of Equatorial Guinea, signed a memorandum of understanding with the China Dalian International Cooperation Group (CDIG) for the execution of a study for developing Mbini. The Ministry of Mines, Industry and Energy was represented by HE the Minister Gabriel Mbaga Obiang Lima and CDIG by its president, Mr. Zhu Mingy. As part of the agreement, CDIG would perform preliminary studies and look into the best areas for promoting investment in the city. The Ministry of Mines, Industry and Energy also reached a memorandum of understanding with the China Machinery Engineering Corporation (CMEC) to undertake a viability study for lighting all of Mbini. Under the agreement, CMEC would build all street lamps and related public lighting infrastructure. At the MoU signing ceremony CMEC was represented by its Vice President, Mrs. Wang Hong.
Mbini will provide foreign tenants with high-level modern infrastructure – including utilities and transport facilities – and the government will be working with CDIG to attract investment companies in specific sectors, among them mining, textile manufacturing, food, healthcare, agribusiness and small industries. CDIG has been one of Equatorial Guinea’s foremost foreign investors in recent years, building much of the government’s new infrastructure, schools, churches and hospitals, including the Premier’s office building in the capital of Malabo, the office building of the Ministry of Finance and Budgets and the Presidential Villa, in Mongomo. The Dalian-based construction company has already been central to the early promotion of Mbini. In courting international interest in the city, CDIG will look to capitalize on Mbini’s primary selling points, such as special tax incentives and Equatorial Guinea’s proximity to West and Central Africa’s biggest markets.