Ecobank hosts inaugural UK-Guinea Bissau Investment Summit
The Ecobank Group was delighted to have the opportunity recently to highlight the trade and investment potential of Guinea-Bissau to UK industry representatives and institutional investors. Working in close cooperation with the UK All-Party Parliamentary Group for Guinea-Bissau ("APPG"), Ecobank also helped to facilitate the first ever high-level talks between the governments of the two countries. British activity in Guinea-Bissau dates back to the early 19th century and, in more recent years, the United Kingdom has been a crucial stakeholder in European Union projects in Guinea-Bissau, including security sector reform, landmine removal, disease eradication and maritime affairs.
Ecobank hosted the inaugural UK-Guinea Bissau Investment Summit at its representative office in the City of London, the audience including hedge fund and institutional fund managers, as well as existing and potential trade investors. The event included an address from Raimundo Pereira, Speaker of the Parliament of Guinea-Bissau, during which he highlighted the country’s ongoing economic recovery and forthcoming privatizations in the telecoms, utility, forestry, publishing and transportation sectors. A UK trade mission to Guinea-Bissau, supported by Ecobank and the APPG, is planned for 2012.
Sr. Pereira commented:
"We want to help support new investment in Guinea-Bissau and to encourage foreign investors to participate in its growth. The country’s rich mineral deposits and its agribusiness and tourism potential could provide diverse sources of income in the future. We have made significant progress in public sector reform and are creating a fiscal and regulatory environment that is supportive of business. Economic growth is expected to remain robust in 2012, on the back of sustained exports of cashew nuts, buoyant construction activity and renewed confidence in Guinea-Bissau’s prospects."
Kolapo Lawson, Chairman of the Ecobank Group, said:
"Our ability to assist post-crisis sovereign African states in funding essential infrastructure investment represents a significant competitive advantage. By restoring investor confidence in such countries, Ecobank plays a pioneering role in Africa’s overall economic development. As a bank we have been operating in Guinea-Bissau since 2006 and remain committed to assisting both local and international businesses to expand in the country."
Lord Teverson, Chairman of the APPG, added:
"Apart from perceptional issues, one of the major problems facing potential investors and trade partners in Guinea-Bissau is an information vacuum. The APPG is delighted to be working alongside Ecobank to raise awareness of the country’s economic potential and the investment opportunities for UK businesses arising from the Guinea-Bissau government’s privatization plans."
This article was originally posted on Africa Banking Network
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