Korea to hold summit with Equatorial Guinea today

By Na Jeong-ju

President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea arrived in Seoul Wednesday for a summit with President Lee Myung-bak today to promote bilateral efforts regarding energy and infrastructure construction, according to Cheong Wa Dae.

It is the first visit by a president of the Central African nation since the two countries forged diplomatic ties in 1979.

At the summit, Lee and Obiang will exchange views on issues of mutual concern such as cooperation in the energy sector including petroleum and gas exploration as well as a partnership on infrastructure construction, the presidential office said in a press release.

They also plan to discuss ways to share Korea’s development experience to ensure the success of Equatorial Guinea’s long-term development project, Agenda 2020.

During his four-day stay here, Obiang is also scheduled to inspect industrial facilities associated with energy and water resources.

Since oil was first discovered in Equatorial Guinea in 1996, it has emerged as one of the fastest growing economies in Africa.

It is now the third largest oil producer in sub-Saharan Africa, after Nigeria and Angola. Its annual wealth has increased 5,000 percent since 2002.