Business meeting
Umaro Sissoco Embalo has stressed the desire to strengthen relations with Spain. “There is legal certainty for investors and in one day you can open a bank account and create a company through the single window.”
President of Guinea Bissau, Umaro Sissoco Embalo, has pointed out the legal certainty and administrative simplification that his country offers, as well as the status of hub or “gateway” for the region, as main factors of attraction of foreign companies and investors. “We are interested in Spanish companies coming to Guinea Bissau, and there is a lot to do: the doors are open.”
On the occasion of his official visit to Spain, Umaro Sissoco Embalo, closed the business meeting organized by Chamber of Spain, the Secretary of State for Commercethrough ICEX Spain Export and Investments, and CEOE, which was held at the headquarters of the Spanish Chamber of Commerce.
The president of Guinea Bissau has stressed the desire to strengthen relations with Spain. “There is legal certainty for investors and in one day you can open a bank account and create a company through the one-stop shop,” Sissoco Embalo explained to the companies attending the meeting.
The Secretary of State for Trade pledged to further strengthen trade ties with Guinea-Bissau and the rest of the African continent: “Africa and Europe have common economic needs and objectives. We are strategic partners.”
In turn, the Minister of Economy, Plan and Regional Integration of Guinea Bissau, José Carlos Varela, has highlighted the “commitment” of his government in “establish policies to stimulate the private sector”, because “it must be a driver of the economic and social growth of the country.” Varela has recognized the impact that an increase in prices of food and fuel products has had in Guinea Bissau, but has also highlighted the economic progress experienced in recent years, as well as “the business opportunities in the ICT, tourism, transport sectors. , education, fishing” in addition to “human potential with a young population that represents a competitive advantage.”
During the meeting, the Secretary of State for Commerce, Xiana Méndez, opted to continue strengthening commercial ties with Guinea Bissau and the rest of the African continent: “Africa and Europe have common economic needs and objectives. We are strategic partners. Our countries, Guinea Bissau and Spain, will face new geopolitical challenges in the coming years, hence the importance of building a common economic agenda and understanding the importance of the private sector in creating inclusive and sustainable growth.”
For this reason, the Secretary of State for Commerce has increased its efforts on the African continent through the strategy 'Horizon Africa', with the aim of supporting the internationalization of Spanish companies in the African market and promoting a growing and solid presence of Spain on the continent through official and institutional financial support measures.
“Africa has enormous economic potential and countries like Guinea Bissau can be a gateway to the region. This Business Meeting is the first step to build a stronger economic relationship between the two countries. Guinea Bissau can undoubtedly take advantage of its great economic potential in sectors such as agriculture, tourism and the fishing industry, and Spain can contribute to this,” indicated the Secretary of State.
Also the general secretary of the Chamber of Spain Adolfo Díaz-Ambrona, recalled “institutional and regulatory stability, and legal certainty as fundamental elements when approaching a new market” by companies. For Díaz Ambrona, the visit to Spain of the president of Guinea Bissau, “is to contribute to putting the country in the focus of our organizations and our business community.” According to the secretary general of the Chamber of Spain, “there is awareness of the progress made in improving the conditions for investment and the renewed confidence of international financial institutions such as IMF", and for them the "Government's commitment" of Umaro Sissoco Embalo is valued with interest, "for greater sectoral diversification of the economy and the development of infrastructure of all kinds, all of them areas in which Spanish companies have a great capacity and leadership at an international level.”
For its part, the general director of CEOE International, Narciso Casado, pointed out that the presence of Spanish companies is growing more and more in Guinea Bissau due to the confluence of the growing process of internationalization of Spanish companies in Sub-Saharan Africa and the economic growth of the country. Specifically, Spanish companies operate in thriving sectors of the economy such as fishing, agribusiness and the maritime transport sector. Jointly, he highlighted that there is great potential in sectors such as consulting and engineering due to the various public tenders that are being carried out thanks to foreign aid. Finally, he highlighted the importance of having a private institution that brings together and represents companies in Guinea Bissau to promote the development of the private sector in the country.
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