Market Research in Equatorial Guinea
Equatorial Guinea lies on Africa’s west coast. With its natural beauty, excellent road network, and impressive new buildings, Equatorial Guinea has an incredible pace of development and transformation. The primary industry in the country is fishing, while coffee and cocoa are the traditional main products of export. The discovery of oil in the 1980s was a game-changer.
Equatorial Guinea includes territory on the mainland and three major islands and it is the only Spanish-speaking country on the continent of Africa.
Two decades ago, Equatorial Guinea was one of Africa’s poorest nations, however, today it is one of Africa’s fastest developing economies.
Its capital is Malabo, and Bata is its largest city. Malabo is a city of approximately 300,000 inhabitants. Spanish is the official language of the city. French and Portuguese are also languages spoken in the city of Malabo.
Equatorial Guinea features a tropical climate. It has a three-month-long dry season from December to February, and the wet season covers the remaining nine months. At night the temperature dips to 20 -21 degrees Celsius. This average excludes January to April, as the temperature inches higher then.
Several agencies for international cooperation and development came into being in the 1980s. Since then, the country has seen several national and regional development projects. The headquarters for these agencies are in the technical cooperation office in Malabo.
Trends in Equatorial Guinea
The country’s culture, health, and education have received institutional strengthening and are developing at a rapid pace.
This drive allows young people to unleash their creative freedom and one of the outlets for such artistic expression is the Cultural Center of Spain in Malabo. Founded in 2003, this center has three geographical access points and it aims to capture as many people as possible in the region and contribute to its development. Another critical outlet is the Hispanian Guinean Cultural Centre.
Activities include art, film, theatre, music, and games. There are two main festivals:
- MIFF – Malabo International Music and Film festival and
- Malabo Hip Hop International festival
The tourism sector has seen very significant growth since the discovery of oil. This discovery has enabled the country to improve its infrastructure. The city is a focal point for tourism because of the direct connection to the main attractions on Beoco Island.
Equatorial Guinea has a wide range of hotels, especially in its cities. It also has an excellent tourism product to serve the flocking visitors. There are many tourist destinations. Some include, Eureka Springs, Ciudad de la Paz and San Antonio de Ureca.
Trade is one of the most essential and prevalent economic activities, therefore Several US companies are operating in Equatorial Guinea.
Key Industries and Reasons to Grow Your Business in the Market
Equatorial Guinea the third-largest oil producer in Africa. Average production has reached 360,000 barrels per day as of 2005. As production increased, so did the population in the oil-producing regions.
Equatorial Guinea is prospering in tourism, trade, and culture, and its youthful population is another ingredient for an emerging giant. Equatorial Guinea may soon become one of the wealthiest African countries.
Investing in Equatorial Guinea is a great move because the tourism industry is booming, and it has abundant oil reserves. You have an excellent chance of reaping great rewards. Businesses like hotels and getaway houses are great investment opportunities.
About Market Research in Equatorial Guinea
Are you looking for a country in which to invest? Well, Equatorial Guinea is a great pick. With loaded oil reserves and a burgeoning tourism industry, you can profit from your investments. SIS arranges Focus Groups in individual markets in Africa. We can do Strategy Research and get Qualitative and Quantitative information for you.
SIS International Market Research can help you to make the best decision on where to invest your money—getting information from all sources possible to compile the best research articles. We hope this article answers your questions and also hope that you will consider investing in Equatorial Guinea.