Law enforcement and judicial decisions are not reliable or consistent. Competition Law Equatorial Guinea does not have an agency that actively enforces any competition laws. The problem is that once you have gotten your nifty new product, the papua new guinea money and banking world trade press gets a brief glance, maybe a once over, but it often tends to get discarded or lost with the original packaging. Either party can also submit the dispute to international arbitration. At present, there are no requirements pertaining to maintaining data storage within the country.
There is little transparency about its management. Arbitration must take place in a neutral location with Spanish as the official language of the arbitration. There may be other relevant regulations, particularly specific to certain industries. Despite the many challenges, U. However, that decree is still in the draft stage and has not been made public. Property rights are generally recognized and enforced, although a substantial portion of the population does not have formal title to their land.
This entity is expected to ultimately serve as a hub for foreign investors. Residency permits are expensive and can be similarly difficult to obtain and renew. President Obiang has been in power since 1979; as such, Equatorial Guinea does not have an established track record of transfer of power. Corruption throughout the government, including the judiciary, makes it difficult for a U. This is not consistently enforced. The Working Party has not met.
Diversion of public funds and corruption are widespread in both commerce and government, particularly as regards the use of proceeds from the extractive industries, including oil, gas, and timber, and infrastructure projects, most likely sources of laundered funds. Register a Free 1 month Trial Account. Bureaucratic procedures are neither streamlined nor transparent, and can be extremely slow for those without connections. The government requires that companies hire a specified percentage of nationals. But to make it a reality, African governments and regional economic communities should intensify efforts aimed at facilitating the free movement of goods, services, people and trade across borders.
Data Storage Internet service providers, whether local or foreign, have not been required to turn over source code or provide access to surveillance. The government does not generally nationalize or expropriate foreign investments, although in 2013 a Spanish investor had his property confiscated. Attendees will leave with a good understanding the key factors from an integrated, multidisciplinary and commercial viewpoint, including: target market analysis, economic competitiveness, channels-to-market, financing influences and risk, project development processes, best practices and emerging technologies. However, that decree is still in the draft stage and has not been made public. . Following rapid economic growth in the early 2000s spurred by the discovery of oil a decade earlier, growth has slowed in recent years as operational oil fields have matured. Equatorial Guinea has not yet submitted its Memorandum on the Foreign Trade Regime.
Collaborate with peers at this one-of-a-kind interactive event to develop data-driven solutions in real time. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. There are few established local mechanisms to compel the government to pay investors, and the Embassy has limited capacity to intervene. The law is expected to be implemented shortly. The American oil and gas companies tend to exceed those requirements. Most of these sectors are fairly undeveloped.
Equatorial Guinea is not a party to the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards. Bernardo Abaga Ndong, general coordinator of the National Technical Committee in charge of the Annual Meetings. Transparency of the Regulatory System Labor laws are published and are publicly available. Arbitration must take place in a neutral location and Spanish will be the official language of the arbitration. Equatorial Guinea is not a party to the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards. Larger deals may rise to the presidential level.
Residency permits, which are required for all long-term residents, can be difficult to renew and are expensive, frequently expiring before the new permit can be issued. Decisions often have to be made at the ministerial or presidential level. In some sectors, investments must be part of public-private partnerships with a government entity. Capital markets are virtually non-existent. Local judicial decisions and enforcement are inconsistent and do not necessarily rely on a system of precedent. Those disputes are generally raised before the parliament.
The government has been forced to curtail many of these efforts as oil prices continue to be depressed, so there was little industrial promotion in 2015. It also exists in market environments seeing rapid technological innovation and the blurring of competitive boundaries. Other Investment Agreements Local unskilled labor is readily available. The government sponsors students for short and long-term international training and academic programs. A high percentage of the workforce is in the informal economy. Load more or using your own keywords. Labor disputes are typically heard by the parliament and its decisions generally favor the employee.