Gabon aims to diversify economy with new Owendo Port

Gabon, a country in Central Africa, is ushering in a new era with the inauguration of the Owendo International Port. The event marks the culmination of 18 months of hard work and a significant milestone in the country's economic development. The port is expected to boost the purchasing power of companies, reduce living costs, and enhance the country's attractiveness to investors. Igor Nyambie Simard, advisor to the President of Gabon, highlighted the long-term vision behind the port's establishment, emphasizing the importance of creating local value and attracting foreign investments. The Owendo International Port is part of Gabon's strategy to diversify its economy and reduce its reliance on oil revenues. With the launch of the Gabon Emergent Plan in 2009, the country has made significant strides in developing sectors such as timber processing, agriculture, and transportation, creating thousands of jobs in the process. The new port's increased capacity aims to facilitate exports and drive economic growth by tapping into the country's vast mineral resources. One of the main objectives of the port is to harness the potential of Gabon's youthful population, with 70% of the population below the age of 35. By investing in infrastructure projects and promoting agricultural activities, the government aims to provide employment opportunities and combat urbanization and poverty. The emphasis on local value creation and job creation aligns with the country's efforts to build a more diversified and sustainable economy. Despite agriculture contributing only 2% to Gabon's GDP and the country's heavy reliance on oil revenues, the government is committed to transforming the sector and promoting self-sufficiency in food production. By encouraging youth participation in agriculture and investing in modern farming techniques, Gabon aims to reduce its food import dependency and create a more resilient economy. In addition to its economic impact, the Owendo International Port plays a crucial role in positioning Gabon as the gateway to Central Africa. By improving connectivity and infrastructure, the port seeks to attract more investors and facilitate the export of minerals and other commodities. The government's focus on building international quality infrastructure underscores its commitment to creating an enabling environment for business growth and foreign direct investment. The success of the Owendo International Port project exemplifies the power of strong partnerships and collaboration. The collaboration between the government of Gabon, the AFC, and Olam demonstrates the transformative potential of strategic alliances in driving economic development and attracting investments. As Gabon opens its doors to global investors, the country sends a clear message that it is ready and willing to engage with partners from around the world. The inauguration of the port was marked by a celebration, including a fireworks display and networking event. The festive atmosphere reflected the optimism and excitement surrounding Gabon's economic prospects and the potential for sustainable growth and development. With a firm commitment to diversification, job creation, and infrastructure development, Gabon is poised to chart a new course towards a more prosperous future.