Oil and wood out, Asia infrastructure in

Gabon has signed deals to diversify its economy in an attempt to be less reliable on its dwindling oil reserves.

The government has announced contracts with Asian companies worth $4.5bn billion dollars.

President Ali Bongo signed the agreements on the eve of the country's 50th anniversary of its independence from France.

The projects will revamp infrastructure and create about 50,000 jobs.

New partners

Gabon's oil output has been declining for years and the new deals are presented as the first steps towards diversification In terms of infrastructure, the OLAM deal involves the construction of a refinery, and there are plans for a possible port.

Another agreement was signed with the Indian company M3M, to build 5,000 low-cost housing units over the next two years.

Ramky Infrastructure, another Indian construction company, will build 1,000 kilometres of tarred road over the next three years in a $1.5bn project that will be jointly financed by the Gabonese government.

France's Bollore group for sure wants to build the port, but int'l bidders change the rules.

source: bbc.co.uk

President Ali Bongo Gabon