Angola benefits from UN support to diversify investment

Luanda – Angola’s agriculture sector is the preferred area for foreign investment, despite the challenges, according to the country’s Investment Policy Review paper presented by the United Nations Conference on Trade and Development (Unctad).

The document, presented recently in Luanda, underlines that in the years after the end of the civil conflict, Foreign Direct Investment (FDI) reached significant levels in the country, but has recently declined and is concentrated in the raw materials extraction sector.

According to Unctad, an investment portfolio more diversified and better aligned with Angola’s needs can greatly contribute to the achievement of national development goals.

The agency says the government has set up an ambitious programme to reform the business and investment environment, but identifies some gaps and problems in its document.

The text, published Tuesday on the UN website, quotes among the challenges the complex system of entry and establishment of funds, costly regulations, persistent restrictive trade practices and lack of capacity and institutional coordination.

According to Unctad, these gaps affect the country’s ability to make the most of its strategic location, abundant natural resources and preferential access to foreign markets.

The Investment Policy Review also pays particular attention to investment in agribusiness and its contribution to sustainable development.

The document calls for concrete measures to promote responsible investment and to promote inclusive modes of agricultural production.

The recommendations aim to find a balance between the objectives of food security and export development, improving access to land and infrastructure and promoting entrepreneurship and capacity building.

Source: Angola Press News Agency