Luanda:Political stability and a favorable business environment are essential to securing private-sector participation and attracting international investment to African countries, the Minister of Finance, Vera Daves de Sousa, said on Tuesday in Luanda.
According to Angola Press News Agency, during a panel discussion entitled 'Making Capital Count Transforming Africa's Financial Strength into an Engine for Growth and Employment', on the first day of the 6th African Financial Industry Summit (AFIS), the minister emphasized that consolidating economic fundamentals is the first step towards strengthening market confidence and driving growth in the non-oil sector.
Vera Daves de Sousa identified controlling inflation, ensuring public debt sustainability, and achieving positive growth in non-oil Gross Domestic Product (GDP) as key pillars of economic sustainability. She noted improvements in Angola concerning political stability, controlled inflation, sustainable debt, positive non-oil GDP indicators, and the performance of non-oil tax revenues.
The minister also discussed the ongoing efforts to digitalize public administration to bring public services closer to citizens and support the expansion of the tax base. She underscored the importance of developing strategic infrastructure, including roads, bridges, railway networks, and energy systems, through Public-Private Partnerships (PPPs) and concessions to attract more domestic and foreign private investment.
She also stressed the importance of institutional predictability and stability to protect the business environment from disruptions arising from political cycles. Daves de Sousa called for a patriotic vision and commitment from capital holders to invest in high-growth potential sectors like agriculture, tourism, and light industry, which are crucial for promoting regional integration and cross-border trade in Africa.
The African Financial Industry Summit is being held in Luanda, marking the first time the annual event takes place in Southern Africa and a Portuguese-speaking country. The event, themed 'Making Capital Count Accelerating Growth Through African Finance', is organized by the Jeune Afrique Media Group in partnership with the International Finance Corporation (IFC), a member of the World Bank Group.
