ANGOLA’S INVESTMENT CLIMATE HAS IMPROVED, PRESIDENT TELLS BUSINESS FORUM IN NEW YORK CITY

NEW YORK CITY– President JoAPound o Lourenco says Angola has seen improvements in its business environment and the creation of conditions to support national businesses and to attract foreign investment to the country.

Addressing an Angola-United States Business Forum in New York City on Monday, he ttributed the improvements to the economic and financial reforms which his government had undertaken to achieve macro-economic stability and fiscal consolidation. He is here to attend the 73rd United Nations General Assembly session.

The President also mentioned the legal measures taken to facilitate bureaucratic processes and the movement of people, as well as fight against corruption and impunity.

The President said that over the past year, the country has actually been more open to foreign private investment and dialogue, and there is now closer consultation and collaboration with international financial organizations.

The head of state stressed the adoption of the new legislation on foreign investment and on competition and anti-monopoly, with stress to the Laws on Private Investment and Competition, as well as the new exchange rate policy.

According to him, this initiative has drastically helped remove hindrances to investment and ensure greater legal protection for foreign investors, allowing them to repatriate dividends and profits and the repatriation of capital abroad.

As for the approvals for visas, he said the the Cabinet Council could approve requests for investors’ visas within a week. President Lourenco described the move as an innovation which grants all investors in Angola the right to entry and stay in the country to monitor their projects.

Noting that Angola is rich in mineral, energy and agricultural resources, he believes a more open and competitive economy will help transform the enormous potential into real wealth, increase the supply of goods and services, the range of export products, as well as jobs.

The president acknowledged that despite the huge resources devoted to development of infrastructure and social works in past years, there was still much to do to meet the needs of the sectors like water, energy, education and health.

He spoke of the need for mutually advantageous participation by international partners in medium and long-term investments in key sectors of the economy with the latest technology and know-how.

He highlighted the decades-long relationship and partnership with US companies, especially in the oil sector while also mentioning areas of economic and social activities, namely in financial services, consulting and auditing, information technology, medicine, agriculture and hotels and tourism, as part of existing co-operation with US firms.

“Our country also offers opportunities in the fields of agriculture and forestry, livestock, fisheries, finance, energy and water, construction, transport, communications, hotel and tourism, manufacturing, commerce and virtually all sectors of national life,” he said.

Source: NAM NEWS NETWORK