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Govt plans to turn 400,000 informal economic agents into formal operators

Luanda – Angola government plans to turn 400,000 informal economic agents into formal economic operators all over the country in 2023 through the Programme for Reconversion of Informal Economy (PREI), the executive director of the Luanda/Bengo special Economic Zone (ZEE), Adriano Celso Borja said Wednesday, in Luanda.

Speaking to the press following the balance sheet and outlook of the Ministry of Economy and Planning (MEP 2022-2023), Borja said this would make it possible to speed up economic growth.

Borja explained that after being turned into formal agents, economic operators would have easier access to government programmes aimed at boosting economic growth, such as the Programme for Support Production, Diversification of Exports and Substitution of Imports (PRODESI) and its associated plans.

Adriano Celso Borja, explained that PREI had reached 251,450 formalised operators by June 2022.

“PREI made it possible to reach this figure and exceeded the government’s target, which hoped for 2,000 companies by the end of 2022, a target also set by the cooperation partner”, Borja said.

Borja added that the data achieved by PREI reduced the weight of informality on the national economy by 1.2 percent.

PREI is an initiative of the Angolan government carried out by a multi-sector commission coordinated by the Ministry for the Economy and Planning, with budgetary support from the European Union (EU) and technical assistance from the United Nations Development Programme (UNDP).

The Informal Economy Reconversion Programme envisages rescuing 65% of the informal economy’s wasteful revenue, estimated at 40 billion US dollars.

Source: Angola Press News Agency