Investment climate improves in Angola – President

New York – The Angolan Head of State JoAPound o Lourenco has admitted improvements in the business environment and the creation of conditions to support national business and attract foreign investment to Angola.

JoAPound o Lourenco, who was speaking at Angola/US Business Forum held on Monday in New York, attributed the improvements to the economic and financial reforms aimed at macroeconomic stability and fiscal consolidation.

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

The President said that for one year now the country has actually been more open to foreign private investment and dialogue, closer consultation and collaboration with international financial organisations.

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 stave off the hindrances to investment and ensure greater legal protection for foreign investors, allowing them to send their dividends and profits and the repatriation of capital abroad.

As for the approval, by the Cabinet Council in less than a week, of investor’s visa.

JoAPound o Lourenco described the move as an innovation that grants all investors in Angola the right to entry and stay in the country to monitor their projects.

He spoke, on the other hand, of the need to revive the private sector, adding that Angola is rich in mining, energy and agricultural resources.

The statesman 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 Angolan president acknowledged that despite the huge resources spent on infrastructure and social works in the recent years there is still much to do to meet the needs of the sectors like water, energy, education and health.

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

JoAPound o Lourenco highlighted the decade-long relationship and partnership with US companies, especially in the oil field.

The president also mentioned the areas of economic and social activities, namely in financial services, consulting and auditing, information technology, medicine, agriculture and hotels and tourism, as existing cooperation 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.

JoAPound o Lourenco also spoke of existing an interest in foreign private investment in the pharmaceutical industry, in the production of tractors, implements and other agricultural implements, in the fertilizer, seeds and “agro-defence” industry.

In his address, the President spoke of the new Luanda International Airport, in the completion process.

He predicted that the US businessmen are interested in the management and operation of this infrastructure, its commercial areas, spaces for the construction of industries and logistics and hotel services.

JoAPound o Lourenco is in New York to attend 73rd UN General Assembly.

The Angolan president is expected to address the session of the UN General Assembly on Wednesday (26th).

Source: Angola Press News Agency