Angola’s President, H.E. João Lourenço, has stated that an improved business environment in the southern African country is imperative towards attracting investment.
In addition to infrastructure development, the President highlighted electricity generation, water supply, construction, agriculture, and telecommunications as high-impact areas with strong investment potential.
In a written statement posted on Facebook on 29 May, H.E. President Lourenço encouraged the private sector to participate in the development of a robust and efficient open market for the country in an effort to generate more wealth and employment opportunities.
“Improving the business environment, a fundamental condition for attracting more investments, constitutes a challenge for all Angolans,” H.E. President Lourenço stated, adding, “In addition to the greater supply of energy, water and roads, we need, all public administration and private sector agents, to carry out our duties with zeal and dedication, making Angola a hospitable market and worthy of receiving more investments that allow generating more wealth and more jobs to the families.”
Demonstrating his commitment towards improving entrepreneurship and business development in Angola, the Head of State conducted a state visit to Italy from 24 to 25 May to encourage Italian businesspeople to invest throughout all branches of the Angolan economy. Highlighting the positive performance of Italian companies operating in the Angolan market, such as oil and gas supermajor, Eni, H.E. President Lourenço indicated that businesspeople from the European country will be eligible for competitive advantages in placing locally produced goods on foreign markets.
Meanwhile, domestic financiers and insurers in Angola have called for increased synergy between the country’s finance sector and energy industry. Improvements in Angola’s financial sector are poised to facilitate the monetization of the country’s immense hydrocarbon resources while promoting economic diversification.
As such, the Government of Angola has implemented, and expanded upon, a Privatization Program aimed at increasing private sector involvement, attracting investments, and boosting employment and economic growth. Under the second phase of the initiative, the Government has sought to privatize 73 assets and companies by 2026.
Furthermore, H.E. President Lourenço affirmed Angola’s commitment towards the development of its construction and regional planning sectors to promote economic development. The President’s remarks concerning the country’s construction sector came during the appointment of a new Secretary of State for Urbanism and Housing on 22 May, who will be responsible for proposing the formulation of policies while overseeing community development, maintenance of public housing, and implementation of development projects.
In the wake of such developments, the Head of State has demonstrated the country’s willingness towards improving the business environment in Angola. Wide-ranging legal reforms and other measures implemented since the President’s election in 2017 have sought to encourage and attract private investment – with a specific focus on foreign direct investment – to boost economic growth in all sectors of the Angolan economy.