Opportunities open in Angola

A South African delegation led by the Deputy Minister of Trade and Industry Bulelani Magwanishe yesterday arrived in Luanda, Angola, on a five-day trade and investment mission.

Addressing the business delegation on their arrival, the South African ambassador to Angola Fannie Phakola said: “The Angolan government is instituting economic changes aimed at aggressively diversifying the economy away from traditional reliance on oil, as well as opening up for international companies to enter the market as solely owned entities.”

He described the passing of a private investment law that scrapped the requirement for local partners to hold a stake of at least 35% in the share capital of companies as a move intended to attract more foreign investment into the country.

“The Angolan market is promising ... seize the moment,” said Phakola.

Magwanishe previously said he anticipated an increase in trade and investment between South Africa and Angola, the strengthening of existing relations between the two countries and the formation of commercial partnerships and joint ventures as a result of this mission.

The delegation comprises 20 South African companies representing, among other things, aerospace and defence, mining products and services and infrastructure providers. – ANA