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Angola promotes business with Africa, Caribbean and Pacific

Angola promotes business with Africa, Caribbean and Pacific

Luanda, Dec 8 (Prensa Latina) Foreign companies investing in Angola can repatriate their returns safely and in a timely manner, the government said on Wednesday at a meeting with African, Caribbean, and Pacific enterprises.

On behalf of the government, the minister of State for Economic Coordination, Manuel Nunes Junior, pointed out that the country is not only looking for financial capital and cutting-edge technology, but also the know-how necessary to diversify and quickly and efficiently increase the domestic production of goods and services.

Nunes Junior presented the proposal at a business forum, on the sidelines of the 10th Summit of the Organization of African, Caribbean, and Pacific States, whose sessions will end on Saturday.

According to him, authorities have taken important steps in the past five years to turn Angola into an attractive place for investors, whether domestic or foreign.

The goal, he said, is to build a strong and sustainable economy, less and less dependent on oil resources, which still make up 60 percent of tax revenues and more than 90 percent of export revenues.

At the same time, the fight against impunity for acts of corruption, nepotism, and influence peddling continues in order to increase the degree of transparency in the management of the treasury, he said.

He stressed that in 2021, the national economy finally recovered from a long period of recession, due to the results of agricultural and livestock activities, fishing, processing and diamond industry, trade, construction, transport and other services.

Angola is expected to have a new growth paradigm, driven by the non-oil economy, with the private sector as the main actor, Nunes Junior noted.

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