Angola is a nation endowed with vast amounts of natural resources (Oil & gas, minerals, arable land for farming, rivers, forest, beautiful landscapes and beaches, etc.) with every potential to support the nation’s economic development drive, these resources are however largely untapped. The post war Angola has been grappling with inadequate infrastructure, lack of human resources and capacity to harness the vast resources at its disposal. These limitations however, also present itself as great opportunities for investors. The government is therefore very keen to highlight these opportunities and use it to encourage and attract foreign investors from around the world to consider investing in the nation’s socio economic development drive.
To encourage the participation of the private investors in its economic development drive, financial sector policies are being modernised with the introduction of a new foreign exchange currency law for the oil sector and a mining law. The government also offer other benefits including tax incentives and investor protection schemes, such as, access to courts and the right to defence, monetary restitution in event of expropriation and Government guarantee for all investor rights. In the last year alone ANIP signed in Luanda 21 contracts with Angolan and foreign companies estimated at Akz 5.1 billion (Usd 50 million).
The Angolan Government, working through the National Private Investment Agency-ANIP (the Government agency responsible for implementing the national policy on private investment, its promotion and Coordination- national and FDI), highlights some of the sectors below as offering the best opportunities for investment.
The Angolan leadership believes that it can benefit more by accelerating economic diversification and reduce its dependence on oil which accounts for about 46% of GDP, 80% of government revenues and 95% of Angola’s exports. It has also declared its intention to minimise imports, offer greater investment incentives within agriculture and the development of the industrial sector in order to enable the economy to become self-sufficient. Providing the infrastructure such as the construction of roads, airports, ports, hospitals, schools and most importantly, affordable housing is among the government’s topmost priorities.
The oil and gas sector although well developed, still has huge scope of opportunities to be explored in the supply chain, such as, onshore and offshore medical care, catering, health and safety provision; specific training courses etc.