Angola supports growth of Brazil’s Camargo Corrêa in southern Africa

21 September 2007

Sao Paulo, Brazil, 21 Sept – The construction market in Angola is supporting the growth of Brazilian construction company Camargo Corrêa in Southern Africa, the director of the Brazilian company for Africa told the Brazilian press.

Amauri Pinha said that within three months Southern Africa was expected to account for 40 percent of the company’s international turnover.

Speaking about Angola, Pinha said that Camargo Corrêa was now entering the real estate market and this year expected to invest most of the US$100 million it had earmarked for southern Africa in this country.

Operation in Angola, he noted, involved some 1,200 local workers and 200 Brazilian workers.

“The government (of Angola) is investing in basic infrastructures, after the war devastated the country,” creating business opportunities for companies within the sector, said the Brazilian manager.

Other opportunities, he said, were in the construction of housing for expatriate oil workers, as well as the need to re-house refugees from the Angolan civil war.

Angola is Camargo Corrêa’s biggest growth market in a region in which it has US$500 million in contracts for building infrastructures, such as roads, hospital and schooled, also in Mozambique and South Africa.

In 2006, he said, the project portfolio for the region was worth less than US$20 million.

The region currently accounts for 20 percent of Camargo Corrêa’s foreign orders, which is expected to increase to 40 percent of the next three years. (macauhub)