Sao Tome and Principe: Angola and Libya eye tourist sector investment

10 April 2008

Sao Tome, Sao Tome and Principe, 10 April – Angola and Libya are interested in investing in Sao Tome’s tourism sector, particularly new hotel ventures, says the islands’ tourism minister, Francisco Rita.

Rita announced the interest of Angolan and Libyan firms in building hotels in the archipelago after presenting on Monday official guidelines for tourism, industry and trade investment.

Rita said interest from the two African states had been expressed a little over a month after recent company contacts.

Advantages to Angolan firms in Sao Tome are that the islands lie just over 300 kilometers from Angola, noted Rita, and the Banco Angolano de Investimento has already expressed interest in modernizing a high-end hotel in the district of Mezochi.

Sources in Sao Tome’s state tourism agency told Macauhub that representatives from a Libyan state company visited the islands last month for talks with authorities on a market research into tourism sector investment.

Relying on dwindling cocoa exports as its primary foreign currency earner, Sao Tome is betting on tourism as one way to diversify the national economy. (macauhub)