Angola: Trade with Italy totals US$380 million in 2008

12 January 2009

Luanda, Angola, 12 Jan – Trade between Angola and Italy totalled US$380 million in 2008, or a year on year rise of 45 percent, the Italian ambassador to Angola, Torquato Cardilli said in Luanda Friday.

Speaking to Angolan news agency Angop, the ambassador, who summarised bilateral political and economic relations, admitted that by 2010 trade could reach US$2 billion per year.

In 2008, Angola imported food, clothing, furniture and machinery from Italy whilst from Angola Italy imported oil, marble and animal skins.

In terms of direct investment by Italian companies in Angola, the Italian diplomat said that, in 2008, oil compani ENI signed a deal with sonangol in order for the Italian oil company to take part in gas exploration and production in Zaire province, both offshore and onshore. The contract has a lifetime of 20 years.

Cardilli also said that the deal signed by the two companies included setting up a gas-fired power station and construction of a new staff training centre for the oil sector, as the first training centre of its kind in Angola was built by the Italians.

He said the 22 Italian companies currently operated in the Angolan market.

According to the Italian embassy in Luanda’s website, Italy is the 14th largest importer of Angolan goods and the 11th largest exporter of goods to Angola, with a market share of 2.3 percent. (macauhub)