Angola: Portuguese investment totals US$620 million in 2008

6 March 2009

Luanda, Angola, 6 March – Portuguese investment in Angola in 2008 totalled US$620 million, or almost double the amount invested in the country in 2007, the Portuguese ambassador, Francisco Robeiro Teles said in Luanda Thursday in an interview with Angolan news agency Angop.

The diplomat, who was speaking about the relations between the two countries, said that these figures represented significant growth on 2007, when investment totalled US$230 million.

According to Ribeiro Teles, Angola is currently the main Portuguese trade partner outside of Europe and the fourth world destination for exports from the country, after Spain, Germany and France.

In the last two years Angola has overtaken Italy, the United Kingdom and the United States, as a destination for Portuguese exports, which shows a significant rise in exports to Angola.

In terms of investments, excluding the oil and
diamond sectors, the ambassador said that Portugal was currently Angola’s main investor according to figures from ANIP (National Agency for Private Investment).

Angola has also been investing in Portugal via stakes in the banking sector, in Portuguese oil company Galp and also in the real estate sector, via other sectors.

Portugal has already opened up two credit lines, totalling 600
million euros and is expected ot open up a third credit line to the value of US$500 million.

The new credit line will give priority to development projects involving Portuguese companies. (macauhub)