Angola: Trade between Brazil and Angola exceeds US$4 billion in 2008

13 April 2009

Luanda, Angola, 13 April – The president of the Association of Brazilian Businesspeople and Executives in Angola (Aebran), Alberto Ésper, told weekly newspaper “O País” that in 2008 trade between Brazil and Angola exceeded US$4 billion.

Ésper also told the Angolan newspaper that direct financing from Brazil for Angolan projects had totalled some US$2 billion.

“Everything that Brazil imports from Angola is related to oil. That is why I say that trade will increase as Angola launches industrial and agricultural production,” Ésper said.

In 2008 the balance of trade favoured Angola by US$200 million due to the high price of oil.

The chairman of Aebran noted that there was a Brazil-Angola credit line open worth US$1.75 billion, via Brazil’s Banco Nacional de Desenvolvimento Económico e Social (BNDES), which is topped up as it is used.

The chairman of Aebran also said that in the area of cooperation on biofuels, “in 2007 a company was set up in which Odebrecht and Angola’s Sonangol and Damer took a stake to produce sugar cane in order to later produce ethanol, a very important measure because it could raise Angola to the category of exporter.”

“Construction is the segment with the biggest and most visible Brazilian involvement in Angola. Odebrecht is one of the company’s to have been in Angola longest, but there are now other large companies, such as Camargo Corrês, António Guterres, and Queirós Galvão. We have to note that these days Brazilians are in various areas of the Angolan economy, such as agriculture, general trade, health, education (including the project for accelerated schooling and literacy), in the area of training and technology in general,” he said.

In 2008 7,000 Brazilians were officially resident in Angola, but the Aebran chairman estimated that the true figure was more like 25,000, as in Angola there are at least 200 companies in which Brazilians have a stake. (macauhub)