Trade between Angola and Italy may reach US$1 billion in 2010

8 July 2009

L’Aquila, Italy, 8 July – Trade between Angola and Italy may reach, by 2010, US$1 billion, according to an official document distributed in L’Aquila, Italy, where the g-8 summit is taking place until Friday.

The document, according to Angolan news agency Angop, said that trade between the two countries in 2008 totalled US$380 million, or 45 percent more than in 2007, with Angola having imported food products, clothing, furniture and machinery from Italy, whilst Italy imported oil, marble and animal skins from Angola.

In terms of direct investment by Italian companies in Angola, in 2008, oil company 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.

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 built by the Italians.

Twenty two Italian companies currently operate in the Angolan market, including Inter Inalca and Intermarket, which since 2008 have been investing US$10 million and US$5 million, respectively.

Inter Inalca invests in manufacturing cold storage units to distribute food products, whilst Intermarket is focused on building a supermarket in Viana (Luanda). (macauhub)