Spain invests over US$20 million in Angola in 2008

21 October 2009

Luanda, Angola, 21 Oct – Spanish investment in Angola totalled US$24 million in 2008, and that figure is likely to be exceeded this year, the economic and commercial attaché of the Spanish embassy in Angola said Monday in Luanda.

Speaking to Angolan news agency, Angop, Mariano Muela said that, based on the 12 projects underway, as compared to the 10 approved in 2008 by the national Agency for Private Investment (ANIP) , Spanish investment in Angola is expected to exceed the amount invested last year.

Muela noted that Spain did not only plan to buy “but also wants to invest” in Angola as can be seen from the interest shown by Spanish companies which see “Angola as a privileged partner.”

The diplomat said, however, that the economic and financial crisis had affected trade between Angola and Spain.

One of the main factors to cause an imbalance was the drop in price of export products from Angola, mainly oil. However, Muela said, “exports from Spain continued, because Iberian companies are increasingly interested in investing in Angola.”

As fish, oil and minerals are the main products on Spain’s list of imports from Angola, Muela told Angop that his country planned to diversify and expand the array of options.

Thus, he noted the areas of telecommunications, information technologies and construction as possible sectors “for new cooperation.”

For the “continued strengthening” of cooperation, Muela announced that before the end of the year four business delegations would travel to Angola, “to emphasise the interest Spanish companies have in Angola.”

In the first ten months of this year Angola exported products totalling US$1.818 billion to Spain which made the country the third biggest sub-Saharan African supplier, after South Africa and Nigeria.

In the same period, Angola imported various types of goods of an estimated value of 468 million euros, or double the amount seen in 2007. (macauhub)