Re-launch of industrial sector in Angola expected to cost US$8 billion

10 November 2009

Luanda, Angola, 10 Nov – The re-launch of the Angolan industrial sector has an estimated cost of US$8 billion, the country’s deputy industry minister, Kiala Gabriel said Monday in Luanda.

During a meeting with a delegation of Brazilian businesspeople headed up by the Minister for Development, Industry and Foreign Trade, Miguel Jorge, the deputy minister said that the re-launch of the sector would be based on the construction of more industrial development hubs and new industries for processing raw materials.

Of that total amount, Gabriel said, the Ministry for Industry needed outside funding of US$6 billion and domestic credit of US$2 billion.

The deputy minister for industry took the occasion to ask the Brazilian Minister to ask the Brazilian government to increase its credit lines and thus boost bilateral cooperation.

Brazil’s minister for Development, Industry and Foreign Trade, Miguel Jorge, has taken 90 businesspeople to Angola and the delegation will also travel to Mozambique and South Africa.

The Brazilian businesspeople represent, amongst other production sectors, food and drink, agri-business, construction, energy, machinery, cosmetics, electronic materials, footwear, infrastructures and textiles.

With this tour of African countries, the Brazilian delegation plans to promote an increase in trade and bilateral investment and explore the possibility of cooperation between Brazilian production sectors with the three African nations. (macauhub)