Industrial sector must diversify, says Angola’s industry minister

11 January 2010

Luanda, Angola, 11 Jan – Angola’s Industry Ministry aims to diversify the sector during the current year by creating textile, coffee, food, construction material, mill and sawmill production facilities, Minister Joaquim David has stated.

There is also a need for projects to be implemented in the country’s 18 provinces, with a view to reducing dependence on the oil and diamond sectors, David said on Friday in Luanda.

Queried about investment in industrial poles to be created in Angola, he said that each should cost from US$25 to 50 million during the first implementation phase, with constant growth expected to boost the launch of business activity in these locations and the creation of more infrastructures.

The minister highlighted the financial readiness to invest in more than half of the ongoing projects, given that the banking community’s response to the sector’s executive programme, approved by the Council of Ministers, has been positive, fundamentally due to backing from the central government.

Industrial poles are currently being built in Cabinda, Soyo (Zaire province), Lucala and Dondo (Kwanza Norte), Cunge (Bie) and Caala (Huambo), among the nine envisaged in the current programme that already enjoy financing conditions, Joaquim David said.