Foreign investment in Angola almost doubles between 2006 and 2008

2 July 2010

Luanda, Angola, 2 July – Foreign direct investment (FDI) in Angola rose from US$9.567 billion in 2006 to US$17.171 billion in 20008, the secretary of state for economic coordination, Job Graça said in Luanda Thursday.

Speaking at the opening of the 3rd German-Angolan Economic Forum, Graça presented the, “Climate of Investment Opportunities in Angola,” and noted that, not counting investment in oil and gas, the figures totalled US$980 million and US$1.28 billion,respectively.

He also said that Angola’s imports, which in 2008 totalled US$20.982 billion, covered 21 classes of products ranging from agri-livestock goods to heavy industry, such as vehicles, boats and aircraft.

In relation to the business climate, Graça said that, despite the difficult international context, in 2009, the Angolan government had continued with its public investment programme.

In the period between 2004 and 2008, according to the secretary of state, the real average annual growth rate had been 17.5 percent and, if 2009 was included, the real average annual growth rate had been 15 percent.

He noted that for 2010 the government forecast a growth rate of at least 8.6 percent, although the International Monetary Fund’s (IMF) preliminary projections pointed to average annual growth of 6.76 percent for the 2010-2014 period.

In terms of challenges for development and investment opportunities Graça, who was speaking on behalf of the Minister of State for Economic Coordination, Manuel Nunes, noted that if Angola intended to double its per capita GDP over the next five years it would have to post real growth of at least 13 percent. (macauhub)