Private investment outside the oil and mining sectors growing steadily

8 June 2011

Lisbon, Portugal, 8 June – Private investment outside the oil and diamond sectors of the Angolan economy has been increasing steadily the president of the Angolan National Private Investment Agency (ANIP) Aguinaldo Jaime said Tuesday in Lisbon.

On the sidelines of the annual meeting f the African Development Bank (ADB) held until Friday in Lisbon, Jaime said that in 2010 Angola had managed to attract investment projects outside of oil and mining worth US$2.4 billion. An ADB report published Monday said that the diversification of the Angolan economy remained “weak.”

“In 2008 investment outside these sectors totalled US$1.2 billion and in 2009 rose to US$1.8 billion,” he said adding that these figures demonstrated that private investment in areas other than oil and diamonds had been growing steadily.

Jaime said that diversification of the economy was a long process, and not a process that took one or two years, “taking some time to feel the impact of the different investment projects.”

The ADB report also said that the Angolan economy had been affected by delays in payment by the state to several sectors, particularly the construction sector, and Jaime noted that this had been an exception resulting from the fact that the country’s economy and State revenues were focused on just two products: oil and diamonds. (macauhub)