Direct investment by Angolan state in Portugal no longer a priority

11 May 2012

Direct investment by the Angolan state in Portugal is not longer a priority, the Angolan minister of State and for Economic Coordination and former chairman of Angolan state oil company Sonangol, Manuel Vicente said in Luanda, according to Portuguese news agency Lusa.

“Nowadays the state has other priorities and is looking more at internal than external problems,” noted Vicente during a presentation of the activities of the Angolan government in the first quarter of 2012.

Vicente was responding to a question about whether Angola would be involved in a scheduled privatisation programme in Portugal in the communication and transport sectors, or if this would be left to private businesspeople, as was the case recently with businesswoman Isabel dos Santos, who bought significant stakes in the Portuguese banking and telecommunications sectors.

However, Vicente explained the reason behind choosing Portugal for the first direct investments by the Angolan state, noting that taking a stake in Portuguese bank Millennium bcp “was not to get dividends at the end of the year but to have a financial platform that could support Sonangol’s big levels of growth, and those of the Angolan economy.”

“The idea was for us to have a platform in Europe so we could have access to cheaper cash in a more efficient way and for that reason we have always said that the investment was not for the short term but rather for the very long term,” the minister said. (macauhub)