Angola’s economic growth to remain robust over next few years

8 May 2013

The Angolan economy will continue to post robust growth over the next few years, with expected average annual gross domestic product (GDP) growth of 7.1 percent in the 2013-2017 period, the secretary of State for the Economy said Wednesday.

At the opening of the “Angola-Poland Economic and Trade Forum,” Laura Alcântara Monteiro said that growth would mainly be bolstered by the non-oil sector which, according to projections, will post average annual growth of 9.5 percent, reflecting the diversification of Angola’s economy.

According to the secretary of State, the government initiatives focused on encouraging production and Angolan businesspeople are fundamentally based on medium and long term bank loan facilities, with subsidised interest rates and offering state guarantees via the loan guarantee fund.

The support programme also includes tax and institutional incentives as outlined in the law of micro, small and medium-sized enterprises, and providing business services via that National Institute to Support Small and Medium-Sized Enterprises, development of business incubators, access to a venture capital fund and the Investment Fund for Large Companies.

Cited by Angolan news agency Angop, Laura Alcântara Monteiro noted that the partnerships between national and foreign companies and attracting foreign direct investment were also important for promoting economic diversification, particularly in the agriculture, fishing, industrial and shipping sectors.

Angola and Poland have a history of economic cooperation dating back to 1977, and now have important cooperation and investment projects in the fishing and mining sectors. (macauhub)