Just three in every hundred companies established in Angola are still operating one year after they were created, Angolan news agency Angop reported citing Licínio de Vaz Contreiras, consultant to the Angolan Economy Minister, Abraão Gourgel.
The consultant noted difficulties with access to credit, a lack of qualified human resources, excessive bureaucracy in company licensing processes, deficient water supply and power facilities as well as roads and telecommunications, as well as the State’s poor support of local companies by buying goods and services in the country.
Contreiras added that entrepreneurial capacity was high, with a rate of 31.9 percent, but the problems he mentioned meant that last year just 3.3 in every 100 companies continue to operate.
These constraints, Contreiras said, had been identified and were being dealt with through the Angola Invest programme, which intends to improve access to loans and offer support to business owners.
Since 2012 Angola Invest has funded 99 projects in the agriculture, agro-industrial and construction materials sectors. 40 percent of these projects are located in Luanda. (macauhub)