Angola raised more than US$58 billion between 2003 and 2011 and will remain a major destination of foreign direct investment (FDI) in Africa, said Monday in Luanda the Minister of Commerce.

Minister Rosa Pacavira, who was speaking at the opening of the first seminar on private investment promotion in Angola, stressed the country was now the fourth largest FDI destination in Africa, due to strong growth of the economy and investments in infrastructure.

In addition to the privileged geographical position within Africa and god road and rail networks, the minister noted the country has a plethora of natural resources like diamonds (fifth largest producer), iron, phosphate, copper, gold, bauxite, uranium and manganese, oil and natural gas.

Pacavira stressed that, together with these attractive factors for private investment, Angola is experiencing a climate of peace, political, military and macroeconomic stability, and has a legal framework to set up companies with reduced levels of bureaucracy. (macauhub/AO)