Foreigners dominate private investment in Angola

17 November 2016

Private investment in Angola is still dominated by foreign investors, a fact that is compounded by the difficulty of domestic investors in obtaining internal financing for projects, the director of the Technical Unit for Private Investment (UTIP) said on Wednesday in Luanda.

“There are more foreign investment contracts than domestic investment contracts,” said Norberto Garcia, during a meeting organised by the Office of Revitalization and Implementation of Institutional Communications and Marketing Management (GRECIMA).

Quoted by news agency Angop, the director of the UTIP said that to overcome the lack of funding for the projects of national investors negotiations are underway with several Chinese banks and the China Fund for Africa.

Garcia also said investment contracts worth US$9 billion had been signed over the past 12 months, projects that will create more than 5,000 direct jobs.

The signed contracts relate to investments in sectors such as Industry, Agriculture, Energy and Water, Transport and Tourism, among others, providing at least 3,000 indirect jobs and a lead time of 34 to 36 months.

The UTIP, an agency created a year ago under the direct purview of the Civil House of the President, is responsible for conducting investment projects above US$10 million, offering several benefits to domestic and foreign private investors, under contracts with the State involving reduction or exemption from various taxes.

Garcia also said that current legislation on private investment in Angola has been an asset in attracting international investors and safeguards repatriation of profits and dividends, after the implementation and maturity of the project. (macauhub)