Entrepreneurs invest US$178 million in industrial projects in Angola in 2016

8 February 2017

The amount invested in industrial projects in Angola in 2016 reached US$178 million, or an annual increase of 100%, said Tuesday in Luanda the director of the Technical Unit for Private Investment (UTIP).

José Sala, who was speaking on the impact of private investment in industry on the economic diversification process, said that most of this investment was Angolan (48%), which was followed by China, Portugal and India.

The investment was made in 39 projects, and the Director of UTIP said that despite the unfavourable economic situation facing the country, there was a 62% increase in the number of approved projects.

During his talk during the Broad Consultative Council of the Ministry of Industry, he called for a need to promote the spread of industrial projects across the country in order to reverse the fact that Luanda is home to 74% of the total.

The Technical Unit for Private Investment (UTIP) is a specialised technical service, which is responsible for preparing, conducting, evaluating and negotiating private investment projects whose approval under the Private Investment Law and its regulations is the responsibility of the President of Republic.

It is UTIP’s responsibility to receive and analyse investment proposals worth over US$10 million, or the equivalent in kwanzas. (macauhub)