South African group Shoprite signs investment contract in Angola

2 May 2017

South African group Shoprite on Saturday officially signed a contract with Angola’s Technical Unit for Private Investment (UTIP) under which it will invest in US$571.7 million, the Angop news agency reported.


Luís Santana, director general of the group in Angola, said that this investment project aims to expand the retail network, opening shopping centres and a warehouse, as well as improvements in existing structures and acquisition of goods and equipment to supply and equip all current commercial structures.


The project covers the provinces of Luanda, Benguela, Huíla, Cabinda, Bié, Lunda Sul, Cuanza Sul, Uíge, Huambo, Namibe and Zaire.


The director of UTIP, Norberto Garcia, stressed the project is part of the new private investment policy and meets several objectives identified in the 2013/2017 National Development Plan by promoting employment and qualification of the workforce, supplying the domestic market and diversifying the country’s economic structure.


The contract with UTIP provides for tax incentives to be granted to the Shoprite group, such as the reduction of 65% in the payment of Industrial, Capital and property taxes for a period of 10 years.


The Shoprite group, established in South Africa in 1979, is present in Angola through the companies Shoprite Supermercados, Mercado Fresco de Angola and Shoprite Angola Imobiliária. (macauhub)