Trade between Angola and India reaches US$3 billion in 2016

17 July 2017

Bilateral trade between Angola and India totalled US$3 billion in 2016, Ambassador Sushil Singha said at the Economic Forum on “Indian Exim Bank Lines of Credit for National Business Support.”

The diplomat said, however, that Angolan oil exports accounted for the bulk of trade between the two countries, and considered that Angola’s current financial situation presents a challenge and an opportunity for bilateral trade to be more diversified and not just restricted to oil.

“I am confident that India will expand its ventures into other areas such as mining, agriculture, fisheries, information technology, higher education, health care and pharmaceuticals where there is enormous potential and that are key for the development of the Angolan economy,” said Sushil Singha.

The ambassador also said that Indian entrepreneurs have made investments in Angola in the retail, metal, real estate, construction, clothing and health sectors and that India has a greater range for cooperation as the second largest producer of textiles and clothing in the world.(macauhub)