Use of Angola’s raw materials reduces pressure on foreign exchange, says minister of Finance

11 June 2019

The use of domestic raw materials reduces pressure on the balance of payments and helps the country accumulate foreign exchange, said the Finance Minister in Luanda on the final day of the 1st edition of the Angola Furniture and Wood Industries Fair (FIMMA).

Archer Mangueira said that the good quality of the products on display at the fair, which took place under the motto “More industry, more jobs and more Angola,” is an indication that it is necessary to continue to support businesspeople in the industry who use domestic raw materials.

“At the level of the Ministry of Finance there is a great commitment of the teams, both the one that works with the associations on the readjustment of the new customs tariff and enabling financial instruments for entrepreneurs to carry out their projects,” said the minister quoted by the Angop news agency.

The minister said that each product presented by the manufacturing units, such as school desks and miscellaneous furniture, contributed to saving foreign exchange earmarked for importing other products, noting that educational establishments have for some time only been equipped with nationally manufactured products.

The fair included the participation of companies from the provinces of Luanda, Huíla, Huambo, Bengo and Kwando Kubango and made it possible for exhibitors from the furniture sector to establish contacts for future partnerships and exchange of ideas.

The initiative of the Ministry of Industry aimed to encourage an increase in domestic production and the consequent reduction of imports of furniture and other products made from wood. (Macauhub)

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