South Korean association announces investments in Angola

7 February 2020

The Africa-Korea Economic Development Association (AKEDA) will contribute US$2 billion to finance the construction of a thermal power station in Benguela province, announced on Thursday in Luanda the secretary-general of the institution.

Siwoo Chung said that the figure is part of a global amount of US$5 billion that the association plans to provide for investing in a variety of projects in partnership with the Angolan State.

The secretary general of AKEDA said there was particular interest in investing in the sectors of energy, refining of crude oil, in small and medium-sized enterprises, as well as in agro-business.

“AKEDA is represented in 39 African countries, and we have a particular interest in working with the Angolan authorities, because the country is located in a strategic region of Africa and has an economy with a promising future,” Chung said, quoted by Angolan news agency Angop.

Chung was speaking on the sidelines of the signing of a memorandum of understanding with the Agency for Private Investment and Export Promotion (Aipex) for promoting and attracting foreign direct investment.

The two sides have agreed to take all the necessary measures within their competence to facilitate trade links between Angola and South Africa, as well as provide information about potential projects, national laws on investment and information about taxes, customs and other concessions available. (macauhub)