AfDB funds Angola to improve business environment, diversify exports
The Angolan government has launched a study funded by the African Development Bank (AfDB) through the KOAFEC trust fund to support the improvement of export diversification and the business environment.
October 24, 2019: The Angolan government has launched a study funded by the African Development Bank (AfDB) through the KOAFEC trust fund to support the improvement of export diversification and the business environment.
The launch event was attended by the bank’s director for regional development and regional integration Moono Mupotola; the bank’s country manager for Angola Joseph Ribeiro; the Angolan minister of commerce Joffre Van-Dúnem Júnior; secretary of state for economy, Sérgio dos Santos; the chargé d’ affaires of the Republic of Korea in Angola Joohoon Kim; and the executive director of Angola’s Export Promotion and Private Investment Agency José Chinjamba. Others included government officials, development partners, and private sector stakeholders.
Opening the session, Júnior, highlighted the government’s commitment to improve Angola’s business environment and enhance international competitivity, while attracting increased investment for domestic and exportable products. Furthermore, dos Santos, also noted that the study supports the government’s programme for domestic production, export diversification, and import substitution (PRODESI).
“Export diversification will allow Angola to integrate into the regional markets under the Southern African Development Community (SADC) and Economic Community of Central African States (ECCAS) and at the continental level. With regional integration, countries such as Angola have the opportunity to buttress trade with its neighbours, hence realising the structural transformation that is needed to step up to the global stage,” Mupotola said. The director also illustrated Angola’s strategic position to trade and benefit from countries such as landlocked Zambia.
Kim conveyed the Korean government’s interest in strengthening bilateral relationships with Angola through trade, social and infrastructure development.
The study proposes to prioritise the manufacturing, agriculture and tourism sectors for export action plans and government support, with six key products and services: beverages, travel, and tourism services; glass/ glass bottles; cement; vegetables and fruit. The products were selected on the basis of their potential to generate employment, add more value, link to micro, small and medium-sized businesses, as well as align with government priorities.
The study will serve as a basis for enhancing competitiveness in Angola and is expected to promote the country’s potential to contribute productively to regional and global value chains.