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African Development Bank funds Angola initiative to improve business environment and diversify exports

Wednesday, 23 October 2019 19:25
African Development Bank funds Angola initiative to improve business environment and diversify exports

(AfDB) - The Angolan Government has launched a study funded by the Bank 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 (photo); 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, the minister of commerce, Joffre Van-Dúnem 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, the secretary of state for economy, Sérgio 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 SADC and ECCAS and at continental level. With regional integration, countries such as Angola have the opportunity to buttress trade with its neighbours, hence realizing the structural transformation that is needed to step up to the global stage.”, Mupotola said. The Bank’s director also illustrated Angola’s strategic position to trade and benefit from countries such as landlocked Zambia.

Joohoon 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.

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