(Ecofin Agency) - The Angolan government will establish new free trade zones to boost its investments. The announcement was made by Sergio Santos (pictured), the Minister of Economy and Planning, according to Macauhub.

This measure is aimed not only at increasing investment by Angolan companies in the country but also at attracting foreign companies to boost foreign direct investment. The new free zones will offer tax incentives, financial aid, and will be supported by favorable employment policies. These incentives should extend over a renewable period of 25 years.

The strategy is part of the diversification of the Angolan economy, which has been dependent for several years on income from the oil sector. Since coming to power, President Joao Lourenço has been trying to improve public and private investment in agriculture and infrastructure and the government has kicked off a vast operation to privatize state-owned enterprises to mobilize the necessary funding.