Africa-Press – Angola. Angola can obtain more foreign direct investment from advanced countries, such as France, to diversify its investment portfolio, said the Minister of Economy and Planning, Mário Caetano João.
Speaking on the sidelines of a working meeting with the Angolan Diplomatic Mission in France, he underlined the need for a specific approach to economic diplomacy for each country.
“We cannot have a single approach to economic diplomacy for all countries. For example, from advanced countries, which is the case of France, in the shortest term, we can obtain foreign direct investment, as there are businessmen, with some capital accumulated, and who are looking to diversify their investment portfolio”, he said.
He reinforced the importance of having the ability to attract this investment, “especially if it is already in Africa. It is easier to exchange one African country for another”.
The minister considers it important to look at foreign trade, as it is more difficult to export to advanced countries, because of the degree of sophistication required of products.
“So, also, in the short term, we should look at bordering countries, those where we have already started exporting, as is the case of the Republic of Congo and the Democratic Republic of Congo. We should also look at Zambia and other countries,” he added.
The official pointed out as a third approach the sale of products to advanced countries, where Angola has comparative advantages.
” We can sell Angola as a tourist destination, because in the cold period, many seek warmer geographies and Angola has 9 hot months. We can also sell products that France does not produce such as tropical fruits, coffee, cocoa, cassava, gindungo and other spices”, he asserted.
The Angolan ambassador to France, Guilhermina Prata, considers that the President of the Republic has already done the work of opening doors at the highest level, with the official reciprocal visits of the two Heads of State, now “it is up to us to follow up on this work and make it happen”.
The working meeting with the Diplomatic Mission of Angola and France served to promote business and attract foreign direct investment in the seventh largest economy in the world and the second in Europe.
The meeting aimed to align the actions of the Embassy of Angola and the Ministry of Economy and Planning for the promotion of business and attracting foreign direct investment.
Angola and France
Available data indicate that the volume of trade and goods transacted, in the period 2020/2022, between Angola and France, is around US$4 billion, with greater value for the southern African country.
Of that amount, US$2.9 billion are exports from Angola to France and US$1.1 billion from France to Angola.
Angola and France established diplomatic relations on February 17, 1976. Cooperation between the two countries saw new developments after the official visit of President João Lourenço to France, on May 28, 2018.
Within the framework of bilateral cooperation, more than 70 French companies operate in Angola.
Oil exports from Angola to France are around US$400 million.
France intends to change and deepen trade relations with Angola, within the scope of the economic diversification underway in the country, after the French President, Emmanuel Macron, visited Angola in March.
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