Africa-Press – Angola. The Angolan President, João Lourenço, expressed this Monday, in Seoul, his interest in seeing manufacturing units for South Korean brands installed in Angola as a way of consolidating the economic partnership between the two countries.
President João Lourenço was speaking at the opening of the first Business Forum between Angola and South Korea, at the beginning of his 48-hour official visit to Seoul.
The event, which brought together, for the first time, public and private agents from both countries, was organized to better understand and evaluate the potential for strengthening economic and financial relations between them.
“We are very interested in seeing heavy machinery, automobile and electronics manufacturing units installed in our country, as part of the solid and lasting partnership that we want to build between our economies and our people”, he stated.
The head of state highlighted the fact that car brands, technological and telecommunications equipment from South Korea, among others, are highly sought after and consumed in Angola.
He recognized that the Republic of Korea is a country with recognized credentials in the most varied areas, but above all due to its rapid economic growth.
According to President João Lourenço, the Asian country is also recognized for its resilience and capacity for scientific innovation, which place it at a prominent level among the most developed nations.
In his intervention, he highlighted the fact that Angola is one of the main emerging economies on the African continent, and is currently the fifth largest economy in Sub-Saharan Africa, with a mostly young population.
“Our country has followed its development path based on democratic principles, justice and social equity”, he said.
He also highlighted the fact that the country has an open economy with enormous economic potential, which is why efforts are being made to consolidate a set of reforms with the aim of improving the business environment and encouraging private investment in the Angolan economy.
In this context, he highlighted the fact that the private investment law, currently in force, provides freedom of movement of capital, formation of partnerships and access to tax benefits.
For this reason, he said that the country is moving forward with relevant investments in infrastructure to support economic activity, as is the case of the well-known Lobito Corridor, but also in the construction of logistics platforms in various regions of the country.
He also made it known that, to the north of the capital, Luanda, more specifically in the Barra do Dande region, a new free zone is being completed, intended for the installation of manufacturing units for companies that intend to have a privileged base for the production of goods for domestic consumption or export.
“It is in the same area that Sonangol is building its ocean terminal, which will allow it to store around 580 thousand cubic meters of refined products on land,” he said.
The President also spoke about the fact that ports and airports are also being rehabilitated and modernized, and in the northernmost province of the country, Cabinda, the largest deep-water port in the country is under construction, the work of which is expected to be completed in the final 2025.
He also announced that the new Luanda International Airport has already been opened and is also a modern infrastructure to serve citizens, the economy and investors, naturally.
Transformative investments in energy and water
In the field of energy, the statesman said that the country currently has production above its consumption capacity, which comes from three main hydroelectric dams in operation, and the forecast for the largest of them, Caculo Cabaça, is that, once Once completed, the country will have more than nine thousand megawatts.
He also highlighted the fact that it is also producing over 300 megawatts of energy from photovoltaic plants with solar panels, as well as that it is also committed to building the energy transport and distribution network, preferably attracting private investment to this business that gives it the possibility of also selling this energy to neighboring SADC countries, especially to the copper belt mining region, in Zambia and the Democratic Republic of Congo.
Korean shipyards have their fingerprint on the oil sector in Angola, with many of the exploration, production, storage and transportation facilities for Angolan crude oil being built in this country.
“We will continue to count on your ingenuity, which is why I take this opportunity to launch the challenge of being installed in Angola to provide maintenance services for naval equipment”, he said.
He also made it known that a large oil refinery is being built in Lobito, which will have an important petrochemical industry associated with it, meaning that the Angolan authorities would also very much like to have the participation and investment of South Korean companies in the project..
On another note, he mentioned the fact that Angola has a vast area of cultivable land and has an ongoing food security program that is mobilizing national society.
“Rice is one of the main products of our program, which is why we see with great interest the initiative of the South Korean authorities to support African nations in the production of this cereal, through the “K-Rice Belt” project, sharing knowledge and technology”, highlighted.
He said that Angola also intends to integrate this project, recognizing the countless advantages it can bring to the country, not only in the field of agriculture, but also in expanding economic relations in other sectors.
He also drew attention to the country’s great tourism potential to be explored and developed, as well as the fact that Angola lacks hotel infrastructure to enhance the same attractions and natural beauty of its landscapes of beautiful beaches, natural lakes, waterfalls of the main rivers and the rich fauna of its environmental reserves and natural parks.
“It is with this sense of being closer and making the most of the business opportunities that our countries offer that we will accelerate the approval for the entry into force of the Reciprocal Investment Protection Agreement between Angola and Korea”, he assured.
This is due to the fact that, according to the President, the Angolan authorities recognize the importance of Korean investment in the country, and are open and available to find the best options so that a stable relationship with mutual benefits can be built and preserved.
President João Lourenço also said that in 2018 a broad program of economic, institutional and financial reforms began with the aim of creating the conditions for diversified and sustainable economic growth.
“We have launched an ambitious program to modernize infrastructure to support economic and social development,” he added.
He said that, with this, the aim is to achieve sustainable and inclusive growth for the country, “we have a young population, committed and eager for new opportunities for professional improvement and employment, so we count on your competence and skills to build together the bridges of permanent connection between our countries and peoples”, he concluded.
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