Africa-Press – Angola. A group of Ugandan businessmen intends to invest US$5 billion in the sectors of telecommunications and the production of oil derivatives in Angola, said yesterday the Minister of State for International Cooperation of the Republic of Uganda, Henry Oryem Okello.
According to the Ugandan minister, who was speaking during a visit to the Private Investment and Export Promotion Agency (AIPEX), Angola is the chosen destination for having many mineral resources and arable land, combined with good political and economic reforms.
Henry Okello, who is accompanied by a group of businessmen from his country, said that the meeting aimed at strengthening cooperation ties between the two countries, promoting and facilitating interaction between Angolan and Ugandan businessmen in the most diverse sectors.
On the occasion, the chairman of the Board of Directors of AIPEX, Lello Francisco, said that such expression of interest constitutes a sign that the country has gradually been experiencing economic reforms in the last five years, which provide a good business environment.
He stressed that economic reforms continue to contribute to improving the business environment and, consequently, attracting more investment, both from the various international markets, in particular the African market.
“It is important that African countries invest in the national market”, said the manager, stressing that AIPEX will continue to provide all necessary support for investors to come to Angola and develop activities related to local economic development.
About Angola and Uganda exports
Within the scope of Angola-Uganda bilateral relations, an agreement was signed in February 2014 in Kampala aimed at strengthening and improving political and economic cooperation between the two countries, with emphasis on trade.
Uganda has important natural resources, including fertile soils, regular rainfall and substantial mineral deposits of copper, gold and other minerals and recently discovered oil.
Agriculture is the main sector of the economy employing more than 80% of the labor force and coffee is the main exported agricultural product.
Angola, on the other hand, has oil as its main export product, with an average of one million barrels a day.
Angola obtained gross revenues of US$24.5 billion with the export of 394.22 million barrels of crude oil in 2021, sold at an average price of US$70.7 per barrel.
For More News And Analysis About Angola Follow Africa-Press
