Oil spurs Angola’s economic growth

The non-oil sector has seen improvements in the agricultural field, largely due to the progress registered in the land mines clearance sector, introduction of the irrigation system and the social reintegration of the displaced populations.

Angolan Finance minister, Jos’ Pedro de Morais, speaking at a conference under the theme “Financing in the internal market”, said the civil construction sector has also been growing, as never seen before, due to the number of public and private projects that are being implemented in all provinces.

He said the repair of roads, bridges, schools and hospitals will soon be sped up.

The minister revealed that in the last three years, the country’s economy grew in an average of 12,5 percent and, as a result, the country’s per capita income is estimated at US$2 000, which puts Angola in the group of those countries with an average income.

The minister said the government’s accounts have improved significantly, having the fiscal system registered in 2005 a surplus of 8,5 percent of the Gross Domestic Product (GDP), in comparison to 1,1 percent of the year 2004.

He said the social expenses increased in 2005, being now 29 percent of the expenses, compared to the 18 percent in 2004.

On the other hand, the minister envisaged that in a medium term, Angola will have the economic conditions, to become the second economy of reference in sub-Sahara Africa, possibly in five years.

Meanwhile, Angola’s national director of Tourism Activity, Janu’rio Marra has called on local businesses operating in the sector to be more competitive and avoid drain of revenues to foreign operators.

In his remarks as part of the celebrations of FILDA’s Portugal day, the official urged the local operators to continuously improve the quality of their goods and services, saying the State should regularise competition between locals and foreigners.

He said in the country there are market firms that manufacture good quality products that dispense with foreign competition.

“What lacks is these products to take the highest advantage of exhibitions like this to show their potential,” he stressed.

In another development, Angola’s assistant to Premier, Aguinaldo Jaime, considers that the recently ended international trade fair evolution reflects the country’s growth.

The Angolan Premier’s assistant minister, Aguinaldo Jaime, said the level of organisation and growth of the Luanda International Fair (FILDA)’s 23rd edition, which ended this week, reflected the economic growth observed in the country.

Speaking at the official ceremony of Portugal’s exposition day in the fair, Aguinaldo Jaime said that the participation of 600 companies and 22 countries, with emphasis on Portugal, with 118 companies, means the affirmation of Angola as a market and destiny of foreign capital.

In his point of view, it is satisfying to see year after year, FILDA as a place of exhibition and concert of entrepreneurial partnership.

He added that there was internally, political and macro economic stability, which was a necessary condition so that the foreign entrepreneurs invested in business opportunities in Angola.

“We have to win the battle of reconstruction, hunger and misery, illiteracy and against illness”, he said, defending the establishing of mutually advantageous partnerships and gaining experience from business people that know other markets.

Exhibitors at the fair represented sectors such as telecommunications, banking, industries, soft drink, food, oil, civil construction, machinery, vehicles, computers, insurance, clothing and shoes, among many others.

International exhibitors included companies from Portugal, Spain, Russia, United States, Ghana, The Netherlands, Mozambique, Brazil, South Africa, Germany, Namibia and China.

August 2006
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