Home of the world-famous Kizomba and Kuduro music and dance, Angola is the third biggest market in sub-Saharan Africa and one of the world’s fastest-growing economies. Its name is derived from the Kimbundu word N’gola, meaning King.
Located on the west coast of Southern Africa and highly multi-ethnic, Angola is the second-largest oil and diamond producer in sub-Saharan Africa.
Location: Southern Africa
Economy: 7th largest in Africa by GDP
Population: 30 million
Income category: Lower middle income
Official Language: Portuguese
Currency: Kwanza (AOA)
Time zone: GMT+1 (WAT)
Calling code: +244
Internet domain: .ao
Region: Southern African Development Community (SADC)
Angola is rich in hydrocarbons, minerals, fisheries and agriculture land. Its economy is heavily reliant on the oil sector so there is strong growth potential for non-oil sectors such as agriculture, construction and tourism.
The construction of roads, airports, ports, hospitals, schools and most importantly affordable housing tops the government’s agenda. The Angolan Government has also declared its intention to minimise imports in order to enable the economy to be self-sufficient, by offering greater investment incentives within agriculture and the development of the industrial sector.
The Angolan Government is keen to promote private investment in the country to break the cycle of economic dependence on the oil sector. It has identified the following priority sectors for businesses, which carry the potential to replace USD 3.3 billion in imports:
- Agriculture and Agro-industry, Fish, shellfish and their derivatives, Animal products, Ornamental rocks, Tourism, Forestry, Clothing
- Education, Health, Energy and Water, Construction of infrastructure
Angola’s Private Investment and Export Promotion Agency (AIPEX) was created to stimulate economic growth, diversify the economy, and expand private sector participation in Angola’s economy. Visit AIPEX here http://www.aipex.gov.ao.
The Angolan Government is also working to improve the business climate. A new private investment law was approved in June 2018, which reduces the minimum capital requirement for international investors, facilitates repatriating dividends and salaries, and eliminates a requirement for an Angolan partner. A competition law was also enacted in May 2018, and a program of privatization of state-owned enterprises was launched.