The South African business delegation has arrived in Luanda, Angola for a five-day Trade and Investment Mission that is led by the Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe. The mission will take place from today until 21 July 2018.
While addressing the business delegation on their arrival, the South African Ambassador to Angola, Mr Fannie Phakola shared that the President of Angola Mr Joatilde;o Lourenccedil;o had chosen South Africa for his inaugural State Visit after his inauguration. During the State Visit, the President Lourenccedil;o declared that the doors were open to South African businesses who were keen to enter the Angolan market.
These developments are encouraging gestures by the Angolan government to the South African business fraternity. I urge the business delegation to respond positively to the economic opportunities that have been made available. The Angolan government is undertaking reforms in the political arena as well as institutionalising economic changes aimed at aggressively diversifying the economy away from traditional reliance on oil as well as opening up the economy for international companies to enter the market as solely owned foreign entities,rdquo; said Phakola.
He further described the passing of a Private Investment Law that scrapped the requirement for local partners to hold a stake of at least 35% in the share capital of the
companies as a move intended to attract more Foreign Direct Investment into the country.
The Angolan market is promising. Businesspeople must work hard in narrowing the current negative trade balance against South Africa. The Angolan government has opened doors for you, seize the moment. As the South African government we are committed to offer the support to businesspeople and create access to markets,rdquo; emphasised Phakola.
Earlier in the week, Deputy Minister Magwanishe said that the mission was one of many that grant the Department of Trade and Industry (the dti) the opportunity to solidify economic collaboration and partnerships with African countries for the realisation of higher levels of industrialisation through sustainable trade and investment.
Magwanishe said he anticipated an increase in trade and investment between South Africa and Angola, the strengthening of existing relations between the two countries and the formation of commercial partnerships and joint ventures as a result of this mission.
The business delegation consists of 20 South African companies funded by the dti. These companies represent the aerospace and defence, built environment professionals, mining products and services, and infrastructure sectors. The mission will include a trade and investment seminar, targeted business-to-business meetings and sector-specific site visits.
Caption: The South African Ambassador to Angola, Mr Fannie Phakola (seated, third from left) with the South African business delegation in Luanda, Angola.
Source: The Department of Trade and Industry, South Africa