Angola counts on Austria to build a “strong” economy

Angolan minister of State for Economic Coordination Manuel Nunes Júnior Tuesday has expressed the country’s availability to learn of Austria’s experience to build a “strong” economy and stop depending on oil exports.

The minister said so at the Angola-Austria business forum, as part of the visit of the head of Austrian government, Karl Nehammer, to Angola, since Monday.

Manuel Nunes Júnior reiterated Angola’s intention to build an economy based on “strong” and sustainable growth.

“Our economy is still very dependent on oil resources. And therefore, is very vulnerable to external shocks resulting from price variations on that product on the international market,” the minister of State said.

He noted that the oil resources accounted for over 60 percent of the country’s tax revenues and over 80 percent of export revenues.

The minister announced the country’s effort to end its dependence on oil resources.

Looking at Austria’s industrial potential worldwide, Nunes Júnior invited that country’s investors to invest in Angola and contribute to the diversification of the Angola’s economy.

“Austrian investments are welcome in practically all areas of the Angolan economy,” he added.

Focusing on the characteristics of the Austrian economy, he said that Angola hoped to promote business partnerships in sectors linked to agriculture, information technology, cybersecurity and digitalisation, the environment and sanitation, education, transport and energy.

According to the official, the Angolan government is very interested in working with the Austrian authorities to structure a credit line with favourable terms and conditions, even concessional, with low interest rates and repayment of long term.

Addressing the Chancellor, he appealed to Austria to help build an economy less dependent on oil, an economy that grows in a sustained and sustainable way.

He said that Angola wants economic aid that generates more jobs and raises Angolans’ incomes, an economy that combats hunger and poverty and manages to raise living standards.

“(…) We want to change definitively the economic structure of Angola, so that we have a more diversified economy, an economy in which the private sector plays a more active role in the overall performance of the economy and action decreases in the weight of the oil sector in GDP,” he noted.

According to Nunes Júnior, Angola needs to develop businesses such as agriculture, manufacturing, fishing, tourism, construction and other sectors that help to diversify sources of income.

In his view, only in this way will Angola have an economy that can exhibit sustainable levels of growth over time and based on criteria of competitiveness and skills.

Nunes Júnior spoke of the reforms underway to increase the confidence of economic agents operating in Angola’s economy.

Source: Angola Press News Agency (APNA)