Angola’s economy on the mend

Angola's economy is on the path to recovery, with a forecasted economic growth of 3 percent in 2023, driven by the acceleration of the country's non-oil sector. The government of Angola has been actively pushing for foreign direct investment and privatization to attract capital into the country. Since the program started in 2019, Angola has successfully raised over $1 billion through privatization efforts. In a recent interview with Manuel Francisco Pedro, the new Chairman of the Special Economic Zone of Luanda-Bengo, CNBC Africa delved into the current investment landscape in Angola and the opportunities the government is keen on attracting. Manuel highlighted the efforts to create a favorable framework for private investments, citing political stability, macroeconomic stability, and attractive fiscal incentives as key factors driving investment interest. Angola has also been focusing on improving its infrastructure, particularly in energy and water, to offer competitive prices and attract more investments. The country aims to transition the Special Economic Zone into a free zone by June 2022 to tap into the benefits of global trade. The Special Economic Zone of Luanda-Bengo has already attracted investments from various countries, including the UAE, Spain, Portugal, the UK, the United States, and other African nations, showcasing its international appeal. Angola's involvement in regional trade agreements, such as the Southern African Development Community (SADC), has further strengthened its trade relations with neighboring countries, opening up opportunities for increased commerce. The government's privatization program, known as PROPIVE, is a key part of Angola's economic diversification strategy, allowing the private sector to play a significant role in driving growth. Through the privatization of state-owned enterprises and assets, Angola aims to create space for private sector participation and boost economic development. Pedro emphasized the importance of the PROPIVE initiative in enabling the growth of the private sector and fostering a more dynamic and competitive economy. Angola's ongoing efforts to attract investments, improve infrastructure, and enhance trade relations bode well for the country's economic recovery and future prosperity.