Angola goes after diversification
The fall in the oil price and the de-dollarization of the economy has done even more to highlight Angola’s over-dependence on oil. As a result, the diversification of the economy is higher-up on the government’s agenda than ever before.
"We focus on industries away from the oil sector, concentrating on technology, agriculture, healthcare and food processing,” says Teodoro Jesus Poulson, on FACRA’s investment committee
One of the most recent drives towards diversification has been the subtle change the government has made to its private investment law.
Towards the end of July this year, it presented a draft law on private investments, streamlining the bureaucratic process, looking to speed up and increase FDI to the country.
The reinvigorated law continues to emphasise a preference for investments in sectors unrelated to the oil industry and offers fiscal incentives for those looking to develop regions outside of the capital.
The Fundo Activo de Capital de Risco Angolano (FACRA) is mandated by the government to support micro, small and medium-sized enterprises through long-term financial investments. Since its inception in 2012, the organisation has vowed to invest in at least 40 projects over 10 years.
“As part of our mandate, we focus on industries away from the oil sector, concentrating on technology, agriculture, healthcare and food processing businesses,” says Teodoro Jesus Poulson, member of FACRA’s investment committee.