Luanda: Angola should take advantage of the 17th United States-Africa Business Summit to strengthen commercial and industrial relations to expand markets, diversify products and services, reduce costs and promote innovation. Angolan scholar, Jos© Cangolo, on Tuesday emphasized that building a solid and lasting relationship with partners will allow foreign investors to explore areas where they can complement their capabilities and resources to generate additional value.

According to Angola Press News Agency, Cangolo expressed hope that the summit would bring about concrete actions to leverage Angola’s economy through commercial partnerships and industries. He highlighted the potential for Angola to produce basic food products on a large scale to reduce reliance on imports. He stressed the importance of showcasing Angola’s economic potential to attract investment in sectors like agriculture, commerce, and manufacturing.

Cangolo pointed out that, following a period of peace, there are favorable conditions for global investment in Angola. He urged the Angolan authorities to seize the summit as a unique opportunity to diversify the economy beyond oil dependency. He also mentioned that hosting the summit would boost confidence among American and other international businesspeople, encouraging them to invest in Angola.

Additionally, Cangolo emphasized the necessity of exchanging experiences with more advanced countries to improve Angola’s business environment and ensure security and confidence for foreign investors. He also believes that the Lobito corridor will be a key topic at the summit, given its significance in enhancing the production chain, particularly in agriculture and trade. He called on the authorities to publicize the corridor’s advantages in reducing freight rates across the continent.

The 17th United States-Africa Business Summit is organized by the Corporate Council on Africa (CCA) in partnership with the Angolan government. The summit, held under the motto ‘Pathways to Prosperity,’ is expected to draw around 3,000 participants, including business leaders and government officials, to discuss infrastructure, agriculture, electricity, health, and other pressing issues affecting African countries.