Luanda: Angolan economist Daniel Sapateiro has called for increased international promotion of investment opportunities in Angola, emphasizing the need for diplomatic efforts to engage with financial institutions, investment funds, and business associations.
According to Angola Press News Agency, Sapateiro highlighted the significance of the upcoming 17th United States-Africa Business Summit, scheduled to be held in Luanda from June 22 to 25. He urged Angolan diplomatic missions to intensify their economic diplomacy efforts, which have been underway for over six years, to attract more foreign direct investment, particularly in sectors such as information technology, transport, and vocational training.
Sapateiro pointed out that the summit presents a unique opportunity to align US interests with Angola’s goals in infrastructure development, training, telecommunications, information technology, and food security. He emphasized the importance of developing infrastructure in industrial zones and creating integrated warehouses to draw more foreign investment outside Luanda.
The economist noted that in light of the global challenges, Africa is becoming an appealing destination for investment and is likely to receive favorable trade treatment from the United States. He anticipates that the summit will help reduce tariff barriers on African exports to the US, fostering economic growth across the continent.
Sapateiro also highlighted the potential for US private companies to contribute to Africa’s industrial sector, beyond the traditional focus on crude oil, by bringing expertise and fostering economic development. He stressed that African nations need to implement pro-development policies and promote stability to improve citizens’ quality of life.
Furthermore, Sapateiro identified Angola’s Lobito Corridor as a strategic region for attracting investment and enhancing infrastructure, offering substantial opportunities for growth. He emphasized the need for consistency and transparency among African leaders to maximize direct investment and partnerships during the summit.
The summit, organized by the Corporate Council on Africa in collaboration with the Angolan government, aims to connect US and African commercial interests under the theme ‘Pathways to Prosperity.’ It is expected to attract around 3,000 participants, including businesspeople and government officials, to discuss key issues affecting African countries, such as infrastructure, agriculture, electricity, and health. The previous US-Africa Summit was held in Dallas, United States, from May 6 to 9, 2024.