Angola’s $3B Leap in Agribusiness and Industry

This year, eight new factories are set to join the Luanda-Bengo Zone (ZEE), a cornerstone of Angola’s new economic strategy led by Manuel Pedro.

Food processing will be a focus. Manuel Pedro, ZEE’s CEO, says to local media they’re part of 20 upcoming projects.

These projects could create 14,000 jobs. Half of the jobs will be for women and disabled people. Pedro revealed this info at a workshop in Luanda.

Angola aims for 3% GDP growth in 2023, led by non-oil sectors.

He also talked about the Sustainable Investor Map. This tool will help showcase business chances in Angola.

ZEE is the country’s largest industrial park and aims to attract local and international investors. It wants to boost national output and create jobs.

Key nations investing in Angola from 2018 to March 2023 include the UAE, UK, China, and Germany. The UAE led with $351.7 million in 234 initiatives.

The UK followed with $283 million across the same number of projects. China invested $225 million in 24 ventures, and Germany invested $93.6 million in four efforts.

The ZEE area covers more than 4,700 hectares. It currently has nearly 150 industrial units. Out of these, 113 are up and running.

ZEE already hosts 7,712 workers and almost 150 industrial units. Since 2018, it has pulled in $3 billion in foreign investment.

Companies from China, India, and other countries are setting up there. The focus is on food processing, manufacturing, and tech.

ZEE is changing to a free trade zone. This will offer tax breaks to attract more business. It will also help Angola in the broader African Free Trade Area.

Pedro said to ‘Investment Monitor’ that he wants to make ZEE a global business hub. The zone will focus on diverse sectors.

They include agriculture, light manufacturing, and digital tech.

Agribusiness

The government is also boosting other economic areas.

A fund of $3 billion aims to grow agribusiness, making Angola the leading African farm producer, said Pedro to Investor Monitor.

Angola has 58 million hectares of fertile land. This is good for at least two harvests a year.

Another initiative, Propriv, is extending for five more years. It has already secured 2,747 jobs.

Propriv covers many sectors such as finance, mining, and energy. The program plans to sell 73 more assets from 2023 to 2026.

Major companies like Unitel and Sonangol are on the list.

More: Angola news in English, every day from The Rio Times.

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