Brazil’s financial engagement in Angola has notably increased, with investments rising by 67% from 2020 to 2021, reaching US$1.24 billion.
This growth brings Brazil’s investments back to levels previously observed in 2012.
Angola leads as Brazil’s top African investment destination, surpassing South Africa, which received US$103 million in 2021, based on recent data from Brazil’s Export and Investment Promotion Agency (Apex).
The primary focus of these investments is on infrastructure projects.
A prominent player, Odebrecht, is involved in several initiatives, including new airports, hydroelectric projects, and refineries.
New investment plans in software and tourism sectors by companies like Transdata and Globalis are also evident.
On the flip side, Angola’s investments in Brazil have decreased significantly since a 2013 peak, settling at US$65 million in 2021, a decline attributed to economic challenges in both nations.
As highlighted by Apex, shared linguistic and cultural ties are believed to be a significant driver of investments between the two countries.
The Brazilian President’s upcoming visits to African nations also signal the growing importance of these ties.