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2023-05-17 at 19h38

Portugal and Angola continue to strengthen economic relations

Minister of Foreign Affairs João Gomes Cravinho with participants of the Portugal-Angola Economic Forum, Porto, 17 May 2023

The Minister of Foreign Affairs, João Gomes Cravinho, claimed at the closing session of the Portugal-Angola Economic Forum in Porto that the economic relations between Portugal and Angola are intense, yet they still have huge potential for expansion. The two countries are to pave this way together.

"When we talk about solid relations, we are talking about permanent relations, well-grounded on feelings of proximity and the conscience of having experienced a lot together. We know each other but just as happens in all good marriages, we must always be attentive and available to learn and grow. That is the past we must take together", João Gomes Cravinho claimed.

"With the Angolan economy under transformation, this is the time for taking stock, understanding what is changing and what the new opportunities are", the Minister noted.

João Gomes Cravinho stressed that the forum held in Porto allowed Portuguese entrepreneurs to understand the perspectives for the following years in Angola, as well as "opening opportunities in new sectors".

This openness "makes Angola a very interesting case for pulling Portuguese companies", he stated, noting agriculture, renewables, pharmaceutics, textile, and shoes.

"There are many areas, some of them already known, others yet to be explored, João Gomes Cravinho said. In June, he will travel with the Prime Minister António Costa to Angola to sign the new strategic cooperation package.

The financial instruments to support investment were discussed during this Forum, in the presence of the Angolan Secretary of State for the Treasury and Finance, Ottoniel Santos, the President of the Portuguese Development Bank, Celeste Hagaton, the Director of the Portuguese Ministry of Finance’s Cooperation and International Relations Department, Ana Barreto, and the executive director or the Caixa Geral Angola Bank, Francisco Oliveira.

The Angolan Secretary of State for the Treasury and Finance said that the Angolan Government is currently giving priority to projects to undertake under the credit line guaranteed by the Portuguese State, the aim of which is to "make the requirements to access this line more flexible".

"We are entering the normalising process, working in an aligned manner to these projects to start operating", he said, noting that since the agreement was signed, projects to the sum of 500 million dollars (around 461 million euros) have already been approved.

Foreign Affairs