Angola remains firmly open to private investment in its oil sector, Mineral Resources, Petroleum and Gas Minister Diamantino Azevedo said on Wednesday in Lisbon, reaffirming the country’s standing as an attractive destination for international energy capital.
Azevedo made the remarks to journalists following the opening of the fourth edition of Doing Business Angola, an annual forum organised by Forbes Lusophone Africa and Jornal Económico and held in Portugal. The minister highlighted the potential of Angola’s extractive sector and described the event as an important vehicle for reinforcing investor confidence and showcasing the investment opportunities available in the country.
At the forum, Azevedo argued that the local transformation of natural resources is essential to boosting value added across the economy and accelerating Angola’s industrialisation agenda.
He said the dynamism of the extractive sector continues to attract the attention of international investors, set against a broader national strategy of maximising the value of natural resources and diversifying the economy away from commodity dependence.
The minister reaffirmed that Angola’s oil sector and other mineral resources remain highly compelling assets, delivering a significant and ongoing contribution to the national economy.
That strength, he said, is generating interest from investors around the world who are paying close attention to a sector that is increasingly dynamic and playing a growing role in the country’s economic diversification drive.
Azevedo stressed that the sector’s central challenge has shifted: it is no longer simply about raising production volumes, but above all about creating greater value added for the national economy.
He underlined that the government’s strategy is to move beyond the export of raw materials, instead pursuing their transformation on Angolan soil — an approach designed to generate more wealth, employment and development for the country.
The minister also argued that the exploitation of natural resources only makes sense if it tangibly improves the quality of life of the population and drives the industrialisation of the broader economy.
He said the strategy is already being put into practice through investments in modernising refining capacity, expanding fuel storage infrastructure, constructing an ammonia and urea plant, and developing new mining projects — all aimed at strengthening industrialisation and reducing dependence on raw material exports.
Speaking during a panel discussion, Azevedo argued that Angola must engage international investors with a clear strategic vision of its own, rather than simply accommodating external agendas.
On that basis, he said, it falls to partners to align themselves with Angola’s strategy, in a relationship built on mutual benefit and respect for national interests.
‘In the extractive industry we always face challenging moments, because geopolitical issues affect our sector. Nevertheless, we have our objectives and targets clearly defined,’ Azevedo said.
The forum’s agenda covered Angola’s investment opportunities, its privatisation programme, bilateral economic cooperation and the challenges facing strategic sectors including energy, mineral resources, banking, industry and the energy transition.
The conference was structured around two panels dedicated to the economic relationship between Angola and Portugal, investment opportunities, the business environment and the challenges of bilateral economic cooperation.
The institutional closing session is to feature addresses by Portugal’s Minister of Economy and Territorial Cohesion, Manuel Castro Almeida, and Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, culminating in the annual tribute to a distinguished Lusophone figure.
Now in its fourth edition, Doing Business Angola has established itself as one of the principal platforms for economic dialogue between Angola and Portugal, bringing together government officials, business executives, investors and institutional representatives to debate investment opportunities, Angola’s privatisation programme, economic financing, innovation and the challenges of strategic sectors such as energy, mineral resources, banking and industry.
The initiative aims to deepen bilateral economic cooperation, attract private investment and foster new business partnerships between Angola and Portugal.
Source: ANGOP / Original article: www.angop.ao
