Egypt, Angola boost economic cooperation

Newspaper Title: https://dailynewsegypt.com/

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Tuesday - 28 June 2022

Angola’s secretary of State for International Cooperation and Communities, Domingos Custódio Vieira Lopes, said that the Angolan government plans to boost cooperation with Egypt in the commercial and industrial fields.

The official, who was speaking during the opening of an economic forum between the two countries, said that to continue the focus on diversification of the Angolan economy, the country intended to utilize Egypt’s strong industrial engineering potential, particularly for household appliances, automotive components and the electrical industry.

Domingos Lopes encouraged Egyptian businesspeople and investors to look at the investment opportunities that Angola offers, so that the two countries become increasingly closer, on the road to prosperity.

“Angolan businesspeople should take the opportunity to establish partnerships with reciprocal advantages, which will make it possible to increase trade between the two countries,” he said.

Angola’s ambassador to Egypt, Nelson Manuel Cosme, reaffirmed that the country would remain open to foreign investment initiatives.

He said that the average annual value of exports of Egyptian engineering services, in machinery and equipment, to the world, for the period from 2016 to 2019, was $6.15 billion.

For Angola, he made it known that these services represent just 0.01% of total exports in 2021.

“We will continue to promote joint actions, to attract investments, favour other sectors such as renewable energy, textiles, agriculture, oil and gas,” he said.

Angola’s strategy for the electricity sector, he said, was aimed at promoting renewable energy, reducing consumption of diesel and operating costs, as well as greenhouse gas emissions, as outlined in the National Development Agenda.

Also in this area, Angola is an oil and gas-producing country and is currently seeking to strengthen international partnerships.

“Angola is seeking international partnerships to address the need for economic and social stability. Only with the help of the business class, particularly foreign business, can we achieve that goal,” he stressed.
Intending to develop joint actions, the ambassador challenged Egyptian businesspeople and investors to establish partnerships with Angolans for the creation of Angola-Egypt Chambers of Commerce and Investments.