Diversification of the economy requires a consistent policy — Abraao Gourgel

LUANDA, Angola, Capital Markets in Africa — The Minister for the Economy of Angola, Abraão Gourgel, spoke during the panel discussion on Transformation and the Diversification of the Economy, the Angolan Experience.

According to Mr. Gourgel, the process of diversification of the Angolan economy is based on five main objectives including establishing support for emerging businesses.

To achieve this objective the Guiché Único (One-Stop) system was created, reducing the costs of formalising business ventures by 90 per cent.

Another fundamental factor was the implementation of the Angola Investe programme. According to Minister Abraão Gourgel, the Angolan government created a Credit guarantee fund to reduce investment risks.

Another action supporting economic diversification is the new private investment legislation.

The new law looks to adjust the tax benefits system to the current economic dynamics of the country.

According to Mr. Gourgel benefits and incentives apply to foreign investments worth one hundred million kwanzas or above and to domestic investments worth fifty million kwanzas or above.