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Angola seeks to gain investor confidence in Davos

Angola seeks to gain investor confidence in Davos
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By Damon Embling
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Angola seeks to attract foreign investment in Davos. The nation is in no short of wealth, but unemployment and poverty have fertile ground.

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Angola is also present in Davos. The African country seeks to strengthen international credibility and attract much-needed foreign investment to its deep economic crisis. The nation is in no short of wealth, but unemployment and poverty have fertile ground.

In an exclusive interview with Euronews, Angola's finance minister, Vera Daves, spoke bluntly about the need to fight corruption and stressed the importance for the African country to be present at the World Economic Forum.

“We are on a road to rebuild the confidence of national and international investors in Angola, and in the way we do business,” she said.

Daves told Euronews the country plans to diversify the economy in a "model where oil is a key contributor to a model where more sectors are part of the country’s growth".

The minister’s main priorities are to stabilise the country’s macroeconomic conditions and to start growing.

“The country has had a negative growth rate for 4 years”, she said, “we need to start growing.”

On a political side, Angola wants to “keep playing the role of peacemaker (...) helping to stabilise the region,” she said.

“Political and social stability is key to make sure that the trade and the openness we want to see between African countries happens in a political environment of stability.”

Angola’s former “first daughter” Isabel Dos Santos, Africa’s richest woman, has been back in the headlines over alleged corrupted multimillion-dollar deals involving state assets during her father’s 38-year presidency.

Could the accusations be perceived by investors as a sign of insecurity in Angola? Euronews asks.

“Part of our agenda is to fight corruption in all the entities. All the people should respect the law, of course, and there are some cases more mediatic than others,” she says.

The minister argues that contrary to frightening investors, it should be clear that in Angola the justice body is fulfilling its role and “those who do not respect the law pay the consequences”, this will start to be visible in society, she thinks, “with a normalisation of the ways in which business are managed.”

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