Luanda - The accumulated balance of Foreign Direct Investment (FDI) in Angola totalled USD 9.7 billion by the second quarter of 2022, of which over 90% was applied in the oil sector.
According to the director of the statistics department of the National Reserve Bank of Angola (BNA), Joel Futi the figures represent a drop in the entry of investment in the country of around 20% compared to the last five years.
Speaking to the press on the sidelines of the national seminar on “FDI statistics and activities of multinational companies in Angola”, held from 26 to 28 of this month, in Luanda, the director explained that the slowdown in investment was due to the decline in the Angolan oil production over the last few years.
He also pointed to the high cost of oil production (USD 60 per barrel on average) and the focus on clean energy production worldwide as other factors that influenced the reduction of FDI in the country.
After oil, Joel Futi elected the diamond as the second sector that attracts the most FDI to Angola, with the entry of over USD 100 million yearly, on average.
Considering this scenario, he advocated the need to boost other sectors, such as trade, industry and tourism, with a view to diversifying the attraction of investments and creating new jobs in the country.
In addition to this, the source also advocated improving infrastructures (roads, electricity distribution and water), as well as the business environment in Angola, so that investors can invest in other sectors of the Angolan economy.
With the aim of increasingly improving the quality of statistical data in the country, the national seminar on “FDI statistics and activities of multinational companies in Angola”, is aimed at those representatives of chambers of trade and industry, commercial banks, the National Statistics Institute (INE), amongst other bodies.
Over three days, participants at the event will discuss issues such as “The importance of FDI statistics”, “New concepts and methodology of flows, stock and earnings of FDI”, “Methodology of compiling statistical data”, as well as sharing experiences from other countries.
Promoted by the National Bank of Angola (BNA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) in Angola, the themes of the seminar are being led by experts from Portugal and the United Nations.
