Luanda - Angola's Foreign Direct Investment in Cape Verde totaled around 100 million Euros in more than 20 years, the Cape Verdean ambassador to Angola Júlio Morais told ANGOP Wednesday.
The diplomat added that the two states have seen a remarkable dynamic in cooperation between 2007-2013 and 2017 to 2023, underlining that the Angolan investment has been concentrated in recent years in the telecommunications (UNITEL T+), banking (BAI Cabo Verde) and air transport (Best Fly Cabo Verde) sectors.
Besides these areas, the diplomat said, there have been more specific interventions in areas such as fuel logistics by the Angolan state oil company (SONANGOL) and in the real estate sector.
Júlio Morais added that besides the economic sector, there has been an intense exchange of technical and institutional experience involving various areas of local government, civil society, culture and academia, covering different domains.
"We are now at a turning point, with the 8th Joint Commission, held in March 2022 in the city of Praia, having chosen direct connectivity (logistics/air and sea transport), tourism/culture and agribusiness as the main axes of the new economic-business agenda," the diplomat said.
The diplomat said legal instruments have been signed in the areas of finance, an Agreement for the Promotion and Reciprocal Protection of Investments, four cooperation protocols in the air transport sector between the two Ministries of Transport, Angolan Airlines (TAAG) and Cabo Verde Airlines and the regulatory air transport agencies.
He also highlighted the Agreements for the Elimination of Double Taxation in Income Tax and the Prevention of Tax Evasion, on Mutual Administrative Assistance in Customs Matters and on Mutual Administrative Assistance and Cooperation in Tax Matters, as well as the Memorandum of Understanding in the area of Tourism signed in 2019.
Negotiations are to be started on the institutionalization of a dialogue mechanism between investment and export agencies (CVTI/APIEX), the diplomat said, adding that it is also foreseen the creation of the Cape Verde-Angola Chamber of Commerce.
In regard to Cape Verde community in Angola, Morais said there are three generations that are perfectly integrated, emphasizing that many, even before independence.
He also said some Cape Verdens contributed to Angola's projection as a world producer of sugar, cotton and coffee, while others went on to notable military, political, diplomatic and business careers when the country became independent.
The diplomat added that Cape Verde is building favorable conditions towards the development of a Strategic Partnership based on a mutually advantageous and robust economic and business dynamic, especially private, sustained by the competitive and comparative advantages of both countries.
"Because of their striking specificity, our relations can be a benchmark of friendship and partnership that are exemplary in promoting and accelerating the much sought-after and necessary African economic integration between countries from different geo-economic sub-regions," the diplomat said.
The historical and fraternal relations between Angola and Cape Verde have been strengthened over the years, based on common values and a deep understanding of regional and global needs.
Political and diplomatic relations between Angola and Cape Verde were formalized on August 30, 1977.
The two countries have good cooperation relations in the finance, energy and transport sector and intend to extend it to higher education, science and innovation and currently seek strengthening co-operation in the Sea field to build partnerships in this area. FMA/VIC/AMP
