Luanda - The President of the Republic of Angola, João Lourenço, Wednesday congratulated King Philip VI and the President of Spain Government, Pedro Sánchez, on the occasion of the national day of that West European country, which is celebrated on 12 October.
According to a statement issued by the Press Office of the Head of State, in the congratulatory messages sent to both entities, João Lourenço highlighted the high level of cooperation between Angola and the Kingdom of Spain in several areas.
In the letter, João Lourenço states his intention to “continue to create synergies in key sectors for the economies of the two countries, aiming to generate concrete contributing results to the enrichment of both nations”.
Bilateral relations between Angola and the Kingdom of Spain are based on the General Cooperation Agreement, signed on 20 May 1987, and the Complementary Agreement to the General Agreement signed in November 1987.
Cooperation between the two countries has intensified in the business sector with the presence of more than 60 Spanish companies operating in Angola in different sectors such as energy, banking, construction and agriculture.
Business volume
Regarding bilateral trade, from 2015 to 2019, the turnover was set at 7.5 billion Euros based mainly on exports from Angola to Spain, resulting from the sale of crude oil.
Before 2015, trade between Angola and Spain was set at around 2 billion Euros per year in exports from Angola and between 200 and 400 million Euros in exports from Spain to Angola.
However, in the last three years trade has decreased greatly, being valued at 1.7 billion of Angolan exports.
As for programmes to boost economic relations between the two countries, Spain has ongoing projects that are part of the state department for Foreign Affairs, which have served to support the establishment of Spanish companies in Angola.
In particular, there are three major financial instruments in place, namely export credit insurance, the fund for the internationalisation of Spanish companies and investment funding at the level of the Spanish Company for the Financing of Development (COFIDES).
