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Angola Economy

18 January 2010
Angola Home Page
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The Angola, despite being a poor country, it is still, thanks to its resources, included among the most developed countries of Central Africa. The GDP is among the highest in the area and in 2001 was equal to $ 9472 U.S dollars. Also due to the long civil war, less than 3% of potentially arable lands are currently cultivated. There are some thriving plantations of coffee. It is notable is the fishing, which generates about 250,000 tonnes of fish annually.

The main mineral resources are diamonds, bitumen, sea salt, natural gas, phosphates, iron and especially oil, which now weighs for  the 50% on the country's GDP and for the 90% on exports. The present industries, still developing, consist essentially of refineries, cement plants, sugar refineries. In 2001 there  was the inauguration of the new industrial area of Luanda.

The oil sector is the backbone of economy of the country. The Angola and the fourth largest producer of diamonds, with  a total extraction who would reach 10 million carats in 2008,which will increase to 15 millions of carats in the coming years



Gross Domestic Product (GDP) (billions of dollars)





















The Angolan economy has made this year a growth of 1.3%, despite the international financial crisis. This figure recorded a 5.2% increase of the oil sector. Angolan Prime Minister, said that the result was made possible through diversification of the economy.


The Angolan authorities intend to increase investments in three main areas:

• agro-industry, fisheries, meat production, hygiene products and household, textile, clothing, building materials, printers, fertilizers, timber industry (including paper), tires, mineral processing, steel, metallurgy and mechanical engineering;
• production of metal and refining of minerals;
• building materials, including glass, sanitary equipment, tubes and packages.

Italian investors have at their disposal an important tool of protection (the bilateral agreement on promotion and protection of investments signed in 2002), which can help to activate a more intense activity of internationalization on the Angolan market.

The intense activity of oil and diamond  exploration, combined to the broad spectrum of natural resources not yet fully exploited, make Angola an attractive target for commercial and industrial cooperation programs. Moreover, the recent launch by the Government of Luanda  of the Angosat satellite, designed to speed telecommunications, offers opportunities for collaboration in the sector of telecommunications.


The industries consist of refineries, cement factories, sugar refineries.


Angola is a country rich in natural resources: oil fields, diamonds, iron, manganese, copper, phosphates, uranium.


In recent years, Angola is making significant progresses in the reconstruction and transformation of its political tissue, economic and social policies and implementation of macroeconomic stabilization and structural reform.

Oil production continue to rise, thanks to the exploitation of new off-shore oilfields, so also diamond one thanks to the vast resources deriving from kimberlite mines. The manufacturing sector is benefiting from the favorable economic climate and the rapid growth of the construction sector, associated to the process of infrastructural development. The return of populations transmigrate because of civil war has fostered the emergence of strong rates of growth of agricultural product. The increase in government revenues has created the conditions for a substantial expansion of spending, while ensuring the registration of sensitive surplus.

Agriculture is a strategic sector for investment. And it is  also promoted the production of bio-fuels, to create at least one million of  new jobs and the popular construction to build one million houses over the next 4 years. This program has received much attention from foreign partners (China, Portugal, USA, Spain, Korea) with appropriate credit lines have expressed their intention to support it. In the month of April 2009 it was announced the establishment of a Development Fund to ensure the credit for the construction of dwellings for the poorer segments of the population.

In greatly expansion there is the banking sector which is finally characterized by the presence of three great national banks that helped to finance the rapid transformation economy.


The country, during the post-war reconstruction, has a considerable investment need. The new laws in this regard (Act 11 of 2003 and Law 17 of 2003), set the basic parameters and establish the benefits and obligations associated with foreign investment. They are intended to encourage domestic investment and foreign, by granting non-discriminatory treatment to the foreign investor, offering tax incentives and customs by simplifying administrative procedures involved.

Investments  in the oil sector, diamond and finance ones remain outside the scope of the rule, being regulated by specific laws. What should be excluded, despite the new law does not explicitly mention, are also matters of defense, banking, insurance, administration of ports and airports and other areas considered to be the sole responsibility of the state.

The National Agency for Private Investment (ANIP) is the institution of supervision and regulation of private investment in Angola, in charge of issuing the relevant licenses. In particular, there are two licensing schemes: the scheme of "prior statement" for projects up to a limit of $ 5 million, where ANIP has ownership of project approval and can issue a decision within 15 days after presentation of the same; a "contractual arrangements" for projects exceeding $ 5 million, where the Cabinet Officer for approval, upon recommendation of ANIP within 30 days of submission.To private investors are guaranteed a number of customs and tax privileges, as determined in relation to priority economic sectors for the development of the country and depending on the location of economic activity in three priority areas (A, B and C) that will benefit respectively of tax incentives for the next 8, 12 and 15 years. Are also provided tax exemptions industry.

Government incentives are also affected by the agreement with the province in which the investment is realised. Investors are exempt from paying tax on the allocation of funds for a period of 15 years if they’ll invest in the provinces of Huambo, Bie, Moxico, Kuando Kubango, Cunene, Namibe, Malanje and DRC.

Investors are exempt from paying tax on the allocation of capital for a period of 12 years if they invest in the provinces of Kwanza-Norte, Kwanza-Sul, Bengo, Uige, and Lundas Municípios do interior de Benguela, Cabinda and Huila.

Investors are exempt from paying tax on the allocation of capital for a period of 8 years if they’ll invest in the provinces of Benguela, Cabinda and Huila, Lobito.

The Angolan authorities are actively encouraging investment in the following sectors: agro-industry, fishery products and meat, sanitary products, textiles and clothing, construction materials (glass, sanitary ware, plastic, paper and packaging ), graphics and printing, fertilizers, wood, tires, mechanical production and metalliferous mining and refining.

The government is making efforts to promote industry, strengthening the business and domestic production, especially in the privatization process and the gradual opening of certain sectors to foreign competition. This process, also known by the name of "angolanizzazione (angolanização), is evident in the oil sector, where the government seeks to facilitate the presence of national operators and the use of the Angolan workforce.


The Angolan tax system includes the following taxes:
Corporation tax: This is a direct tax on profits made by entities such as limited liability companies, trusts, clubs, societies, associations and cooperatives. The most common rate is 35%. This rate is the same for resident companies and non. Special tax regimes apply to enterprises engaged in mining and oil.

Enterprises with foreign investments are included into group A:

• State companies.
• Public Limited Companies.
• Business partners with capital exceeding 35 UCF's (Fiscal Correction Unit).
• Every taxpayer resident abroad but who have a permanent establishment.

Law 7 / 97
This tax is a prepayment of tax on business income of resident companies (3.5%). All contractors / service providers are subject to this law. The contract must be submitted to the tax office for any changes. Payment is made until the end of the month for which tax is due.

Stamp duty
Stamp duty is levied on all acts, actions, securities and other transactions. The most common rate is 1% (applied to all amounts received from customers).
The current payment of stamp duty (1% of the amount received) must be paid before the end of the month following that in which the act took place.

Taxation of capital gains
The most common tax rate is 10% applied in quantities distributed. This amount will be paid after the decision of distribution.

Consumption Tax
This tax is levied on manufactured goods, imported goods, electricity, water, tourism and services. De tax rate depending on the goods and services between 2 and 30%. The most common rate is 10%.

Tax incentives
Incentives include exemption / deduction of duties and corporate taxes (up to 15 years), the designated areas and in priority areas.


In April 2005 came into effect a new tariff on duties and customs. It aims first to promote domestic production by discouraging the import of materials that can be produced in Angola and also improve the import of materials and goods in the country but not necessary for internal development.

The tariff is divided into six categories of rate of duty of between 2% (applicable to raw materials needed) until you reach 30% (on cars). The majority of products are subject to a duty of 10%. Customhouse must add to the burden a series of additional costs: customs clearance (2% of customs value of goods), consumption tax (from 2% to 30% depending on products), stamp duty (0.5% of cif value of goods), port costs (U.S. $ 500/container 20-foot-40-foot container U.S. $ 850), stables port (after 15 days of grace, almost always exceeded). The duties on articles of clothing have been reduced from 20% to 5% and on cement from 35% to 10%. However, increased customs duties on food and cars used by more than five years. E 'was also introduced a new tax on imports of luxury goods, representing 1% of value.

From 2008 and 'came into force the new customs regulation that sees the rates of some important commodities (58 product categories) decrease significantly as the clinker (cement) from 30 to 5%, and for other products, especially for buildings or for industrial facilities from 40 to 20%. These efforts are aimed at moving further to the rules and international standards, with the aim of ensuring the compliance of national legislation that provided for in the WTO, SADC, the Kyoto Convention and Istanbul helping to dramatically reduce import costs, making procedures simpler, more transparent and efficient.


It was established the principle of private ownership of property and land and the right company. E 'in preparation for a law governing the system of property' industrial and intellectual.

Private property has been permitted since 1991 and now is in the process of drafting a new Lei da Terra (albeit with significant Italian contribution, through the FAO).



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