- Having destroyed large part of its human and natural resources during the country's fifty years of wars is it possible for Angola to become the China of the African continent. Well, that is the assumption of Credit Guarantee, South Africa's largest insurer of company debtors.
"Having emerged from under the cloud of civil war, enormous opportunities now exist in the construction, agricultural, infrastructural, tourism and oil/mining-linked sectors [of Angola]," Credit Guarantee said in a report today.
The firm also enticed by Angola's open export sector, which all positively contribute to the country's economic boom.
"With continued international economic buoyancy, Angola could quite easily become the China of the African continent," Credit Guarantee General Manager of Export Division, Ismail Dadabhay said.
"Boasting a GDP growth of 18 percent in 2005 and with the International Monetary Fund expecting 14.3 percent and 13.4 percent in 2006 and 2007 respectively, it is the most logical market for South African exporters and we are happy to consider providing cover, but we will consider each application on its own merits," Mr Dadabhay said.
Only time will tell whether Angola will really prove to be the China of Africa, especially in the face of huge African economies that boost of both vast human and natural resources.
Credit Guarantee also reviewed and upgraded Uruguay, Abu Dhabi and Argentine that are business partners of South Africa.
Credit Guarantee said although there was a financial crisis in Argentina which resulted to depletion of foreign exchange, but after five years the country has achieved significant improvement.
The insurer firm was impressed by the political stability and sound economic growth of Uruguay over the past three years, which places the country in a sound rating.
Credit Guarantee does storage of vast information as well as carry out market intelligence from a network of contacts. It also interpreted data to support the business of our clients - in both local and international markets.
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