Economy - Development | Politics
British explore Angola oil
afrol News, 16 October - A 13-member trade delegation from Britain arrived in the Angolan capital Luanda on Tuesday for an eight-day visit. The visit will enable the British look into the possibility of investment opportunities investing in the country's oil and gas sectors.
The delegation will also discuss trade development matters with Angolan authorities, the British High Commission in Luanda confirmed in a statement.
On Wednesday, the business explorers will attend a meeting in which they will be briefed on the legislation, current tax law and how to conduct business in Angola.
The visit also aims to facilitate meetings between Angolan and British companies so as to identify possible areas of partnership for the creation of join ventures.
It will also enable UK Trade & Investment (UKTI), a British Government agency that deals with international commercial promotion, and the United Kingdom West African Action Group (UKWAAG), to identify new bilateral trade opportunities.
British interest in Angola was based on the country's position as the second biggest oil producer in sub-Saharan African, after Nigeria, and following its recent membership in the Organization of Petroleum Exporting Countries (OPEC).
UKTI and UKWAAG are working together to create viable solutions to the challenges faced by the Angolan energy sector and are considering suitable areas of specialities in the sector.
Angola's high growth rate is driven by its oil sector, with record oil prices and rising petroleum production.
Oil production and its supporting activities contribute about half of GDP and 90 percent of exports. A post-war reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture as well.
Much of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war.
By staff writer
© afrol News
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