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» 25.03.2010 - Angola attaches welfare to biofuel law
» 16.02.2010 - Government approves $250 mln for agro-credit
» 11.12.2009 - Sudan and Angola strike a deal with Vietnamese group
» 26.11.2009 - UNITA demands the naming of corrupt officials
» 24.11.2009 - Angola secures $1.4 billion stand-by arrangement with IMF
» 27.10.2009 - Govt's investments in infrastructure drive Angola's industry
» 20.10.2009 - Expelled Angolan refugees in dire need of aid
» 30.09.2009 - Angola negotiates standby facility with IMF

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Politics | Economy - Development | Society

Angola investing in manufacturing industries

afrol News, 14 August - Angola is planning to build at least sixteen factories in the next four years, in the northern Zaire Province, under the government programme to re-launch the manufacturing industry.

The official AngolaPress reported the director of the local industry, geology and mining department, Adão Alberto Sofia, to have said, though not giving any specifics of how much money has been budgeted for the project.

ANGOP said the implementation of the project will comprise the districts of Mbanza Kongo, Soyo, Nzeto and Tomboco, also adding that a team comprising higher technicians has been created to identify plots where the factories will be placed.

"These projects have already been approved by the government and have funds for their implementation, what we are doing currently is to create conditions for the construction of these factories in the province", the department’s official was quoted.

Projects planned under this programme include plants of ceramics (two), sugar, pesticides, as well as a printing factory, with other local service industries catered for.

Earlier this year the Angola government committed over US8.6 billion investment to boost the transformation of the industry between 2009 and 2012.

Angola's deputy-minister for industry, Kiala Gabriel, said the amount will be channeled to various sub-programmes like those of reconstitution of the human capital and creation of infrastructures to support the development.

According to the deputy minister, $4.1 billion would be used in the substitution of imports and foment of exports, while other funding would go for institutional capacity building and in the restructuring of industries.

He said the funds for the implementation of the overall project will come from local and foreign sources.

Angola emerged from an almost three-decade long civil war in 2002 as one of the world's fastest growing economies. A drop of around $100 per barrel of oil since July has prompted the Angolan government to slash its gross domestic product (GDP) growth forecast to around 3 percent in 2009 from 11.8 percent.

Angola still remains one of the world’s poor despite being the Africa’s major oil producer.

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