Situated on the western coast of Africa, bordered by the Democratic Republic of Congo to its north, Zambia to the east and Namibia to the south, Angola has emerged from 27 years of civil war to become one of the fastest growing economies in the world. Angola is a land of extraordinary economic potential.
A key hub in the Portuguese Empire during its heyday, Angola exported rubber, cocoa and ivory throughout the globe. At the dawn of the twentieth century, however, these exports had dwindled, and coffee had become the country’s most important product. Petroleum was first discovered in the 19th century, and today Angola is the foremost producer of petroleum in sub-Saharan Africa.
Additionally, Angola is Africa’s primary exporter of diamonds, and there is real potential for the industry to grow further – it is estimated that a mere 40% of Angola’s diamond fields have been exploited. The government is keen to encourage foreign investment in the diamond industry, in particular in the regions of Bie, Malanje and Uige. The country’s iron industry, crippled by the Civil War, has shown resurgence in recent years.
Though Portugal remains an important economic partner, China is Angola’s leading investor. China receives around 45% of Angola’s exports, and Chinese capital is playing a vital role in revitalising this beautiful country’s shattered infrastructure.
Around 85% of the country’s workforce is engaged in agriculture. Industry accounts for 65% of national GDP, services 28% of national income.
HLB Angola is one of the regions’s most highly-regarded firms and our team of professionals is ready to assist you in all your accounting and management matters.
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