Luanda via Lisbon –
Parcerias luso-alemãs
para uma presença
mais forte em Angola
The Portuguese Economy in Angola
João Luís Traça
Member of the Executive Board
WHO ARE WE?
• The Portugal-Angola Chamber of Commerce is a not-for-profit
organization incorporated in 1987, with by-laws approved by the
Angolan Government in 1991
• Head Office in Lisbon and representatives in Luanda, Benguela, Cabinda
and Lubango
• Our purpose: to promote the relationship between businesses from
both countries
• More than 400 members of which almost 15% are Angolan companies
OFFICERS
General Assembly
President PORTUGAL TELECOM SGPS
Vice-President SONANGOL – SOCIEDADE NACIONAL DE COMBUSTÍVEIS DE ANGOLA
Secretary CGD – CAIXA GERAL DE DEPÓSITOS
Board of Directors
President GALP ENERGIA(*)
Vice–Presidents BANCO BPI(*), ESCOM, BANCO BIC, TRADINGPOR – EMPRESA DE COMÉRCIO EXTERNO DE PORTUGAL(*)
Members AMORIM HOLDING II SGPS, BES – BANCO ESPÍRITO SANTO, MILLENNIUM BCP(*), MIRANDA, CORREIA, AMENDOEIRA
& ASSOC. – SOC. ADVOGADOS(*), MOTA-ENGIL, ENGENHARIA E CONSTRUÇÃO, RANGEL INVEST(*), SECIL – COMPANHIA GERAL
DE CAL E CIMENTO, SOCIEDADE DE CONSTRUÇÕES SOARES DA COSTA, SPE – SOCIEDADE PORTUGUESA DE
EMPREENDIMENTOS(*), UNICER BEBIDAS
Audit Committee
President DELOITTE CONSULTORES
Members COSEC – COMPANHIA DE SEGUROS DE CRÉDITO, TAAG - LINHAS AÉREAS DE ANGOLA
Substitute member NOVACÂMBIOS – AGÊNCIA DE CÂMBIOS, WAYFIELD TRADING INTERNACIONAL
(*) Members of the Executive Board
MAIN ACTIVITIES
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Events
Information on recent legal changes
Information to members on new studies on the Angolan economy
Issuance of certain certificates that Angolan entities may request
Updates on business opportunities
Library with a significant number of studies on the Angolan market
Information on Public Tenders
Publications
PORTUGAL AND
THE AFRICAN MARKETS
• African markets currently represent almost 50% of
Portuguese non-EU Exports
Angola
29,6%
Algeria
3%
Cape Verde
2,9%
Morocco
2,8%
Mozambique
1,6%
Tunisia
1,4%
• Portuguese product-mix fits African markets and
economies – It’s more than just the language!
“PORTUGAL-ANGOLA TIES”
• Both countries share the same:
• History
• Language
• Legal culture
• Culture
• Family Ties
THE ANGOLAN MIX
• Exports natural resources (oil represents more than 95%
of exports and diamonds around 1,5%)
• Very limited local industrial or agricultural production
• Oil represents 60% of the GDP
• Average GDP growth from 2006 to 2010: over 11%
• Except for 2009, imports growing at fast pace: average of
51% /year for the 2004 -2008 period
The Angolan Economy
Facts and Figures
2005
2006
2007
2008
GNP (in billions of USD) *
30.60
45.20
61.30
90.60
Real Growth
20,6%
18,6%
23,30%
16,60%
% Oil
62,9%
55,70%
55,80%
58,30%
Price per Barrel in USD
56.00
67.00
72.40
93,.0
Public Accounting
7,4%
14,8%
11,5%
12,4%
Imports (in billions of
USD)
15.12
17.11
23.91
33.10
Kz/USD Exchange Rate
80.80
80.30
75.00
75.20
Source BPI
* Market Prices
(in billions of USD) Dec.
Feb.
April
May
June
July
Foreign Exchange
Reserves
15.36
12.43
12.20
12.15
12.57
Fonte BAI
17.49
PORTUGAL-ANGOLA
BUSINESS RELATIONSHIPS
• In 2009, direct Portuguese investment in Angola reached a total
of 557,4 M € - a drop of 217,7 M€ in relation to 2008
• The main areas of investment continue to be construction and
public works and banking and commerce
• Angola was the first non-EU importer of Portuguese exports, to
a total of 2.24 B€ (same as 2008)
• Portuguese exports grew 282% between 2005 and 2008
• Imports of Angolan products to Portugal have dropped from
257 M€ to 151 M€ over the same period
PORTUGUESE EXPORTS
TO ANGOLA
• More than 50% of Portuguese exports to Angola are civil construction and
food-related items
• Several Portuguese companies hold relevant positions in the country’s nonoil-related sectors, which opens doors and creates opportunities for their
Portuguese suppliers and clients, namely in the following sectors:
• Banking
• Consulting and other services
• Civil Construction
• Food
• Hotels and Restaurants
• Logistics and Transportation
• The total area of Angola is 13 times larger than Portugal and houses a
population only 1.7 times larger than that of Portugal….
A TWO-WAY RELATIONSHIP
• Angolan investment in Portugal
• Galp
• BPI
• ZON
• Sol Newspaper
Just to name a few….
ANGOLA IS IN A PROCESS OF
CHANGE: POSITIVE ASPECTS
• The Civil War ended just 9 years ago. Change is occurring:
• New kinds of business relationships (more demanding)
• New and more competition
• New possibilities beyond Luanda
• New local political and business class
• New Private Investment Law
• New Companies Law
• New Land Law
• New Tariff and Customs Code
ANGOLA: LESS FAVOURABLE
PERSPECTIVES
• Scarce skilled and qualified Human Resources
• Stricter Labour Law than in Portugal
• Obtaining ordinary and work visas
• Expats with difficulties in adapting
• Very limited basic facilities like communications, electricity,
water and roads
• Very expensive real estate and food
THANK YOU
João Luís Traça
[email protected]