The Portuguese Economy in Angola

Transcription

1 IV Fórum Económico Luanda e Maputo via Lisboa The Portuguese Economy in Angola João Luís Traça Member of the Executive Board

2 WHO ARE WE? The Portugal-Angola Chamber of Commerce and Industry is a not-forprofit organization incorporated in 1987, with by-laws approved by the Angolan Government in 1991 Head Office in Lisbon and representatives in Luanda, Benguela and Lubango Our purpose: to promote the relationship between businesses from both countries More than 400 members, of which almost 15% are Angolan companies

3 OFFICERS General Meeting Chairman PORTUGAL TELECOM SGPS Vice-Chairman SONANGOL SOCIEDADE NACIONAL DE COMBUSTÍVEIS DE ANGOLA Secretary ADP - ÁGUAS DE PORTUGAL INTERNACIONAL Board of Directors Chairman GALP ENERGIA (*) Vice Chairmen BANCO BPI (*), ESCOM, BANCO BIC, SECIL COMPANHIA GERAL DE CAL E CIMENTO (*) Members AMORIM HOLDING II, BES BANCO ESPÍRITO SANTO, MILLENNIUM BCP (*), MIRANDA, CORREIA, AMENDOEIRA & ASSOC. SOC. ADVOGADOS (*), MOTA-ENGIL - ENGENHARIA E CONSTRUÇÃO, RANGEL INVEST (*), CGD CAIXA GERAL DE DEPÓSITOS, SOCIEDADE DE CONSTRUÇÕES SOARES DA COSTA, SPE SOCIEDADE PORTUGUESA DE EMPREENDIMENTOS (*), UNICER BEBIDAS Audit Committee Chairman DELOITTE CONSULTORES Members COSEC COMPANHIA DE SEGUROS DE CRÉDITO, LINHAS AÉREAS DE ANGOLA - TAAG Alternate members WAYFIELD TRADING INTERNACIONAL, AMROP (*) Members of the Executive Board

4 MAIN ACTIVITIES Events: conferences, seminars, workshops, one-to-one meetings Information on recent legal changes regarding trading, investment, labour, economy in general, international relations Information to members on new studies on the Angolan economy Issuance of certificates that Angolan entities may request Updates on business opportunities Library with a significant number of studies on the Angolan market Publications

5 PORTUGAL AND THE AFRICAN MARKETS African markets currently represent about 34.7% of Portuguese non-eu Exports (January-September 2013) Angola 21.1% Algeria 4.0% Cape Verde 1.5% Morocco 5.8% Mozambique 2.3% Portuguese product mix fits African markets and economies it s more than just the language!

6 PORTUGAL-ANGOLA TIES Both countries and their people share the same: History Language Legal background Culture Family Ties

7 THE ANGOLAN MIX Exports of natural resources (in 2012 oil represented more than 97,7% of exports, and diamonds around 1,7%) Limited local industrial or agricultural production, thus has growing importance Oil and gas represent almost 52% of the GDP (2011) Average GDP growth from 2009 to 2012: over 5.3% Trade growing at fast pace, exports exceed imports, with an overall surplus of about USD 39.5 billion (2012)

8 The Angolan Economy Facts and Figures GNP (in billions of USD) 82,5 103,7 112,7 118,0 Real Growth (%) 5,3 5,3 4,8 5,8 Exports / GNP (%) 61,3 64,7 59,5 54,4 Imports / GNP (%) 20,21 19,51 20,03 20,76 External Debt (billions of USD) 17,86 20,50 21,98 24,07 Inflation Rate (%) 15,31 11,38 9,02 7,50 KZ/USD Exchange Rate 91,85 93,77 95,43 95,45 Source: Anuário Angola , CCIPA

9 PORTUGAL-ANGOLA BUSINESS RELATIONSHIPS In 2012, direct Portuguese investment in Angola reached a total of million The main areas of investment car repairing, banking, insurance and construction & public works In 2012, Angola was the biggest non-eu importer (fourth-biggest worldwide) of Portuguese goods: M (up by 666 M from 2011) Exports of Angolan products to Portugal rose from 1177 M in 2011 to M in 2011 Portugal was the 4th biggest supplier to Angola in 2011 and 2012; Angola was the eleventh supplier to Portugal in 2011 and the sixthbiggest in 2012

10 PORTUGUESE EXPORTS TO ANGOLA About 55% of Portuguese exports to Angola are composed of machinery, food-related items (mostly beverages) and metals in general Oil constitutes about 99% of Angolan exports to Portugal Several Portuguese companies hold important positions in the country s non-oil-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 Angola is 14 times larger than Portugal yet has a population only 1.7 times larger than that of Portugal.

11 A TWO-WAY RELATIONSHIP Angolan investment in Portugal GALP BANKING: BIC, BAI, ATLÂNTICO, BCP, BPI, BANC ZONOPTIMUS COBA SOL To name just a few.

12 LISBON AS A HUB Angolan citizens often come to Lisbon for: Business meetings Medical treatments Shopping Education Training Visits to friends and family Holidays

13 ANGOLA IS IN A PROCESS OF CHANGE: POSITIVE ASPECTS The Civil War ended 12 years ago. Fast-paced change: New kinds of business relationships (more demanding) New and more competition: new partners, new products, new services New possibilities beyond Luanda New local political and private business class New Private Investment Law New Companies Law New Land Law New Tariff and Customs Code New Tax Reform

14 ANGOLA: LESS FAVOURABLE PERSPECTIVES Scarcity of skilled and qualified Human Resources Stricter labour laws than in Portugal Long processing time for ordinary and work visas Expats have difficulties adapting Very limited basic facilities like communications, electricity, water and roads despite significant recent improvements Very expensive real estate and food

15 THANK YOU João Luís Traça