ANGOLA-GCC CEO FORUM
The geographic proximity of the Gulf Cooperation Council (GCC) member states and Africa are historically linked via economic relationships. Over the past decade, the GCC has steadily increased their diversifying investment strategies into the African continent given the opportunities in telecommunications, tourism, infrastructure development and air travel. Meanwhile, there are numerous African focused companies – based in the UAE – that are benefiting from the growing demand of African imports throughout the GCC region.
Moreover, the GCC’s rapidly increasing population requires sustainable food security with agricultural partnerships in Africa; Given that GCC’s imports represent up to 90 percent of food consumption.
Beyond Angola’s oil and gas, the country remains a relatively lesser known market for the GCC. However, Angola’s recent economic liberalisation policies are creating diversified investment opportunities via the Angolan 2018-2022 National Development Plan.
For instance, the new 2018 investment law liberalises the repatriation of profits and capital gains. Whilst, the Angolan Government has focused on macroeconomic stability and good governance, with the IMF approving a three-year USD 3.7 billion loan in early December 2018.