10 October 2017

Angola: Trade Minister Vows to Identify New Financing Sources

Luanda — The Trade minister, Jofre Van-Dúnem Júnior, on Monday in Luanda vowed to identify new financing sources between the Angolan and Indian companies, aiming for the growth and business expansion of both counties.

The official, who was addressing at the proclamation act of the Angola-India Chamber of Commerce and Industry (CCIA), challenged the organization to expand the Angolan businesses to this Asian country, taking into account that the country's exports to this business partner are very dependent to crude oil.

"We must be capable of securing that investments are directed to innovators products and new production technologies, creating an added value in the use of the financial capital", said the minister.

He also considered the CCIA a boost of excellence for business promotion and intensification of commercial partnership between Angola and India that must serve as a main shaft for the support to trade cooperation between the two counties' businesspeople.

Under the motto "Promoting business and investment between two nations", the proclamation act of the institution was presided over by the Trade minister Jofre Van-Dúnem Júnior and the India ambassador to Angola, Sushil Singhal.

During the proclamation of the CCIAI, members of the organization were sworn in such as Paulino Baiona, chairman of the General Assembly, Nazim Charania, chairperson of the Board of Directors and Manuel Barros as chairperson of the auding board.

On the occasion, the Indian ambassador, Sushil Singhal, considered the fact of great privilege, because it is a historical event and allow to take advantage of each other.

By 2013, trade between Angola and India was around USD 7.5 billion, with the export of Angolan oil, but due to the economic and financial situation, the situation dropped to USD 3.5 billion.

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