Luanda — The Angolan economy can serve as an impetus for economic and social development in southern Africa, thanks to the potential and business opportunities available in the country, the Country Managing Partner of the EY Portugal Miguel Farinha said Thursday.

According to the consultant's representative in Angola and Mozambique, Angola has the potential to generate a multiplier effect in neighboring countries, through increased investment and trade.

Quoted in a press release to which ANGOP had access Thursday, as part of the second edition of the "Doing Business Angola" forum, which took place this week in Lisbon (Portugal), Farinha said Angola is currently one of the most important countries in the Southern African Development Community (SADC), with the second largest Gross Domestic Product (GDP) in the Southern Region.

He pointed out that the country recorded the highest GDP growth between 2000 and 2022 (+12%), and was the second largest exporter, the fourth most populous and the third fastest growing in terms of employment (+3.3%) between 2000 and 2021).

Despite these indicators, Farinh said the country still needs to diversify its economy, which is still very much based on oil.

He pointed to the agriculture sector as one of the examples of how to diversify the economy, representing 8.6% of GDP, with projections indicating that, by 2050, this figure will be set at 14.1% of the GDP.

Miguel Farinha said the industry represents 6.7%, in the country and by 2050 it should reach 19.5%," noting that Angola practically does not export to neighboring countries.

He underlined that despite the country's strategic role in the SADC and focus on the infrastructures under development, there is still work to be done on the rail and road connections.

For the consultant, the plan to develop Angola's infrastructure has already been defined, but investment in the rail, road and agriculture sectors needs to be made by the private sector.

Alongside these actions, he said, Angola must continue to invest in the development of human capital.

The second edition of Doing Business Angola is organized by Forbes Lusophone Africa, an event that brought together Portuguese and Angolan diplomats and businessmen from different branches of activity, and paid tribute to Luso-Angolan businessman Jaime Freitas, for his strong business presence in Angola.OPF/QCB/AMP