The South African ambassador to Angola, Fannie Phakola (seated, third from left) with the South African business delegation in Luanda, Angola.PHOTO: Supplied.

CAPE TOWN - The South African business delegation arrived in Luanda, Angola on Monday, for a five-day trade and investment mission.

The mission is led by the Deputy Minister of Trade and Industry, Bulelani Magwanishe, and is set to take place from Monday until July 21.

Addressing the business delegation on their arrival, the South African ambassador to Angola, Fannie Phakola shared that the president of Angola João Lourenço had chosen South Africa for his first state visit after his inauguration. 

During the state visit, Lourenço declared that the doors were open to South African businesses who were keen to enter the Angolan market.

“These developments are encouraging gestures by the Angolan government to the South African business fraternity. I urge the business delegation to respond positively to the economic opportunities that have been made available," said Phakola.

"The Angolan government is undertaking reforms in the political arena as well as institutionalising economic changes aimed at aggressively diversifying the economy away from traditional reliance on oil as well as opening up the economy for international companies to enter the market as solely owned foreign entities."

He described the passing of a private investment law that scrapped the requirement for local partners to hold a stake of at least 35 percent in the share capital of the companies as a move intended to attract more foreign direct investment into the country.

“The Angolan market is promising. Business people must work hard in narrowing the current negative trade balance against South Africa. The Angolan government has opened doors for you, seize the moment. As the South African government we are committed to offer the support to businesspeople and create access to markets,” said Phakola.

Earlier in the week, Magwanishe said that the mission was one of many that grant the trade and industry department the opportunity to solidify economic collaboration and partnerships with African countries for the realisation of higher levels of industrialisation through sustainable trade and investment.

Magwanishe said he anticipated an increase in trade and investment between South Africa and Angola, the strengthening of existing relations between the two countries and the formation of commercial partnerships and joint ventures as a result of this mission.

The business delegation consists of 20 South African companies funded by the trade and industry department. These companies represent the aerospace and defence, built environment professionals, mining products and services, and infrastructure sectors. The mission will include a trade and investment seminar, targeted business-to-business meetings and sector-specific site visits.

- African News Agency (ANA)