ANGOLA – The Angolan Trade and Investment Promotion Agency (AIPEX) and a number of US agencies comprising of SelectUSA, Global Markets, the International Trade Administration, and the United States Department of Commerce have signed a cooperative arrangement to promote bilateral investment.
According to a statement from the US Embassy in Angola, the agreement was signed during a physical and virtual signing ceremony and export promotion seminar.
As part of the cooperative arrangement SelectUSA and AIPEX will exchange information on the investment environment in their respective countries.
This will promote foreign direct investment between the United States and Angola and allow the two agencies to share their experiences and best practices in attracting foreign direct investment.
The two organizations also intend to cooperate in providing support to U.S. and Angolan investors and economic development organizations to facilitate foreign direct investment with the goal of expanding bilateral trade and economic cooperation.
“We are delighted to sign this milestone agreement between AIPEX and SelectUSA, which will lay the groundwork for our two countries to create new and more extensive investment opportunities in both the U.S. and Angola.”Ian Steff- Assistant Secretary of Commerce for Global Markets
Angola is the third-largest trading partner of the United States in sub-Saharan Africa, mainly because of its petroleum exports.
U.S. exports to Angola include machinery, aircraft, poultry, and iron and steel products.
Globally, Angola is the 72nd largest goods trading partner with $3.2 billion in total (two way) goods trade during 2018.
During this period, Angola enjoyed a trade surplus of US$2.2 billion largely attributed to oil exports to the US whose value amounted to US$2.5 billion.
In terms of Investments, Data from the US Department of Commerce, U.S. foreign direct investment (FDI) in Angola (stock) was $394 million in 2018, a 49.5% decrease from 2017.
Angola’s Foreign Direct Investment in the United States (stock) was $267 million in 2018, up 18.1% from 2017.
Attracting foreign direct investment to diversify the economy is one of the Angolan government’s top priorities and this move would contribute towards realising this goal.
The U.S. Embassy in Angola has been working closely with the Angolan government to stimulate and diversify bilateral trade and investment.
According to Chargé d’Affaires Greg Segas, “This agreement supports the Angolan government’s vision to develop its economy while also promoting job creation in both the U.S. and Angola”.
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