Credit:  Gary Raynaldo   /   President João Lourenço of south-central African nation  ANGOLA speaks at the Council on Foreign Relations in Manhattan, NY Sep. 23, 2019. 

By Gary Raynaldo   /  DIPLOMATIC TIMES

In 2017,  João Lourenço became Angola’s first new president in nearly 40 years.  Lourenco  succeeded  José Eduardo dos Santos, who was in charge of the oil-rich  south-central nation since 1979. Angola’s new President wants to turn the page on 40 years of what was basically a family-run country. Dos Santos’ daughter Isabel controlled national oil company Sonagol.  His son José Filomeno, ran a $5 Billion sovereign wealth fund.  Despite its oil wealth, more than 40 percent of the people of Angola live below the poverty line.  Since becoming president, Lourenco has initiated bold reforms in the economy and the justice system aimed at rooting out corruption. President Lourenco is currently on a visit of the United States in New York attending the annual UN General Assembly. Lourenco was a guest speaker at the Council on Foreign Relations  Monday. President Lourenco spoke of his country’s ambitious privatization program that seeks to privatize nearly 200 state-owned companies.

“The introduction of the value-added tax within one week which will increase the non-oil revenues and implementation of an ambitious privatization program. This program, which is based on a new privatization law and assisted by the World Bank, foresees the privatization of almost 200 state-owned companies, subsidiaries through public tendering, public optioning, or even sales on stock exchange.”

-João Lourenço, President of Angola said. 

State Oil  Company Sonangol  Among Companies To Be Privatized

Credit:  Gary Raynaldo   /   President João Lourenço of south-central African nation  ANGOLA speaks at the Council on Foreign Relations in Manhattan, NY Sep. 23, 2019.

“Among companies to be privatized is the state oil company Sonangol, which is implementing a program to divest some business and to reduce its participation in oil. Therefore, there will be many investment opportunities in a variety of industries, including telecommunications, agriculture, airlines, banking and financial institutions, energy, textile plants, transportation, and other infrastructures. We are inviting the U.S. private investors to participate in all these fields of economy, such as agriculture, fisheries, construction of highways, minerals, exploitation, and processing—such as diamond, iron ore, gold, tourism. And, in public needs for concession, in ports, airports, and railways.”

-João Lourenço, President of Angola said. 

Sonangol is the largest company in Angola’s economy, employing more than 8,000 people. It is an operationally integrated company and the driving force in the development of oil resources in Angola. The company was established in 1976 as the sole concessionaire charged with producing oil and gas from Angola’s subsoil and continental platform. Sonangol EP also manages most of the country’s fuel distribution, which it undertakes alone or in partnership with foreign companies. The Angolan oil major’s core business activities extend beyond production to include prospecting, research and development, marketing, transportation, storage and refining. Sonangol EP has partnership agreements with most of the world’s international oil companies.

Angola Is Open To Foreign Investment,  President Calls on U.S. To Invest in Nation’s Future

Credit:  Gary Raynaldo   /   Angola President João Lourenço with  moderator of the  CFR forum, Chester Crocker who is James R. Schlesinger Professor of Strategic Studies, Edmund A. Walsh School of Foreign Service; Vice Chairman, Global Leadership Foundation; Former U.S. Assistant Secretary of State for African Affairs.

President  Lourenco said the government program that was approved two years ago by the vast majority of voters through the ballots has been implemented successfully.  “We are implementing a set of measures that are part of the government plan on Angola’s development in this space and some fundamental pillars, such as sustainable economic development, diversified and inclusive economic development, good governance, and the infrastructure development.”  The Angolan President stated that in order  to achieve these, it is necessary to attract foreign investment to its economy to diversify and increase domestic productivity, and thus ensuring the rise of export of various goods.

DIPLOMATIC TIMES VIDEO  /  President João Lourenço of south-central African nation  ANGOLA speaks at the Council on Foreign Relations in Manhattan, NY Sep. 23, 2019.

“The Angolan government is undertaking vigorous measures needed to combat and inhibit corruption so that Angola may improve its governance practices within the framework of the governing norms of democratic states and the rule of law. Angola is also working to implement anti-money laundering measures and to recover assets that have been transferred illegally to foreign countries.”

Angola Contributing “Substantially”  for the Settlement of the Prevailing Conflict in Region

DIPLOMATIC TIMES VIDEO  /  President João Lourenço of   ANGOLA speaks at the Council on Foreign Relations in Manhattan, NY Sep. 23, 2019.

“Angola is part of two important geopolitical regions—the southern Africa and central African region. Being away that peace and stability are essential to ensure security and sustainable development of countries, Angola has been contributing substantially for the settlement of the prevailing conflict in the region. Angola has been playing an active role in fostering constructive, peaceful dialogue amongst parties in conflict, advocating always for the respect for the rule of law and the legitimate interest of the parties involved. Thus happened, for example, in relation to the Democratic Republic of Congo, the Central African Republic, and Lesotho, and the Great Lakes region in general, where Angola’s role has contributed to the restoring of peace and security.”  President Lourenco. 

“The most recent case of Angola’s facilitation which brought to the same table the heads of state of Rwanda and Uganda for the signing of Rwanda memorandum of understanding is an evidence of this, and it’s already bearing its fruit.”