Oil accounts for 90 percent of Angola’s exports to India, which is why trade, currently estimated at US$4 billion, is favorable to the African partner, according to the ambassador to that country.
Pratibha Parkar made these statements, Monday 15th May, in Luanda, at the opening of the Angola – India Business Forum, held on the occasion of the visit of 17 companies affiliated to the India – Africa Chamber of Commerce, seeking greater knowledge of the market and new partnerships and investment areas.
According to the diplomat, products exported from India to Angola represent just around US$6 million in the trade balance.
In the view of Ambassador Pratibha Parkar, the economies of the two countries are complementary, as India has a thriving, vibrant business community, which also has a large talent base, with low-cost technology in the areas of Information, Telecommunications, Agriculture, among others, in which Angola has the potential to develop through solid partnerships, such as in agribusiness and much more.
In the last three years, he said, trade relations between Angola and India have been marked by ups and downs, as a result of the emergence of the Covid-19 pandemic and the impact of the war in Ukraine. Many countries have been affected by the global economic recession, but it can be said, according to Pratibha Parkar, that India has shown itself to be resilient in the face of adversity, a fact that allows one to foresee the strengthening of ties from the point of view of economic relations.
He recalled that in the 2021-2022 financial year, India recorded growth of around 9.0 percent and about 7.0 percent in the 2022-2023 period, with a forecast to grow this year by an average of 6.4 percent cent, supported by a robust base of domestic consumption and low external dependence.
“Our Government has worked hard to develop logistical infrastructure and industrial corridors, which allow us to say in just three words that India is a rapidly growing economy, undergoing industrial transformation and that it will continue to be a preponderant player in international politics. ”, he assured.
For the diplomat, like India, it can be said that Angola is also taking positive steps, despite the world economic situation marked by fluctuations. Proof of this, she said, is the fact that last year the country recorded growth of around 3.2 percent, with the prospect of continuing on the same path, as it becomes less and less dependent on the oil sector. .
“In Angola, we have a very small Indian community, and other countries on the African continent already have a more expressive representation, as there is a vast and diverse field of activities in which we can collaborate. I understand that few people in India have information about Angola and most of the references that Angolans have about India is through data provided by other countries. For this reason, we decided to bring this delegation made up of 17 companies affiliated to the India – Africa Chamber of Commerce to Angola”, he justified .
In turn, the secretary general of the India Africa Chamber of Commerce and Industry, Sunanda Rajendra, said that she had taken the initiative to bring this delegation made up of around eight sectors of great influence to the Angolan market, as the purpose is to establish contacts with the Angolan government and the private sector, especially with the Migration and Foreigners Service, in order to establish regular channels for doing business with India.
The chosen sectors were mining, food processing and supply, fertilizers, health services, supply of hospital equipment, fiber optic projects, solar energy installations, fisheries and others.
