On Thursday, the second day of the 2nd edition of the Angola Economic Forum, experts discussed the future of the oil industry and the dynamization of transport to bolster the national economy.
Maria do Carmo Bernardo, President of the Board of Directors of Banco de Fomento Angolano (BFA), highlighted the forum’s significance in her opening remarks.
She emphasized that the event provides a crucial platform for specialists and stakeholders from various fields to exchange experiences and knowledge, contributing to the country’s development and growth.
Regarding the transport sector, Bernardo noted substantial growth over the past three years, driven by significant improvements in collective road passenger transport, both inter-urban and inter-provincial.
Analysis of import data for the sector revealed considerable investment in the road and railway subsectors during 2022 and 2023.
Looking ahead to 2024 and beyond, the reduction of fuel subsidies is expected to enhance the importance of public passenger transport.
Similarly, cargo transport is anticipated to grow, particularly with recent developments in the Lobito Corridor and the Port of Luanda. The transport sector is thus poised for continued expansion.
BFA’s Research Office estimates that the oil sector will remain crucial, contributing the majority of export and tax revenues.
Projections indicate a slight recovery in production by the end of 2024, following the trend of the past 18 months.
The 2nd edition of the Angola Economic Forum, organized by Kwanza Economics, was held on June 12-13.
