The President of the Republic embarked on a two-day journey to South Korea this Monday, delving into discussions about business prospects in Angola, particularly focusing on the abundance of strategic minerals coveted by the Korean electronics industry.
During his visit to the Korean parliament, João Lourenço engaged in dialogues with Kim Jin-pyo, the president of the National Assembly, regarding the challenges of industrialization.
He emphasized a range of resources pivotal to bilateral relations, notably the strategic ores highly sought after by Korean industries, particularly in electronics, according to a statement from the presidency’s press services.
Furthermore, the President affirmed Angola’s participation in the forthcoming Korea-Africa Summit scheduled for June in Seoul.
Addressing the Angola-Korea Business Forum’s opening session, the President underscored the rapid economic expansion of South Korea.
He also highlighted Angola’s potential as the fifth largest economy in sub-Saharan Africa. Lourenço assured business leaders that the current private investment law grants freedom of capital movement, encourages partnerships, and offers access to tax incentives.
Expounding on ongoing infrastructure investments to bolster economic activities, Lourenço highlighted projects such as the Lobito Corridor—a pivotal railway connecting the Port of Lobito to the Democratic Republic of Congo border.
He also emphasized initiatives like the construction of logistics platforms and the Barra do Dande free zone, aimed at accommodating manufacturing units of industrial-based companies.
In addition, the President emphasized efforts toward modernizing ports and airports, enhancing energy transport and distribution networks to facilitate energy exports to neighboring countries.
He extended an invitation to South Korean investors to participate in the Lobito refinery project, noting Korean shipyards’ significant contributions to Angola’s oil sector infrastructure.
Regarding agriculture, Lourenço expressed Angola’s interest in joining South Korean initiatives supporting African countries in rice production through the “K-Rice Belt.”
He stressed the advantages of this project for Angola, not only in agriculture but also in expanding economic relations across various sectors.
Acknowledging Angola’s demand for automobiles and technological equipment from South Korea, Lourenço expressed interest in establishing manufacturing units for heavy machinery, automobiles, and electronics. He also encouraged investments in Angola’s burgeoning tourism sector.
Furthermore, Lourenço pledged to expedite the approval of the Reciprocal Investment Protection Agreement between Angola and South Korea, aiming to foster closer ties and capitalize on business opportunities.
Highlighting the significance of Korean investment in Angola, Lourenço emphasized the Angolan government’s openness to exploring mutually beneficial options to cultivate and sustain a stable relationship.
