DESPITE BEING A LUSOPHONE COUNTRY BETWEEN ANGLOPHONE AND FRANCOPHONE COUNTRIES, ANGOLA PLAYS A VITAL ROLE IN SOUTHERN AFRICA BOTH AS A MEMBER OF THE COMMUNITY OF PORTUGUESE LANGUAGE COUNTRIES AND AS THE SOUTHERN AFRICA DEVELOPMENT COMMUNITY, BEING A SIGNATORY TO THE CONTINENTAL AFRICAN FREE TRADE AGREEMENT. IN EFFORTS TO OPEN ANGOLA’S BORDERS, A 2018 LAW ALLOWS EXEMPTION AND FACILITATED THE PROCESSING OF A TOURIST VISA.
The country’s external imbalances created a shortage of foreign currency, which dampened growth in the non-oil sectors. Nevertheless, Angola is expected to emerge from the recession with real GDP growth of 1.2% in 2019 and 3.2% in 2020. The recovery will be driven mainly by the production and export of diamonds, agriculture and construction. The move to a floating exchange rate regime in 2019 could eventually eliminate the difference between official and parallel market exchange rates.
To attract foreign investment, a new private investment law was passed in 2018, reducing the minimum capital requirement, facilitating capital repatriation and eliminating the requirement for local investors to have a 35% stake.