Ver Angola

Society

Rule of Law is essential to attract investment, says Minister of State for Economic and Social Development

The Minister of State for Economic and Social Development, Manuel Nunes Júnior, said this Monday that a true rule of law is "essential" to have confidence in the country.

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"We need to have a real rule of law in Angola. We consider the rule of law to be the essential element for agents to have confidence in the society in which we are inserted," he told the reporters on the sidelines one day after a journalistic investigation revealed financial schemes that allegedly allowed businesswoman Isabel dos Santos to withdraw about 100 million euros from the oil company Sonangol for consultants she controlled directly or indirectly.

In response to journalists who questioned the minister about what Angola could get out of the first United Kingdom-Africa Investment Summit, which took place in London, he said that "no one can be above the law, the law has to be the same for everyone".

João Lourenço succeeded in 2017 to José Eduardo dos Santos, father of Isabel dos Santos, at the head of the country's state and since then has promoted a campaign to fight corruption along with several measures to change the country's economic model.

Manuel Nunes Júnior said the country is living a new paradigm of governance to promote the installation of "a properly structured market economy" that is no longer dependent on oil.

The minister believes that the United Kingdom, as one of the world's main financial centres, can play a role in channelling necessary investments in areas such as agriculture, agro-industry, tourism, manufacturing, mining or telecommunications.

"We are at this summit to pass on this message and that more investments flow to Angola in various areas," he said.

British Prime Minister Boris Johnson said Monday in his opening speech that he wanted to make the United Kingdom the "favourite investment partner" of African countries and urged the leaders present to take advantage of the opportunities offered by post-Brexit.

The UK government's ambition is to make the UK the largest foreign investor in Africa by 2022 among G7 members, which also includes Canada, France, Germany, Italy, Japan and the United States.

For this first Investment Summit, Boris Johnson secured the participation of 21 of the 54 African countries, including 16 heads of state, from Côte d'Ivoire, Democratic Republic of Congo, Egypt, Ghana, Guinea, Morocco, Mozambique, Nigeria, Kenya, Malawi, Mauritania, Mauritius, Rwanda, Senegal, Sierra Leone and Uganda.

The President of the Republic, João Lourenço, cancelled the participation, having sent in representation the Minister of State of Economic and Social Development, Manuel Nunes Júnior.

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