Ver Angola

Raw Materials

PR waves strategic minerals during visit to South Korea

The President of the Republic began a two-day visit to South Korea this Monday, addressing business opportunities in Angola, namely the existence of strategic minerals in great demand by the Korean industry, in the area of electronics.


João Lourenço, who visited the Korean parliament, spoke with the president of the National Assembly, Kim Jin-pyo, about the challenges of industrialization and pointed out a set of resources with relevant importance in bilateral relations, such as the existence of strategic ores in great demand by Korean industry, including electronics, according to a note from the presidency's press services.

The President also confirmed that Angola will participate in the Korea-Africa Summit scheduled for next June in Seoul.

The chief executive then spoke at the opening of the Angola-Korea Business Forum, pointing out the rapid economic growth of the Asian country, as well as the potential of Angola, the fifth largest economy in sub-Saharan Africa, and told businesspeople that the current private investment law "confers freedom of movement of capital, formation of partnerships and access to tax benefits".

João Lourenço also referred to ongoing investments in infrastructure to support economic activity, such as the Lobito Corridor - a railway line that crosses Angola, connecting the Port of Lobito on the Atlantic coast to the border with the Democratic Republic of Congo - construction of logistics platforms, and Barra do Dande free zone, which will house manufacturing units of industrial-based companies.

He also focused on the modernization of ports and airports, improvements in the energy transport and distribution network, to be able to sell energy to Angola's neighboring countries and the Lobito refinery project, in which he invited South Korean businessmen to invest, remembering that " Korean shipyards have their fingerprint on the oil sector in Angola".

"Many of the Angolan crude oil exploration, production, storage and transport facilities were built here", he highlighted, expressing interest in establishing naval equipment maintenance companies in Angola.

In the agricultural sector, João Lourenço stated that, as rice is one of the main products of the food security program, Angola is interested in joining the South Korean authorities' initiative to support African countries in the production of this cereal, through the "K- Rice Belt".

"Angola also intends to integrate this project, recognizing the countless advantages it can bring to our country, not only in the field of agriculture, but also in expanding our economic relations in other sectors", highlighted the head of state.

João Loureço noted the great demand in Angola for automobiles and technological equipment produced in South Korea, revealing interest in the installation of heavy machinery, automobile and electronics manufacturing units and also invited businesspeople to invest in the development of the country's tourism potential .

The chief executive also said that he will accelerate the approval for the entry into force of the Reciprocal Investment Protection Agreement between Angola and South Korea, for greater proximity and taking advantage of business opportunities.

"The Angolan authorities recognize the importance of [South] Korean investment in Angola and are open and available to find the best options so that a stable relationship with mutual benefits can be built and preserved", he highlighted.


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