The report, produced by the Chamber of Commerce and Industry Portugal – Angola (CCIPA), carried out in partnership with the consultancy PwC and AICEP (Agency for Investment and Foreign Trade) is based on a survey of 43 managers, with the main sectors of Activity represented by construction and real estate (16 percent), manufacturing industries (14 percent), and consultancy (14 percent).
The document highlights that Angola presents many opportunities for sustainable investments, but also significant challenges.
Investors pointed to several obstacles that could make it difficult to fully realize the country's potential, including dependence on oil; the regulatory environment; infrastructures; corruption; access to financing; security; economic diversity; and worker training.
The challenges cover several areas, but the majority of managers interviewed consider that access to foreign exchange (93 percent), inflation and interest rates (70 percent) and bureaucracy (53 percent) are the main obstacles to investment business in Angola.
In terms of internal management, hiring employees with the necessary skills and late payments by customers are the challenges most identified by managers (around 70 percent of respondents).
Entrepreneurs consider that having qualified and motivated teams is essential to achieving high levels of productivity and innovation, but "the recruitment and selection process faces several challenges such as the fact that the educational system in Angola is still in the development phase and the complexity bureaucratic in obtaining work visas for foreigners", the report highlights.
The Barometer highlights the importance of creating a more favorable environment for investment and Angolan business development, pointing out actions to mitigate challenges such as encouraging efficient management of foreign exchange, working on strategies to combat its scarcity, facilitating complex administrative processes and invest in the training of qualified labor.
In economic terms, only 9 percent of managers reveal an optimistic feeling regarding the evolution of the international economy, and 14 percent regarding the economic evolution of Angola, given the high degree of uncertainty at national and international level.
Most companies (63 percent) are cautious, but 47 percent of managers expect an increase in their company's revenue in 2024.
"Political volatility, the need for greater transparency and economic challenges must be carefully considered when planning new investments", it is highlighted, adding that risk mitigation strategies, thorough market analysis and staying up to date with regulatory changes are essential for success.
"We can conclude that Angola presents a promising scenario for investments, with significant potential for return for those who are prepared to face the challenges and take advantage of the opportunities offered", the document highlights.
The Managers' Barometer, in addition to topics related to the economic environment in Angola, addresses other disruptive topics for companies, such as the application of technology in general, artificial intelligence and the growing importance of cybersecurity.
