Portuguese companies resist the crisis and reinvent themselves in the angolan market

The delegate of the Agency for Investment and Foreign Trade of Portugal (AICEP), in Angola, Miguel Fontoura, in an interview with Lusa, coinciding with the celebration of Portugal Day at the Luanda International Fair (FILDA), outlines a moderately optimistic perspective for the next two years and encouraging in the medium term.

Companies are looking with moderate optimism to the next two years, but especially to the medium term, five to ten years from now. Angola is really making a diversification effort that will bear fruit, now that doesn't happen overnight", highlighted the AICEP official.

Portuguese and Portuguese-Angolan businessmen were recently with Marcelo Rebelo de Sousa, at a dinner that marked, on Sunday, the end of his recent visit to Luanda, where the Portuguese President had the opportunity to listen to the sentiment of the business community in Angola.

"It was very useful for the President to have a picture of the difficulties, triumphs, anxieties and prospects for the future", noted Miguel Fontoura, highlighting among the main points the fact that Portuguese companies continue "to believe in the market " Angola and have reinvented and resisted, at a time when the country enters its sixth year of economic recession and, like the rest of the world, is suffering from the negative impact of the pandemic.

Among the concerns expressed by entrepreneurs are the new Ómicron variant, due to the uncertainty it poses in terms of the movement of people, as well as the difficulties of a market that "is very promising", but continues in a recessive cycle.

Miguel Fontoura underlined that AICEP has been supporting companies, identifying business opportunities and promoting partnerships with Angolan and Portuguese entities, but also acting together with the Portuguese Government in the settlement of late payments.

The same official highlighted the efforts that have been made to "resolve these problems case by case", ensuring that "giant steps" were taken in the last three years, with many companies recovering their credits.

Also positive has been the "exchange normalization" which gives "more security to companies". "The normal would be – and we are heading towards that, I believe – an economy that has the convertible kwanza so that transactions are carried out in kwanzas as they could be carried out in Swiss francs or Swedish krona", emphasized Miguel Fontoura, stressing that "technically" there is not issues that impede the repatriation of profits, although there may be "one-off issues" related to the shortage of foreign exchange.

The AICEP delegate also welcomes the strengthening of "business solidarity" and added that, at a dinner with Marcelo Rebelo de Sousa, the idea of ​​creating an informal forum for businesspeople to exchange experiences and address relevant issues was launched.

"We have more than a thousand companies in Angola and many do not know each other", he said, announcing that the AICEP intends to organize, next year, in the event of relief from the restrictions against covid-19, trade and investment seminars in Huambo, Huíla and Benguela to promote contacts and bring entrepreneurs together.

"The idea is for us, AICEP, to take companies – that are here and that want to come from Portugal – in coordination with the provincial governments, which will also select local entrepreneurs, to promote the 'networking' from which business opportunities and partnerships can emerge ", he explained, defending that companies should look outside Luanda.

This year, AICEP also took "a step forward" and mobilized the joint presence of a dozen Portuguese companies in the return of the 36th edition of FILDA, after the interruption of 2020 and three postponements this year, due to the situation pandemic.

This year, Portugal will ensure the largest international representation at the event, which runs until Saturday, with companies from the construction, agri-food, metalworking and information and communication technology sectors.

"We wanted to show that it is during difficult periods that we are present and in Angola, where we have such a strong strategic interest, we could not not be present at FILDA", he reinforced.

Asked if the results are worth the investment of exhibitors, Miguel Fontoura pointed out that the return is not always immediate. "It's about creating a relationship and nurturing that relationship, which could lead to a deal. Sometimes it can happen at the fair, but most deals don't happen at FILDA. People at FILDA know each other, for establish a relationship and then sign a contract," noted the AICEP delegate in Angola.