€5.5m project aims to diversify Angola’s exports

The European Union and United Nations Conference on Trade and Development (Unctad) yesterday launched a four-year €5.5 million project aimed at diversifying Angola’s exports.

“We aim to help Angola build a more diverse, inclusive and resilient economy capable of eradicating poverty,” said Unctad secretary-general Mukhisa Kituyi.

The project will see the two entities providing strategic support to the country in order to reignite trade and growth in the economy by reducing its dependence on oil which accounts for 93% of total merchandise exports.

Kituyi said that when the oil price had crashed in 2014, Angola’s economic growth had flatlined as fuel exports generated less revenue leading to the country’s debt more than doubling since 2013.

“This programme aims to strengthen human and institutional capacities to develop strategies, policies and regulations related to international trade,” added Angola’s Minister of Commerce, Jofre Van-Dúnem Júnior. “The process of diversifying the national expert basket includes the opening of new clusters identified in emerging global trends.”

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