Japanese investment to kick-start second phase of Angolan port development
31 Jan 2019 - by
A Japanese group, Toyota Tsusho, has pledged to invest US$600 million in a development project in Namibe Bay, southern Angola, according to an order signed by Angolan President João Lourenço.
This investment will kick-start the second phase of modernisation of the 60-year-old port. This includes the full refurbishment of the docks and the paving of the container yard.
The Angolan government intends to make the port of the city of Moçâmedes (formerly Namibe) one of the most dynamic and competitive in southern Africa, becoming an industrial, logistics and services hub in Southern Angola and a benchmark port for that African region.
The Toyota Tsusho group, originally established in 1936 under the name Toyoda Kinyu Kaisha, is the commercial arm of the Toyota conglomerate and is involved in various business areas in 39 countries, including 34 in Africa.