ZIMTRADE, the country’s export promotion body, has urged local companies to venture into the Angolan market to boost their businesses which are currently operating below 50% capacity utilisation.
ZimTrade chief executive officer Sithembile Pilime said she was optimistic that companies would exploit trade and investment opportunities in Angola.
“The Angolan Market Research generated specific information on possible business opportunities as well as other useful market-related information,” Pilime said.
“Since the introduction of the multi-currency regime in 2009, Zimbabwe’s trade performance has not been satisfactory and the balance widened from $1,3 billion in 2009 to $4,1 billion in 2013. Increasing exports, particularly those of value-added products, will play a major role towards the reversal of this unsustainable situation.
“We are fully aware that doing business in external markets carries business risks, hence decisions should be premised on quality data information. It is my hope that those of you with real potential to do business in Angola will soon be taking steps to be taking steps to explore this market,” Pilime said.
Presenting the Angola Market Research findings on Friday, Africa Corporate Advisors executive director Mike Nyamazana said opportunities for Zimbabwe products in Angola were in the construction/construction materials, manufacturing, fresh produce, meat and processed foods, agricultural implements, professional services and retail shops, among others.
“Angola is well endowed with a wide range of natural resources and good agricultural climatic conditions. The mining sector is being resuscitated and the government is looking for potential investors,” Nyamazana said.
“Almost 90% of the goods used in the country are imported and these include foodstuffs, consumer goods, capital goods, machinery and vehicles, among others. Angola’s annual import bill is of the order of $20,5 billion per year, hence this presents an opportunity for Zimbabwe to supply some of the requirements as it has a distance advantage.”
Nyamazana urged companies interested in doing business in Angola to follow their business laws, label their products in Portuguese and make joint partnerships with local Angolan companies to be legible to access financial services.