info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Image from International Investment
As Angola seeks economic diversification, the construction of key sectors such as infrastructure will continue to grow.
President João Lourenço's recent and first visit to Beijing in October 2018 proved to be beneficial, having secured $2bn in financing from the China Development Bank.
According to President Lourenço, the financing will be used to develop transportation facilities, including roads, railways, ports and airports.
Domestic spending and foreign visitor spending has been stable year over year, creating thousands of jobs across the country. According to the World Travel and Tourism Council's Travel and Tourism Economic Impact 2018 report, the industry generated 110,500 direct hospitality jobs in Angola last year, which includes hotels, travel organizations, airlines, and other transportation services companies.
The number is expected to increase to 147,000 by 2028. Improved infrastructure has the potential to positively impact leisure travel spending, which generated approximately 70% of direct travel and tourism GDP last year, according to the report.
While it might take some time to see new projects come to life, it’s clear that the new leadership is working hard to ensure that Angola utilizes the resources it has while seeking new funding to reach its full potential.
