The Angolan economy has attracted $1.7 billion in investments from global private sector entities in the last five years, according to the country’s Private Investment and Export Promotion Agency (AIPEX).

Chairman of the Board of Directors of AIPEX, Lello Francisco, disclosed that these investments have materialized into the realization of 211 projects, concentrated primarily in the productive sector encompassing manufacturing, agriculture and trade.

The projects initiated as a result of the investments are expected to create 70,000 direct jobs. However, factors such as the COVID-19 pandemic affected the flow of investment to the country, with the stated figures falling below AIPEX’s target.

As a result, AIPEX plans to adopt a new strategy aimed at optimizing investments, with a view to enabling local production of essential goods, curtailing imports and promoting skills development and training within the local workforce.