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Mon, 18 Mar 2019 19:28 - Updated Mon, 18 Mar 2019 19:28

Diversification of economy boosts opportunities for US companies

Luanda - The US Assistant Secretary of State, John Sullivan said Monday that the economy's diversification policies implemented by the Angolan Government bring about great opportunities for US companies.

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US Assistant State Secretary, John Sullivan

Photo: Gaspar dos Santos

John Sullivan who was speaking  at the meeting on the importance of expanding economic and trade ties between the US and Angola, emphasized that US companies from various sectors can contribute greatly to the country's development by providing high quality goods and services through transparent processes.

The US official said that American companies are the main investors in Angola and most of them have been for decades.

The US diplomat said he had the honor of meeting the President of the Republic, João Lourenço and knows that the administration of João Lourenço is committed to increasing trade cooperation with the United States.

John Sullivan said that America's Africa Strategy can unlock many opportunities for the continent, from promoting security and prosperity in the United States and Angola, as well as on the African continent.

In addition, the Trump administration's strategy is focused on expanding economic opportunities, sustaining inclusive development, peace and security, including counter-terrorism, human rights and good governance.

According to the diplomat, through a prosperous Africa, the new presidential initiative will support American investment in Africa and accelerate the growth of Africa at the middle-class level, prioritizing employment opportunities for youth.

The US official said that given the enormous economic potential of Africa, the US administration has made investments as a key priority, and expects that by 2025, two thirds, estimated at 300 million African families, will have their own revenue, which will make Africa as main market for US companies.

From 2001 to 2017, US annual investment in Africa has grown from USD 9 billion to USD 50 billion, creating new opportunities across the continent.

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