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Wed, 06 Feb 2019 16:54 - Updated Thu, 07 Feb 2019 08:27

Head of State wants more Italian investment

Luanda - The President of the Republic, João Lourenço, Wednesday in Luanda reaffirmed the importance of Angola and Italy to diversify investment and bilateral cooperation, which is restricted to health, agriculture, education, transportation, oil and defense.

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PR João Lourenço (à dir.) com homólogo da Itália, Sergio Matarella

Photo: Pedro Parente

President of Republic, João Lourenço

Photo: Pedro Parente

The two countries have trade turnover valued at USD 1.341 billion, of which 1.1 billion correspond to Angola's exports to Italy, mainly petroleum products, and 341 million imports from Angola, based on machinery and equipment from Italy.

According to the Angolan Head of State, who was speaking to the press, on the sidelines of a private meeting with his Italian counterpart, there has been a significant improvement in the business environment in Angola in the last 12 months, which is why he encourages greater Italian investment.

Joao Lourenço said that the issue of economic cooperation received special attention in the meeting, held in the framework of the visit of the Italian statesman, to run until Thursday February, 7.

The Angolan head of state highlighted the role of the Italian oil company ENI and expressed the desire to see Italian companies from other sectors of the economy operating in Angola.

Angola and Italy have had cooperation relations since 1977, at which point they signed a memorandum establishing the Bilateral Commission, then the Joint Committee on Cooperation, followed by the signing of other legal instruments.

Of these legal instruments signed, they stand out in the areas of defense and international security, collaboration in humanitarian operations and in support of peace, demining, medical and medicine assistance.

Angola is currently the third largest trading partner of sub-Saharan Africa in Italy.

In 2013, the total value of trade between the two countries amounted to 891 million Euros, with 348 million Euros made through Italian exports.

Italy was the first Western European country to recognize Angola's independence on February 18, 1976.

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