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3 Jan, 2023 11:39

African nation wants major investment from Russia

Resource-rich Angola has pledged total support for Russian businesses
African nation wants major investment from Russia

Angola, the resource-rich African nation, has called on Russian businesses to invest in the country's economy, pledging full diplomatic support for new initiatives. 

Speaking to the RIA Novosti news agency, Angolan Ambassador to Moscow Augusto da Silva Cunha said that to date, Russia’s business presence in the country has been modest. However since the conflict in Ukraine began, Western interest in Angola's resources has spiked, particularly in the country's oil and gas deposits.

"We want to motivate Russian businessmen to take advantage of Angola’s openness to foreign investment. We want them to participate in various projects to develop the country's economy, and to earn money as well," the ambassador said.

In an earlier interview with RIA Novosti Cunha said that Russian businesses have so far mostly invested in Angola’s diamond industry and its banking sector, but there are also projects being developed in the agriculture, transport and industry sectors.

Angola is a member of the Organization of Petroleum Exporting Countries (OPEC) and is the second-largest oil producer in Africa. It also has major natural gas reserves. The nation gained independence from Portugal in 1975.

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