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Angola invites Indian investment

Written by: Staff
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New Delhi, May 11 (UNI) India, with its high level of technical know-how and scientific knowledge, is best suited for investing in war-ravaged Angola.

Speaking at an interactive session organised by the Confederation of Indian Industry (CII) here today, Angola Minister for External Relations Dr Joao Bernardo de Miranda said, ''India ranked very high among the countries in the world with an educated manpower, and that is why we are here to seek the country's help in the area.'' Pointing out to the investment-friendly climate in Angola, he said that in the last few years it had made a lot of progress in economic reforms and there was increased respect for private property and private investment under the new regime.

Tracing the history of the India-Angola relations, the Minister stated that both countries had very strong historical and political ties which should be converted to better the economic situation in Angola.

The high level delegation earlier met Prime Minister Manmohan Singh, Minister for Commerce and Industry Kamal Nath and Petroleum Minister Murli Deora, to discuss the possibilities on investment and trade ties between the two countries.

Angola Ambassador Antonio D' Costa Fernandez, in his address, stated that even though Angola had been inviting foreign investors for quite some time, the transfer of technology was not coming to the country, thereby making it difficult to learn techniques of modern business and production.

He said that today Angola needed the 'Lines of credit' and ''India is now in a position to afford Angola those lines of credit geared towards private and public economic ventures capable of backing up Angola's gradual macro-economic adjustment.'' He added that India could help Angola in the fields of education, science and technology, medicine and telecommunication since it had expertise in working in poor areas like those in Angola.

UNI RA DB2109

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