Angola has been an oil-led industry for decades, but reforms and policies are changing the business landscape to facilitate more investment in the country. If your organisation is planning a move to Angola, you may be faced with a few challenges from a legal, cultural, and employment perspective and this may be time-consuming for you.
International companies and organisations expanding into new territories often engage reliable local partners who specialise in business process outsourcing, including employment outsourcing solutions where resources need to be employed in-country and paid correctly. At Africa HR Solutions, our experts with local insights are here to help you with all the Angola outsourcing support you may need to ensure your successful expansion.
Country Profile - Angola
Gross Domestic Product (GDP): $72.55 B
GDP Growth: 0.7%
Foreign Direct Investment (% of GDP): -3.5%
Unemployment Rate: 8.5%
Currency: Angolan kwanza
Languages: Portuguese, French, English, Bantu
Angola is known to be abundant in minerals, fisheries, agriculture, and hydrocarbons. The country’s oil industry covers one-third of GDP and with crude oil constituting more than 90% of total exports. In 2018, a private investment law in the country was ratified – the law aims at minimising capital requirements, facilitating the repatriation of capital, and abolishing the requirement that local investors hold a 35% stake.
With regards to boosting economic growth, diversifying the economy, and increasing the participation of the private sector, the National Agency for Investment Promotion and Export (APIEX) is working towards this growth model to ensure the smooth transition of Angola from a state-led oil country to a private sector-led one, whilst ensuring the oil industry still holds a fundamental role to grow the economy and creates more employment.
Out of 190 countries, Angola was ranked 177th in the World Bank’s Ease of Doing Business 2020. In 2019, a flexible exchange rate policy contributed to lighten the impact of reduced oil prices on international reserves, while a V-shaped recovery is expected going forward as fundamental pre-pandemic plans have been implemented.