On December 3, 2024, a consultative meeting was held in Kigali, where senior officials from both countries gathered to explore new avenues for collaboration. The Ambassador of Angola to Rwanda, H.E. Eduardo Filomeno Octavio, kick started the discussions by emphasizing the importance of enhanced bilateral economic relations.
"The relationship between Angola and Rwanda is not just about diplomacy, but about concrete cooperation that can benefit both nations," Octavio stated. He highlighted the significant potential for Angolan investments in Rwanda, particularly in sectors where the country has substantial growth opportunities.
He highlighted recent developments that pave the way for enhanced connectivity, such as the agreement which will allow direct flights between Kigali and major Angolan cities, expected to serve as a catalyst to boost trade and tourism.
'This is just the beginning. We are committed to making Angola a key investment destination for Rwanda,' he said.
Similarly, Michelle Umurungi, the Chief Investment Officer at the Rwanda Development Board (RDB), underscored Rwanda's enthusiasm for building stronger ties with Angola.
"Rwanda has long been a hub for innovation and a gateway to East Africa. We see Angola as an important partner in the region, with tremendous untapped potential," Umurungi said.
She pointed out that Rwandan investors have yet to fully tap into the opportunities available in Angola, particularly in the areas of agriculture, oil, and infrastructure. "While Rwanda has a strong track record of investments, we are eager to diversify and expand into Angola, especially in sectors like agribusiness and energy," she added.
Umurungi also noted that both governments are working to address the challenges faced by investors, including improving the ease of doing business and creating a conducive environment for cross-border investment.
'Rwanda's dedication to exploring new horizons alongside Angola is unwavering and together, we have the opportunity to create a sustainable partnership that will not only benefit our countries but also contribute to Africa's economic transformation," she said.
Jeronimo Pongolola, Executive Director of the Agency for Private Investment and Promotion of Exports of Angola (AIPEX), revealed the specific sectors where Angola is seeking foreign investment.
"Angola offers a wealth of opportunities in agriculture, energy, mining, and tourism. Its vast agricultural potential, with 35 million hectares of arable land yet only 15% is under cultivation, makes it an ideal location for investment in crop production, livestock farming, and agribusiness," he said.
In addition to agriculture, Pongolola revealed more about the opportunities in Angola's energy sector, particularly in renewable energy, as the country looks to expand its hydropower capacity, which currently accounts for 68% of its energy generation.
"We need partners who can help us enhance our power generation capacity and integrate renewable energy into the grid, as well as the booming mining industry, which is rich in resources like gold, diamonds, copper, and iron ore," he said.
Angola's tourism sector is also vibrant with ongoing projects like the Cabo Ledo and Calandula tourist poles that present lucrative opportunities for investment in hospitality and infrastructure.
AIPEX is actively working to create an environment that supports foreign investment through various incentives, including tax exemptions for projects in priority sectors. By focusing on key sectors Rwanda and Angola aim to deepen their economic collaboration and unlock opportunities that will benefit their citizens and the wider African continent.
Sam K Nkurunziza
