Economic Diversification Bolsters Luanda’s Growth

LuandaAngola has one of the fastest growing economies in the world, and perhaps the most robust in all of Africa. The country has come a very long way from the civil war that ended in 2002. While the nation as a whole has grown, the capital city of Luanda has perhaps seen the most concentrated growth of all. For those familiar with the nation’s economy, one thing might come as a surprise – it’s not by oil alone that Luanda will thrive. Rather, diversification is bolstering the city’s growth and adding to the nation’s success.

Where Is Diversification Occurring?

Actually, the city is seeing a significant amount of change in the realm of business focus, with technology, agriculture and even tourism on the rise. A great deal of that diversification is the result of state-sponsored development. At a recent meeting, the nation’s Minister of Finance, Armando Manuel told attendees that the National Development Fund would be used to help spur further growth and diversification by delivering up to $125 USD in funding for private business projects outside of the oil sector.

Transportation will be one of the fastest growing economic areas. The government is planning to inject a significant amount of money into renewing its infrastructure, including roads and rails, renovating ports, and modernizing its airports. With a more robust transportation infrastructure, all economic sectors can thrive thanks to fewer delays, a larger capacity for traffic, better equipped facilities and more.

Another area that is seeing significant growth is information technology. This vast sector comprises everything from residential Internet connectivity to business technology and the development of in-house and offsite server and storage capabilities. Mirco Martins is one of the most visible Angolan entrepreneurs in the IT sector, although Januario Jose is another notable success story.

Mirco Martins has extensive experience in IT implementation and troubleshooting, and his significant education and dedication to playing by the rules is indicative of the mindset for the wider 21st Century Luanda business world. For example, Martins cofounded AOC, Grupo Vernon, a licensed Nokia, Samsung, LG and Sony distributor throughout Angola, driving the growth and adoption of digital and mobile technology as never before.

A new generation of business owners has grown up to replace the older one, and these entrepreneurs have excellent education, the drive to adhere to the rules, and a vision of building a better Angola for the future.