Business: Angolan investment in Portugal rose 35-fold

Portuguese news agency Lusa reports that Angolan investment in Portugal rose 35% in the last decade.

Business Economy What's New — 22 August 2012 by Pedro Carreira Garcia
Business: Angolan investment in Portugal rose 35-fold

Angola‘s shopping spree in Portugal has seen a sharp rise over the last 10 years, as the oil-rich country has been betting on its former colonial power as a strategic investment door.

According to news agency Lusa, quoting data from trade and investment agency AICEP Portugal Global, Angolan capital invested in Portugal increased 35 times in the last decade, reaching €70.3m in 2011.

High-profile investments from Angola have been recently a hot issue in the media, after several Angolan holdings bought strategic stakes in banks (BCP, BPI, BIC), the energy sector (Amorim Energia), telecoms (ZON) and the media sector. According to Lusa, these investments have been mainly carried out by holdings and firms close to the African country’s government.

Isabel dos Santos, daughter of Angolan President José Eduardo dos Santos, is one of the biggest investors in Portuguese companies, owning stakes in banking (BPI, BIC), telecoms (ZON) and energy (Amorim Energia).

Also according to Lusa, Portuguese investment in the African country amounted to €246.4m in 2011.

In the first five months of 2012, the news agency reported, Angolan investment in Portugal amounted to €126.1m, while Portuguese investment in Angola came to €111m.

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