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Angola domestic production reduces pressure on foreign currencies

Angola Finance Minister Archer Mangueira said last week in Luanda that the use of domestic raw materials reduces pressure on the balance of payments and helps the country accumulate foreign exchange.

The governor, who was speaking to the press on the last day of the 1st edition of the Furniture and Wood Industries Fair of Angola (FIMMA), which was held under the motto “More Industry, More Jobs and More Angola”, emphasized that the national production quality is good and gives a signal that there should be continued support to entrepreneurs in the industry that opt to use domestic raw materials, as it will help reduce pressure on the balance of payments.

With the use of national raw material, he said, the State spends less money on imports of wood and other accessories, taking into account the existing capacity in the country.

“At the level of the Ministry of Finance there is a great commitment of the teams working with the associations in the readjustment of the new customs tariff as well as enabling financial instruments for entrepreneurs to carry out their projects,” he said.

The exhibition counted on the participation of 50 national companies from the provinces of Luanda, Huíla, Huambo, Bengo and Cuando Cubango.

The initiative of the Ministry of Industry aimed at encouraging the increase of domestic production and the consequent reduction of imports of furniture and other products derived from wood.

FIMMA2019 was opened last Wednesday by the Minister of State for Economic Development, Manuel Nunes Júnior.

Source: Angop

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