Overview

Angola is a country located in south-central Africa. Angola has one of the world's fastest growing economies, and as sub-Saharan Africa's second largest oil exporter and third largest trading partner with the United States, Angola plays an increasingly vital role to U.S. interests. For Angola, 97 percent of its entire export market through the African Growth and Opportunity Act (AGOA) was in oil with modest exports of diamonds, wood and other items. In the context of significant oil price declines, the Government of Angola (GOA) is focusing heavily on economic diversification to diminish its dependence on imports and to build its exporting capacity. Angola gives special importance to the development of agriculture and agro-industry, fisheries, and manufacturing as part of its diversification strategy. The government's strategy focuses on promotion of Small and Medium Enterprises (SMEs) to generate additional revenue, reduce poverty, stimulate investment in infrastructure to reduce transaction costs, and improve the country's economic competitiveness. Since the civil war ended in 2002, Angola has made great efforts towards its development goals by creating a basis for private sector development. Despite these efforts much remains to be done and the government has shown political commitment to reach this goal of diversification.