African nation wants major investment from Russia

Resource-rich Angola has pledged total support for Russian businesses

Russian businesses should actively invest in Angola's economy and its diplomatic mission in Moscow will support such initiatives in every possible way, the African country’s ambassador said on Tuesday.

Speaking to RIA Novosti news agency, Augusto da Silva Cunha said that Luanda is calling on the entrepreneurs to be more active as, so far, Russia’s business presence in Angola has been modest. He also pointed out that, after the start of the conflict in Ukraine, some Western nations have turned to Africa for resources, as some countries on the continent, including Angola, possess large oil and gas deposits.

"We want to motivate Russian businessmen to take advantage of Angola’s openness to foreign investment. We want them to participate in various projects to develop the country's economy, and to earn money as well," the ambassador said.

READ MORE: Southern African state may join Russia’s Mir Payment System – envoy

In an earlier interview with RIA Novosti Cunha said that Russian businesses have so far mostly invested in Angola’s diamond industry and its banking sector, but there are also projects being developed in the agriculture, transport and industry sectors.

Angola is a member of the Organization of Petroleum Exporting Countries (OPEC) and is the second-largest oil producer in Africa. It also has major natural gas reserves. The nation gained independence from Portugal in 1975.

Find more stories on economy and finance in TROIB business