December 3, 2023

Angola plans tax incentives for diamond-cutting investors

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Angolan Minister of Mineral Resources, Oil and Gas Diamantino Azevedo announced Saturday that the country intends to create tax incentives to attract more investors to the diamond-cutting sector.

The announcement was made by the minister at the inauguration of the fifth diamond-cutting factory at Saurimo Diamond Development Park in Lunda Sul province.

Azevedo stated that the incentives aim to promote competitiveness, create more job opportunities for young people, and facilitate technology transfer, while emphasizing that his ministry would continue to work toward creating better conditions for industries installed in the park, particularly in response to company complaints regarding a lack of fiscal incentives.

Azevedo noted that the park is a significant contributor to the country’s economic diversification and creates direct jobs, offering training opportunities and motivation.

The Saurimo Diamond Development Park, inaugurated in 2021, is a project with an estimated 77 million U.S. dollars in investment in the first phase. Currently, the park, covering more than 305,185 square meters, has five diamond-cutting factories and a training center.(Xinhua/NAN)

Ismail Abdulaziz

DD/Website & State House Bureau NAN, Abuja.
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