ANGOLA Trends and Developments Contributed by: João Afonso Fialho, Marizeth Vicente and Lukeny Pascoal, VdA
the EITI to reduce corruption, support transpar - ency and accountability reforms, improve the investment climate, and better mobilise domes - tic resources. The move aims to attract inves - tors by demonstrating Angola’s commitment to transparency and gaining foreign investor confi - dence. This initiative is part of broader efforts by the Angolan government to fight corruption and establish the country as a transparent, reliable and investor-friendly jurisdiction. The launch of the new diamond bourse, initially scheduled to take place on an experimental basis, with the Ministry of Finance in charge of supervising the sector’s tax regime, auditing, tax collection and tax revenues, has been post - poned a number of times. The diamond bourse will be the first infrastructure to be established in the country for the open trade of diamonds and other valuable gemstones, which could add val - ue to diamonds and gemstones produced within national territory. In a second phase, the authori - ties plan to implement the diamond bourse in permanent facilities at the Lunda Sul Diamond Development Hub, where construction work on the mega-project to host all services is under way. The creation of the bourse and the increase in diamond production will reduce illegal pro - duction and enhance the bargaining power of Angolan gemstones, further developing the pre - cious stone cutting industry, which is expected to reach 20% of total diamond production. To establish the bourse, Angola may co-operate with the Antwerp World Diamond Centre (AWDC) in the field of diamond trading. Finally, it is worth noting that, although the country appears to remain committed to decar -
bonisation, there are currently no specific deadlines in this regard, because, according to the Angolan Executive, a reasonable balance must be achieved – on the one hand, climate change represents a global concern that must be addressed by all countries; on the other hand, however, Angola remains heavily dependent on the exploration and production of mineral resources (since 90% of the country’s revenues come from oil, natural gas, and diamonds). The Angolan government thus intends to progres - sively improve its decarbonisation process, while maintaining the exploration and production of natural resources throughout their useful life. According to a senior official from Angola’s Min - istry of Environment, the country is committed to transitioning to a less petroleum-dependent economy while ensuring that this transition does not harm its communities. Angola “is a country that is highly engaged in the decarbonization process and in a just tran - sition, because the largest contributor to the GDP (Gross Domestic Product) comes from oil exploitation,” stated the head of the Mitigation and Adaptation Directorate of Angola’s Ministry of Environment at COP29 on 22 November 2024 in Baku, the capital of Azerbaijan. Recognising that “the process of a just transi - tion is very necessary,” the official affirmed that the country “is committed to transitioning to an economy that does not rely so heavily on oil” and to implementing measures that have already resulted in 60% of electricity production coming from renewable, hydro and solar sources. She also argued that the transition should be done “at the pace of the countries and without harm - ing their communities.”
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