In the past month of June Bank Zachodni WBK and Expandglobe organized a roundtable with the title “Winning in Angola, a Top Leadership Approach”. This was one of the major events already organized in Warsaw about the business potential and about the business opportunities of Angola. More than 30 Executives revealed their curiosity for the insights shared by Bank Zachodni WBK, Expandglobe and Asseco about the opportunities and strategies to be successful in Africa and in Angola.
The growing interest for the market of Angola follows the quick economic development of Africa and particularly of this country. It follows also the promotion made by the Polish Government with the Go Africa program, which intends to diversify Polish business relationships from its Europe dependence. Angola is the third largest economy in the sub-Saharan Africa, second largest oil-producer, and boosts one of the 10 highest GDP growth rates in the world. Its GDP per capita is the quickest growing in Africa and the country is in a quick development path financed by its wealthy natural resources and strong oil industry. Indeed no other country has in Africa such resources per capita to invest in its economic development as Angola does. With 50% of its population under 18 years of age, the country is expected to double population in 20 years.
With its big infrastructure development program and with the structural need of foreign expertise, know-how and support, Angola needs strong partnerships and is indeed looking for new Country Partners that can co-invest and develop the country together. Poland is very well placed to take part on this role and it was just selected by the Angolan government as one of the key Partners to promote businesses with. Sectors such as food, agriculture projects, machinery, mining industry, power production, ICT, modern distribution are among areas where there are strong match making possibilities that can highly suit the business interests of both Poland and Angola.
Further roundtables and business missions to Angola are also scheduled for this year in the scope of the cooperation between Bank Zachodni WBK and Expandglobe.
Key Recommendations to approach Angola
- Homework – it´s a very competitive market, it´s different from western practice and so needs to be well understood before decisions are made. The well-prepared companies can reap very big returns.
- Senior level commitment – Angola still has a vertical decision making process. In order to be able to approach correctly and in a serious manner the top management of Angolan companies, Polish firms must invest in taking the decision makers to the market.
- Package offerings – understand the whole value chain and offer an integrated solution. Too many companies reach Angola with solutions that lack an integrated approach to the local needs of the market and an understanding of the local dynamics.
- Financing arrangements – for investment projects or for large supply projects, understand well the financing arrangements that can be provided by the Banks to the local Partners. This can make be crucial to differentiate the robustness of the package solution offered to the market.
- Vision of sustainable commitment to the market – trading is a viable option to start but Angola recognizes well the Companies that are committed to contribute for the country development with structural projects.
- Networking and Partnerships – the opportunities and the information is accessible only locally by talking to people and by talking to people that trust you. There are no easily accessible market reports, you need to have feet on the ground to grasp and assess the opportunities and to make correct decisions.
The advises are a contribution of Expandglobe