“We have been many, many years in waiting for this time. When peace came, everybody got mobilised to do the job,” he says. And perhaps what has made Mr de Morais’ tenure as finance minister one of progress, is that he understands the importance of foreign investment in the context of wider economic reform.
With increased success and tremendous growth in the country’s gross domestic product, FDI and foreign capital investment have in turn been rising. GDP stood at 21% in 2007, inflation was under control at 11.76% and Angola’s international currency reserves of about $15bn exceed external debt by three times.
Diversification from the oil sector is also a long-term goal, demonstrating the finance minister’s far-sighted view for the country’s economic development, as opposed to relying upon the quick gains these resources can offer.
The growth of the non-oil sector overtook the oil sector this year, proving that the long-term future of a country wrecked by war and economic instability just 10 years ago is now in safer hands.