Angola is hopeful that the upcoming visit of U.S. President Joe Biden will spark increased foreign investment as the country strives to reduce its reliance on oil and shift away from dependence on Chinese capital. The visit, scheduled from October 10 to 15, marks Biden’s first international trip since stepping out of the U.S. presidential race in July.
Tete Antonio, Angola’s foreign affairs minister, described Biden’s visit as a positive sign for the strengthening ties between Angola and the U.S. “This visit will bring significant attention to Angola,” Antonio said during an interview at the United Nations General Assembly in New York. “It will encourage many to see Angola as an attractive destination for investment.”
For years, Angola has relied heavily on Chinese loans to rebuild its infrastructure, including roads, hospitals, and public housing, following the end of its civil war in 2002. The country currently owes China around $17 billion, much of which is tied to oil-backed loans. While Antonio affirmed that Angola’s relationship with China remains strong, he emphasised the need for growth driven by the private sector rather than foreign loans.
“We see the private sector as the key driver for the development goals we have set,” Antonio said, stressing Angola’s ambition to move toward a more sustainable and diversified economy.
One of the key points of Biden’s visit will be the U.S.-supported Lobito Corridor railway project. This 1,300-kilometre railway will transport vital minerals from central Africa’s copper belt to Angola’s Atlantic coast, positioning it as a significant infrastructure project in the region. The initiative is seen as the U.S.’s response to China’s Belt and Road Initiative, which has expanded Chinese influence across Africa.
Antonio highlighted the Lobito Corridor as the type of transformative project that could reshape African economies, particularly by enhancing trade and exports while generating local jobs. He also emphasised that such projects are vital for Angola’s efforts to move beyond the export of raw materials toward developing manufacturing capabilities.
“It represents a shift in how we think about development,” Antonio said. “It creates opportunities not only in transportation but also in sectors like agriculture and the processing of raw materials.”
Before its 27-year civil war, Angola was a major exporter of agricultural products such as coffee, cotton, corn, and bananas. However, the country now relies on crude oil for more than 90% of its export revenue, while importing most of its essential goods. With new investments and projects like the Lobito Corridor, Angola aims to regain its diversified economic strength and reduce its dependency on oil.
