Angola moots tax breaks for investors in diamond industry
By Freeman ya Ngulu.
Diamantino Azevedo, the Minister of Minerals, Oil, and Gas in Angola, anounced last week that the Angolan government intends to provide tax incentives to draw more investors in the diamond-polishing industry.
The minister made the declaration at the opening of the fifth diamond-cutting facility at the Saurimo Diamond Development Park in the province of Lunda Sul.
Azevedo emphasized that his ministry would keep working to improve conditions for industries in the industrial park, especially in response to company complaints regarding a lack of fiscal incentives. He stated that the incentives promote competitiveness, create more job opportunities for young people, and facilitate technology transfer.
According to the minister, the park significantly contributes to the nation’s economic diversification, generates direct employment, provides training possibilities, and inspires people.
The first phase of the Saurimo Diamond Development Park project, which will be completed in 2021, is expected to cost US$77 million. It presently has five diamond-cutting factories, a training facility, and more than 305,185 square meters of space.