Foreign governments are noticing the county’s potential, too. Angola has recently inked some promising partnerships with Western powers. The US Geological Survey signed a protocol on November 2023 to establish scientific cooperation between the two countries. The US will support Angola in mapping its mineral resources, which could help attract more investment into the region. This was followed by a historic visit by Secretary of State Antony Blinken to the country in January.
The US, along with the EU, is also supporting the development of the Lobito Corridor rail project, including launching a feasibility study into how to connect the south of the Democratic Republic of Congo and north-western Zambia to regional and global trade markets via Angola’s Port of Lobito. The corridor could be used to transport mineral wealth from the region.
Additionally, in November 2023, the EU and Angola signed a sustainable investment facilitation agreement, which is expected to attract new finance from the bloc to sectors where Angola's potential is currently untapped, including critical minerals.
One of the reasons for this new interest, perhaps, is Angola’s improved profile and reputation as a stable country, which its government is trying to cultivate. The country, which has a history of civil war and well-documented corruption challenges, was admitted to the Extractive Industries Transparency Initiative in 2022, which means it will face more scrutiny, but could also gain more investment if it complies.
Under President Joao Lourenco, the government is also embarking on a major drive to reform and privatise the economy, including the partial listing of oil behemoth Sonangol and diamond producer Endiama, which pertain to increased transparency.
Furthermore, Angola’s National Development Plan up to 2027, approved last year, is said to position the country well for foreign investment and collaboration.