“Angola has many areas for increased cooperation with Korea in mining, related areas”
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“Angola has many areas for increased cooperation with Korea in mining, related areas”
  • By Publisher Lee Kyung-sik with Reporter Lee Ji-hy
  • 승인 2022.07.26 15:44
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Interview with Director General Canga Xiaquivulia of Geological Institute of Angola

By Publisher Lee Kyung-sik with Reporter Lee Ji-hyun

Director General Canga Xiaquivulia of the Geological Institute of the Republic of Angola said, “There are many areas in my country where Korea can cooperate for mutual benefit, especially in the development of mining and mineral resources.”
Speaking at an exclusive interview with The Korea Post media at the Embassy of Angola in Seoul on July 22, 2022, Director General Xiaquivulia said, “We came to Korea this time to explore the possibilities of promoting cooperation between the two countries in the geological area.”
Director General Xiaquivulia said, “We are a member of AKEDA (Africa-Korea Economic Development Association) and we work together in close cooperation with each other cooperating also with Korean companies in Angola.”
Here are excerpts from the interview with Director-General Xiaquivulia:

 

Director General Canga Xiaquivulia of the Geological Institute of the Republic of Angola (right) poses with Publisher-Chairman Lee Kyung-sik of The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985.
Director General Canga Xiaquivulia of the Geological Institute of the Republic of Angola (right) poses with Publisher-Chairman Lee Kyung-sik of The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985.

Question: Please introduce your organization and brief us on the main purpose of your visit to Korea?
Answer:
The Geological Institute of Angola (IGEO) is a geoscientific research institution that aims to study the geological-mining potential of Angola. IGEO is supervised by the Ministry of Mineral Resources, Petroleum and Gas of the Republic of Angola.
I came to Korea to conduct an in-depth local survey and get various information whether Korea has interest in mining and in the development of mineral resources in Angolan territory. 
Moreover, I am in Korea to sign an MOU with AKEDA (Africa Korea Economic Development Association), an economic organization under the Ministry of Planning and Finance of the Republic of Korea.

Q: Many Korean companies are seeking new investment destinations after coming out of China. Are there any fields in Angola where Korean businessmen make investment?
A:
Angola has great potential in mining and mineral resources. IGEO provides specialized services for the mining sector and related activities in Angolan territory, possesses equipment and materials.
In particular, we boast of green energy such as cobalt. I hope that many Korean companies make investment in Angola’s green energy.

Q: Who are Korean companies making good money in Angola?
A:
Hyundai is one of the big Korean companies doing business in Angola. However, we don’t have any small and medium-sized Korean companies yet.
Additional details from the interview:
The Angolan government has been implementing policies aimed at stimulating the diversification of the Angolan economy. Since Angola is a country rich in metallic and non-metallic mineral resources, it is clear that the mining sector will become a priority sector in the strategy to revitalize the Angolan economy and, consequently, to reduce dependence on oil.
With a view to boosting private initiative, the Angolan government has agreed to reorganize the regulatory environment of the geological and mining sector, with a view to making it robust, stable and transparent. 
This reform is embodied in Presidential Decree 143/20 of 26 May, which provides a new Governance Model based on reducing the direct presence of the state in mining economic activity, on the Ministry of Mineral Resources, Petroleum and Gas (MIREMPET) being in charge of strategic guidance and on promoting the transparency of acts and procedures relating to access and granting of mining rights.
According to this Governance Model, the powers and attributions of the sector's agents were redistributed as follows:
Holder of Executive Power: Responsible for the superintendence of the sector.
MIREMPET: Responsible for formulating, conducting, executing and monitoring the policy of the Executive relating to geological and mining activities, oil, gas and biofuels. 
Ministry of Finance (MINFIN): Responsible for company compliance with the fiscal, customs and foreign exchange framework and financial counterparts of the concession contracts.
Geological Institute of Angola: Responsible for collecting, storing, managing, promoting and providing geological information of Angola.
National Agency for Mineral Resources (NAMR): Created under Presidential Decree 161/20 of 5 June, in addition to performing the functions of national concessionaire, is responsible for the regulation, supervision and promotion of the Angolan mining sector.

Director General Xiaquivulia of the Geological Institute of the Republic of Angola and Publisher-Chairman Lee Kyung-sik of The Korea Post pose with members of the Angolan delegation members.
Director General Xiaquivulia of the Geological Institute of the Republic of Angola and Publisher-Chairman Lee Kyung-sik of The Korea Post pose with members of the Angolan delegation members.

ENDIAMA-E.P.: Diamond mining operator.
SODIAM-E.P.: Responsible for the strategic marketing of minerals.
Bolsa de Diamantes: Undertakes diamond transactions in Angola under the supervision of SODIAM.
National Kimberly Process Commission: Responsible for legal certification procedures.
To accelerate the attraction of investment and attract foreign investors to the Angolan market, the Mining Code, approved by Law no. 31/11 of 23 September, provides for the possibility of companies benefiting from tax incentives for investment.
These tax benefit regimes, characterized, in general, by the reduction or exemption of tax payments, such as Industrial Tax, Investment Income Tax and Real Estate Tax, are, in the first instance, subject to pronouncement by the MIREMPET and, subsequently, to the analysis by the MINFIN, upon presentation of a request.
After this analysis and approval by MINFIN, the tax benefits will be included in an annex to the investment contract which will be signed by the contracting parties, namely the MIREMPET and the (foreign) investor.
Considering that mining is a capital-intensive sector with different challenges along the value chain and Angola's appetite for foreign investment, it is estimated that this reorganization, accompanied by the granting of incentives, may arouse interest among investors and the corresponding predisposition on the part of the government to grant concessions.
 


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