- Published on Friday, 20 May 2011 04:34
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Angola is experiencing an unprecedented economic boom. In May 2008, the Organization of Petroleum Exporting countries (OPEC) confirmed Angola's oil production at 1.9 million barrels per day. The growth in this industry has had substantial spillover effects, spurring investment in the financial services, construction, and agriculture sectors. According to the International Monetary Fund (IMF), Angola's GDP grew by over 20% in 2007 making it Africa's fastest growing economy and the fourth fastest in the world. New businesses are registering everyday, fostered by an environment of peace and stability in the country and a new private investment law, that has expanded incentives for investors. Although a majority of U.S. companies remain focused on the oil and gas sector, non-oil sectors have also seen an increased presence of U.S. companies.
Coca-Cola operations continue to expand throughout the country; Barloworld markets Caterpillar machinery; the Boeing company completed a major sale of aircrafts to TAAG, the national airline; Microsoft is represented and many; other U.S. products and services are now found in Angola. As the fourth fastest growing economy in the world, without a doubt, the time to invest in Angola is now!