Skip to content
Menu

Diamond-cutting investors are promised tax breaks in Angola

Move is in response to complaints over the lack of fiscal incentives and comes amid the country’s efforts to boost diamond processing.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Move is in response to complaints over the lack of fiscal incentives and comes amid the country’s efforts to boost diamond processing.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 12:29 am

Angola’s resources minister Diamantino Azevedo says the country intends to create tax incentives to attract more investors to the diamond-cutting sector, Xinhua reports.

The announcement was made recently by the minister at the inauguration of a fifth diamond-cutting factory at Saurimo Diamond Development Park in the province of Lunda Sul.

Azevedo stated that the incentives aimed to promote competitiveness, create more job opportunities for young people, and facilitate technology transfer.

[See more: Diamond exports generated US$1.95 billion for Angola in 2022]

The minister was responding to complaints regarding a lack of financial breaks.

The first phase of the Saurimo Diamond Development Park, inaugurated two years ago, attracted some US$77 million in investment, Xinhua says.

Covering more than 305,000 square metres, the park has several diamond-cutting factories and a training centre.  

In 2021, Angola polished 3 per cent of the rough diamonds it produced but is aiming to polish 20 per cent, according to the Angola Press Agency.

 

UPDATED: 22 Dec 2023, 12:29 am

Send this to a friend