Entrepreneurship Zone: 17 July 2024: Why Angola is on the radar of this investor

Wed Jul 17 09:58:52 CAT 2024

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Entrepreneurship Zone: 17 July 2024:  Why Angola is on the radar of this investor

Interview with Isaac Marshall
INVESTOR, TLG CAPITAL

Lives in: London, United Kingdom

  _____  

Isaac Marshall, from Africa-focused investment firm TLG Capital, discusses the opportunities and challenges in Angola, one of the continent’s major oil producers with a population of about 38 million. For the full interview, watch the above video. 

Highlights from the interview include:

·         Why Luanda is one of the most vibrant cities in Africa that Marshall has visited

·         Unlocking Angola’s tourism potential

·         Agri-processing opportunities

·         Capitalising on marine services prospects

·         Dealing with Angola’s currency-related challenges

·         Strategies for not losing money in Africa

Vibrant Luanda

Marshall describes Luanda as one of the most vibrant cities in Africa he has visited.

“Luanda is a city where you can feel an energy, an excitement about the future … There’s a vibe to the city. It’s colourful, the architecture is beautiful, there’s bustle in the streets, young people are trying to build things, banks are excited to do business. There’s a sense of flourishing and activity that I think is exciting to see,” he says.

Marshall also highlights significant improvements in Angola’s business climate and governance. The country, with a history of corruption, has undergone substantial changes in recent years. “In just the last couple of years, there’s been a bit of a turning point in the dynamics around the economy where suddenly you’re seeing banks that are very, very keen to attract international investors. Local entrepreneurs are seeing economic growth kind of pick up to greater and greater degrees … And frankly, I think that there was also a big clean-up in the country. [I] think that certain systems are cleaner than they were in the past from a governance perspective in the country. And all of that sort of sets the groundwork for a good opportunity to bring capital in at this moment.”

Agri-processing for local consumption and export

Marshall is bullish about Angola’s agri-processing sector. The country imports a significant volume of goods that could be produced locally. There is also potential to export agricultural produce to neighbouring countries such as the Democratic Republic of Congo (DRC) and beyond.

Unlocking potential in tourism

He also sees promising opportunities in the tourism industry. Despite the country’s diverse attractions – such as beaches, wildlife, and deserts – Marshall notes that Angola has never been recommended to him as a tourist destination. He points out the country’s relaxed visa policies but stresses the need to develop essential tourism infrastructure.

“The cities are beautiful. The food is incredible … There’s safari, there’s beach, you have the deserts of Namibe – such a wide variety of landscapes. And there’s lots of tourism that happens nearby in Namibia, right? But no one is talking about doing their safari in Angola,” he says, adding that the tourism industry has the potential to generate much-needed dollar-based revenue.

Marine services opportunities

Marine services, driven by oil and gas operations and shipping traffic, is another sector that presents numerous opportunities, according to Marshall. He highlights the potential across the entire marine services ecosystem, from ship repair to catering and food services for vessels.

Currency troubles

One of the main reasons relatively few foreign investors are interested in Angola is due to currency-related restrictions. Since most sectors are not allowed to transact in dollars, it has created an artificially high demand for the kwanza, which has overvalued the local currency, according to Marshall.

“It means that if I’m a dollar investor and I have to convert to kwanza to enter the country, I’m beginning at a loss because I enter being out of the money. I enter into an overvalued currency. So regardless of the value of the underlying investment, I’m starting off on the wrong foot. So that’s been the issue,” he explains.

Marshall says TLG Capital has started conversations with various stakeholders to address this challenge.

—Howwemadeitinafrica

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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