Economic & Commercial

Economic and Commercial Relations 

India´s imports from Angola registered considerable growth from US$ 4242.79 million (2009-2010) to US$ 7157 million (2012-13). In 2015-2016, it declined to US $ 2767 million owing to decline in oil prices. On the other hand, India`s exports to Angola decreased from US$ 675 million (2010-2011) to US$ 223 million (2015-16) mainly due to general import curbs arising from the forex problem. In 2017-18 it stood at US$ 235 million. China’s oil imports from Angola, are however, four times that of India. The data for the years 2012-13 to 2017-18 are as follows: 

India’s Imports/Exports From/To Angola

(US$ Millions)

 

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

Import

7157

5992

4617

2767

2596

4324

Export

488

536

552

223

155

235

Total

7645

6528

5169

2990

2751

4559

  Angola remained the second largest source of crude oil for India, after Nigeria, in the Sub-Saharan Africa. GAIL and other Indian companies had shown interest in imports of LNG from Angola. The principal items of Indian exports are tractors and transport vehicles, agricultural machinery and implements, food and meat products, pharmaceuticals and cosmetics, Tea, Rice (Basmati), Spirits & Beverages, finished leather; paper/wood products etc. 

Government of India extended a line of credit of US$ 40 million to Government of Angola for CFM Railway Rehabilitation Project, the first Government–to-Government initiative between the two countries and Rail India Technical and Economic Consultancy Services (RITES) Limited which started implementation of the project in 2005 handed over the project to Angolan Minister of Transport on August 28, 2007. 

EXIM Bank of India extended three credit lines of US$ 5, 10 and 13 million for agricultural equipment and Indian tractors. These LoC’s have been utilized by Angola. Two additional lines of credits of amounts US$ 30 and 15 million to construct a cotton spinning and ginning plant and an Industrial park was approved by EXIM bank in 2010. These projects are underway. Further, in June 2012, EXIM Bank of India extended a Line of Credit of US$ 23 million to the Government of Angola for supply of tractors, implements and related spares. 

The State Bank of India which opened its Representative Office in Luanda in April 2005 also extended a commercial line of credit of US$ 5 million for supply of tractors from India. 

As a goodwill gesture, Ministry of External Affairs, Government of India gifted 5 ambulances manufactured by M/s Mahindra & Mahindra to the Government of Angola which were handed over on December 6, 2005 to Mr. Andre Luis Brandao, then Minister of Transport in the presence of Dr. Sebastiao Sapuilo Veloso, then Minister of Health, on August 28, 2006. 

Ministry of External Affairs under the Indian Technical and Economic Cooperation (ITEC) programme extends several training slots to Angola in various fields rangings from English language to Audit & Accounts.