Fri, 08 Nov 2019 13:18 - Economy
The minister, who was speaking to the press following the formalisation of a memo for the deadline of the works that will set the project in motion – signed by Angola and the UAE Sheik Ahmed Al Maktoum – minister Antonio Francisco de Assis (signatory for the country) underlined the importance of such agreement for the development of the country’s agricultural sector.
In the meantime, the Angolan official, who did not disclose the amount the country spends to import tractors, taking into consideration that this has not been directly undertaken by the State, said the country’s situation is irregular when compared with the rest of the world.
In Angola, the minister said, a tractor could cost USD 50,000 that must be paid in cash without any financing to pay it by instalments or credit.
The government is currently working to reverse this picture by creating easy ways to bolster private projects such as the one signed with United Arab Emirates (UAE).
The assembly plant will have the production capacity of 5,000 tractors per year.
Angola and the UAE signed two memorandums of understanding on agricultural development in September in the Angolan capital.
In July, the UAE pledged to invest roughly 2 billion U.S. dollars to boost Angola's electricity, gas and agriculture production sectors and help install a tractor assembly plant.