Saurimo – The minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, announced Saturday in Saurimo City, eastern Lunda Sul Province, the creation of tax incentives to attract more investors to the diamonds cutting sector.
Speaking on the sidelines of the inauguration of the 5th diamond cutting factory, at the Saurimo Diamond Development Pole, the minister said the tax incentives aim at allowing the diamond cutting activity in Angola to be competitive and ensure more jobs for youth and technology transfer.
The minister assured that the supervising body will continue to work to create better conditions for the industries installed in the diamonds polishing hub to respond to the complaints made by companies regarding lack of fiscal and other incentives.
Diamantino Azevedo underlined that the international diamond cutting market is essentially dominated by India, where the labour force is highly qualified with low salaries.
In the southern region, he said, Botswana, Namibia and South Africa have had factories for some time now, compared to Angola, and with a tax regime that encourages hiring in these countries.
The minister explained that Botswana recently announced the construction of 40 more diamond cutting factories and that it would further improve the fiscal regime to attract investors.
Diamantino Azevedo said the hub contributes to the economic diversification of the country, besides creating direct jobs enterprises offer training opportunities and motivation.
The minister reiterated that, in case the market presents good conditions, it is expected, in the next four years, the emergence of more factories.
“The hub has the capacity to install 30 or even 40 diamond cutting factories, depending on the size of each one. Here we have the possibility for small and medium-sized companiesas well as larger ones when it is fully operational”, the minister explained.
Inaugurated in 2021, the Saurimo Diamond Development Hub is a project with an investment of 77 million US dollars in the first phase, it has currently five diamond cutting factories and a SODIAM Training Centre which provides training on diamond cutting.
It also has the ENDIAMA.EP Training Centre, where various courses are taught, including mining prospecting, mining exploration, typography and electro mechanics.
Built in an area of 305,185.74 square metres, it is divided into three main areas, namely commercial, industrial and the hybrid central reserve.
Source: Angola Press News Agency
