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Patent Application in Angola
Overview of Angola:
Angola is located in southwestern Africa, the capital Luanda, west of the Atlantic Ocean, north and northeast of the Democratic Republic of the Congo, south of Namibia, southeast of Zambia, and another outer enclave of Cabinda Province is adjacent to the Republic of Congo and the Democratic Republic of the Congo.
The Angolan economy is dominated by agriculture and minerals, as well as an oil refining industry, mainly located in the coastal zone of Cabinda. Food processing, paper, cement and textile industries are also relatively mature. Angola's economic potential is very high, and it has the potential to become one of the richest countries in Africa in the future. As a former dependency of Portugal, it is known as "Brazil of Africa.
Angola's national power is growing rapidly due to oil production. The country has a vast territory and abundant resources, rich land, and rich undeveloped resources. There are more than 13.1 billion barrels of oil along the coast, and diamonds are also produced inland.
Overview of the Angolan economy:
Angola was once a least developed country. The implementation of a market economy has a certain industrial and agricultural foundation, but years of war have severely damaged the infrastructure and greatly affected economic development. Following the end of the civil war in 2002, the Government shifted its focus to economic recovery and social development. Angola is now the third largest economy and one of the largest investors in sub-Saharan Africa. Oil is the pillar industry of the national economy. In December 2006, Angola joined the Organization of Petroleum Exporting Countries. With the rise in the price of crude oil in the international market, the export income of Anshi oil has increased significantly. According to the statistics of the International Monetary Fund, the average annual growth rate of Angola's economy from 2001 to 2010 was 11.1, ranking first in the world. Inflation fell from 76.6 per cent in 2003 to 11.4 per cent in 2011. According to the 2009-2013 development plan, the Angolan government will continue to take national reconstruction, economic growth and improvement of people's livelihood as its main tasks, and propose to build 1 million sets of economic housing and create 320000 jobs.
Since 2008, affected by the international financial crisis and the sharp drop in crude oil prices in the international market, Angola's economic growth has slowed down significantly, with an economic growth rate of 2.4 in 2009. The government took effective measures to actively respond, coupled with the rebound in international oil prices and stabilized, and the Angolan economy began to recover. The economy grew by 3.4 per cent in 2010 and 4 per cent in 2011. In 2012, Angola launched the "Made in Angola Program". In October 2012, Ann announced the establishment of a sovereign wealth fund. In 2013, An will issue a new version of the Kwanza currency, which will be exchanged for the equivalent of the current currency, and the new version will gradually replace the current currency by adding a number of anti-counterfeiting technologies. Angola's economy is expected to grow by 7.1 percent in 2013, with an inflation rate of 9 percent and foreign exchange reserves of more than US $40 billion.
The Angolan economy is one of the fastest growing economies in the world, but it is still being rebuilt after the destruction of the Angolan civil war from 1975 to 2002. Although there are large oil and gas resources, diamonds, hydropower reserves and arable land, Angola is still poor, with 1/3 of the population living on agriculture. In 2002, after 27 years of civil war, the restoration of infrastructure, political and social institutions began. In recent years, due to the rise of international oil prices and the increase of oil production, Angola's economy has grown rapidly. However, due to corruption and improper management of state-owned enterprises, the oil industry in particular is the most serious, and this industry accounts for 50% of Angola's total domestic production, 90% of total exports and 80% of government revenue.
Although there are a lot of natural resources, the per capita income is still one of the lowest in the world. 85% of the population depends on agriculture for their livelihood. The oil industry is the focus of the economy, accounting for 45% of the total domestic production and 90% of the total export value. The rapid economic growth is entirely due to the rising oil price and the production capacity of more than 1.4 million barrels per day. The control of oil production is monopolized by Sonangol groups, this group is owned by the Angolan government. With the large amount of income from oil, the government began to implement the construction plan of roads and infrastructure.
In the last decade of the colonial period, Angola was one of the major food exporters in Africa, but today it is dependent on imports for almost all its food, and agricultural activities have been brought to a near standstill due to the war situation and the laying of many mines in rural areas. Partial reconstruction plans have been implemented, however, most notably in the fishing industry. Before 1975, coffee production was sufficient for domestic use and could be exported. Due to the civil war, it has now been abandoned. Diamonds are generated by the illegal trade of UNITA, Savimbi by Jonas. Other resources such as gold, fisheries, iron ore, coffee and fruit are to be developed.
Angola's economy is based on agriculture, producing cassava, cereals, bananas, plantains, cotton, wood, maize, palm oil, vegetables, hemp, coffee and tobacco. The minerals are diamonds, iron, gypsum, asphalt, salt, limestone, phosphate and manganese. There is an oil refining industry, mainly located in the coastal zone of Cabinda, and its products account for more than 75% of export earnings in recent years. There are also food processing, paper, pulp, cement and textile industries. There are 8 billion barrels of oil on the Angolan coast, and diamonds are also produced inland. The economic potential is very high. After the end of the civil war, a total profit of more than $3 billion was made in trade every year.
Angola has a vast territory and abundant undeveloped resources, and is a Portuguese territory, so it is known as "Brazil of Africa.