South Korean firm plans to build a naval base in Angola

Luanda - A project for the construction of a naval base in Angola starts to be implemented within a year, AKEDA firm has announced.

The announcement was made on Friday by the secretary general of the South Korea’s comapny, Chung Yes Noo, at the end of an audience granted to him by Angolan president João Lourenço.

Chung Si Noo said that the USD1 billion project will focus on the manufacture of small, medium and large-sized vessels.

The company’s manager said that the audience with the Angolan Head of State served, among other things, to provide information on the progress of the project.

"We chose Angola for the project because we think it is a viable country", said the leader of the South Korean company, stressing that, in a first phase, the project will create 5,000 jobs for young Angolans.

The number of jobs is expected to reach 8,000, said Chung Si Noo, adding that the project is in partnership with Angola oil firm, Sonangol.

The construction of a naval base is not the first project by AKEDA in Angola, which in 2020 invested around USD 2 million  in the construction of an electricity plant in Benguela, is part of a memorandum signed with the Private Investment and Promotion Agency of Exports (AIPEX).