Special AdvertisingSpecial Advertising Supplement Supplement May/June 2009 www.peninsula-press.com ANGOLA Do you recognize this nation?

The war is long over. Spurred by spectacular economic growth and on the heels of landmark elections, Africa’s new powerhouse is safe, stable, and abuzz with investment as it rebuilds for prosperity based on more than oil alone.

Emerging counterweight Within the Southern Africa Development Community to the main regional power, South Africa

Economic clout Brings political stability, as demonstrated by the parliamentary elections of September 2008 with resounding victory of the ruling party MPLA (Popular Movement for the Liberation of Angola)

High-flying optimism Angolan investors are now looking farther afield. Today’s Angola is an emerging power whose own firms are beginning to make moves overseas Special Advertising Supplement Special Advertising Supplement

Introduction DO YOU RECOGNIZE THIS NATION?

Five new investment proposals daily. Double-digit economic growth. Globally lauded legislative elections. Ascension to the top rank of oil-exporting countries. A triumphal visit from the pope. And an emerging tourist destination where, next year, the elite of African soccer will gather to compete for continental glory.

Do you recognize this nation?

This is Angola, today.

Angola’s story of success is in the num - UNITA fighters still occupied some zones of the government of President José Eduardo With economic clout has come political regional hegemony. It has played a key role monitors global corruption, ranks Angola bers. In the last two years, its real gross the country, and oil production—despite dos Santos, and to achieve this goal, it stability, as demonstrated by the parliamen - in stabilizing the political situation in the 158th out of 180 nations. The capital, domestic product (GDP) grew by about being relatively protected offshore—stood has welcomed companies from China, tary elections of September 2008. Under the Democratic Republic of the Congo, and Luanda, is bursting at the seams with people, 21 percent and 15 percent, respectively, at barely one-third of current levels. Portugal, Brazil, the United States, watchful eyes of numerous foreign obser - Angolan funds and companies have a the traffic is unbearable, and external signs according to recent government and IMF Now, fast-forward to Angola today. and elsewhere. Every day, the investment vers, the ruling MPLA (Popular Movement grow ing presence in the so-called PALOPs, of wealth mix with pockets of poverty. estimates. Even in 2009, with oil prices Inflation has been tamed, at around promotion agency ANIP receives new invest- for the Liberation of Angola) earned a re - or Portuguese-speaking African countries. Energy and water distribution need to be lower and a global slowdown in effect, 10 percent. Cash reserves are an estimated ment proposals. sounding victory in a field of 14 parties and A strong symbol of Angola’s progress improved, and the cost of housing is very the economy is expected to grow in the US$20 billion. You can freely and safely Today’s Angola is an emerging power coalitions. will come next January, when it hosts one high. high single digits. travel the length and breadth of the whose own firms are beginning to make World leaders haven’t waited to welcome of the continent’s largest parties —the Yet, corruption and the shortages of Oil discoveries continue apace. Last country. Infrastructure is being restored on moves overseas. The national oil giant So - Angola back into the fold. Diplomatic ties African Cup of Nations, a prelude to physical and human capital are only part of year, Angola passed Nigeria to become a massive scale. The Paris Club accounts nangol has acquired a 10 percent share in with all the major powers are strong, and soccer’s World Cup, to be held a few the picture, as Angola puts behind it the Africa’s largest oil producer, with crude-oil have been settled; banking and commerce Millennium Bcp Bank. Sonangol also has a high-level visits are frequent. Pope Benedict months later in South Africa. horrors of war and surges toward prosper - exports reaching 2 million barrels per day. are flourishing. 45 percent stake in Amorim Energia, which XVI’s March 2009 visit to Angola Clearly, these are Angola’s best days since ity. “Angola has invariably been seen as a This Angola is radically different from the And all this in just over six years. Angola in turn controls 33.4 percent of Galp Ener - carried special symbolic force—in an independence in 1975. But there is still a long country of war, of disasters, and of corrup - Angola of 2002, when the civil war ended. today is in the throes of intense change. With gia. Angolan firm Santoro Holding has overwhelmingly Catholic country where way to go. The business environment remains tion, which is not true today,” says Mário Then, the economy was paralyzed: There foreign investment booming, the country— taken a stake in Banco BPI. These invest- the church, in the past, had frequently laden with bureaucratic hurdles, and— Cirilo de Sá, who runs Angola’s Center for were no cash reserves, inflation had soared its roads and services once ravaged by war ments have been centered in Portugal, critici zed the MPLA. a legacy of the civil war—there is a shortage Strategic Studies. “But that’s the image to 300 percent, and debt to the —has become a huge and busy construction the former colonial power. But Angolan On the African continent, Angola’s rise of highly skilled labor and administrative people see, and so we must work very hard Paris Club stood at US$2.3 billion. Rebel site. Redevelopment is the top priority for investors are now looking farther afield. provides a counterbalance to South Africa’s capacity. Transparency International, which to change that.”

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Foreign Policy

ALL ROADS LEA D TO AN GOLA

Since independence, Angola’s political course has been driven by intense geopolitical forces, with the stakes little short of survival. First the Cold War, and then the fight against apartheid, threw the country into conflict injecting its politics with ideology. Then, once peace came to the region, the 1992 election backfired when the rebel movement UNITA, dissatisfied with the results, reignited a civil war that would last another decade.

But now, seven years after the definitive end golan oil exports finance a Chinese line of of civil war in 2002, a re-emerging Angola— credit that has resulted in massive infrastruc - flush with oil resources and politically ture and housing works in the country. stable, as demonstrated by last year’s peaceful But Angola’s relations with Portugal, the and widely praised parliamentary elections — former colonial power and a major trading is taking its place on the world stage guided partner, are just as strong —as demonstra - by the simplest, most effective principle of ted by the March 2009 visit to Lisbon by all: pragmatism. Angola’s president, José Eduardo dos San - Angola’s needs are pressing and intense. Its tos, and the establishment of a US$1 billion war-ravaged infrastructure is grossly insuffi - Angola-Portugal investment bank. Angola cient to handle its immense resource potential is reaching out to other EU nations as well; and to serve its young and growing popula - France’s president, Nicolas Sarkozy, visited tion: 60 percent of Angolans are under age Luanda last year. Russia, India, Israel, and 20, and the population is projected to triple others have all expanded trade and politi - from 15 million to 45 million by 2050. cal ties with Angola in the last few years. Repudiating the Marxist leanings of the Against this backdrop, the United States nation’s early days, Angola has chosen the is lagging. The tenor of U.S.-Angola rela - Jacob Zuma set to sional oil producer appears to linger among with China, it welcomes closer relations regional polls. Yet the ruling party’s overall free market—and now needs the physical and tions is good, but they remain shallow com - become president. policy-makers. with the United States and other partners. popularity is not in doubt. social investments that will let the economy pared with Angola’s European and Chinese And with the situa - With other partners taking a role in de - It has taken steps to align itself with Wes - Nor are the challenges that this emer - flourish and deliver prosperity for all. ties , and to the longtime role of U.S. com - tion in Zimbabwe still a tinderbox, Ango - veloping Angola’s onshore economy —from tern standards on economic management ging giant faces on the way to fulfilling the Angola’s assumption of the OPEC pre - panies in the country such as Chevron. la —which tamed hyperinflation earlier this the billions of dollars of Chinese infrastruc - and governance, inviting IMF review of go - potential of its immense natural resources sidency, two years after joining the group, Beyond safeguarding oil supplies —Angola decade, and which has successfully integra - ture projects to Portugal’s estimated 10,000 vernment finances even though it does not and delivering broad-based growth to a po - caps its rapid ascendancy among oil produ - is the United States’ sixth-largest crude-oil ted the ex-rebel UNITA into the political businesses operating in the country —and have an IMF program in place and moving pulation recovering from a generation of ci - cers. But the recent volatility of oil prices supplier —Angola never assumed a high arena —serves as a model of peaceful poli - Angolan interests led by the highly regarded to open the books on oil revenue flows. vil war. Initiatives that will help Angola underscores the fragility of relying on one priority under the Bush administration. tical development. It is also a potential mi - national oil company Sonangol beginning The success of the September 2008 elec - solve its infrastructure shortfall and help primary resource. Angola’s 2009 budget litary bulwark; Angolan support has helped to make overseas investments of their own, tion —the first since 1992 —confirms that develop skills in the local labor force are assumes a price of oil of US$55 per barrel, Shifting geopolitics buttress the government of its troubled the United States has reasons to step up po - Angola’s multiparty democracy has achieved especially needed. which seemed conservative at the time. But Yet in the shifting geopolitics of southern neighbor, the Democratic Republic of the litical and economic ties. legitimacy. Indeed, Angola’s new voting But month after month, Angola is now it requires downward revision, and the Africa, Angola’s political stability, free-mar - Congo. Agribusiness, information and communi - system, computerized using biometric data, showing that it has the elements in place to gaudy growth figures of the last few years ket orientation, and highly professional mi - In the United States, expert observers cation technologies, and the tourism and hos - is now one of the world’s most advanced fulfill its role as an engine of economic will be tempered, at least for now. litary all make it a potentially strong asset like the Council on Foreign Relations pitality sector are all ripe areas for investment. and fraud-resistant. growth and regional stability in southern The need to diversify the economy while for U.S. foreign policy in Obama’s adminis - (CFR) and the Center for Strategic and In - Inflation is contained, and although Angola is Though observers praised the conduct of Africa. Already, as the government reiterates carefully managing the oil sector has spurred tration. Angola is the emerging counter - ternational Studies (CSIS) have advocated exposed to fluctuating oil prices, it has seen lit - the election, they have cautioned that the its message of openness and pragmatism, it is a foreign policy that welcomes virtually any weight within the Southern Africa Develop - raising Angola’s profile in U.S. diplomacy to tle impact from the ongoing financial crisis, power of incumbency added to the MPLA’s clear that the world is listening. partnership that will help Angola achieve ment Community (SADC) to the main match the role Angola is assuming in the re - having only a thin domestic capital market. edge, a factor likely to come into play in the these goals. The most vivid example is Ango - regional power, South Africa, which is ente - gion. But an outdated image of Angola as Angola’s government has made clear upcoming presidential election, due later Siddhartha Mitter is a New York—based international journalist la’s partnership with China, under which An - ring a political transition with ANC leader a Cold War adversary turned one-dimen - that far from being monopolized by its ties this year, and subsequent municipal and with experience in African affairs and the energy industry.

4 — ANGOLA ANGOLA — 5 Special Advertising Supplement Special Advertising Supplement ANGOLA INSIDEOUT Kundi Paihama Minister of Defense “ We will be flexible and accept the dynamics of change. A REGIONAL And as for globalization, we will accept what others say and do. The key is to cooperate appropriately, fairly, POWER FOR PEACE and constructively. Q&A Q&A to the world, to speed up development and A longtime member of the ruling Popu - “We have a great sense of responsibility H.E. Dan Mozena H.E. Francisco Ribeiro Telles improve living conditions for the people. lar Movement for the Liberation of Angola and of state,” says Paihama. “Some might “During the Cold War, we had a rather (MPLA), Paihama is from Kipungo, a region say we are ‘reliable Africans,’ ” he adds, U.S. Ambassador to Angola Portugal’s Ambassador to Angola distant relationship with the United States; between Huambo and Huíla provinces, and with a touch of humor. we did not share a strong common was elected to parliament last September. Defense is a sensitive portfolio in most How are relations between the United States How would you define the situation of ground” says Minister of Defense Kundi “We are building a free Angola for all” with countries, and perhaps even more so for An - and Angola? Angola today? Paihama, who also handles some aspects of “equality of opportunities,” he says, naming gola, given the region’s recent past. But today, We have a very dynamic relationship. We are Angola is moving to consolidate its Angola’s diplomacy. “But life is made up of the government’s top three priorities as com - Angola has a new outlook. “Our concept of providing US$6 million to train Angolan democracy, and it will become a benchmark change,” Paihama continues. “At that time, bating poverty while improving education war is not an offensive one but a defensive personnel to clear land mines in the country. for stability in the southern African region. when we were young, to speak of Ameri - and health care. “The Angolan people, even one. That’s why we have to be prepared to And we have invested US$18 million in a The Angolan government has laid the cans was synonymous with imperialists. during very difficult times, never lost hope meet any challenges or threats,” says Paiha - program to combat malaria, which is the groundwork for that. Minister of Defense Kundi Paihama Today, the Americans see us as strategic that better days would come.” ma. However, he emphasizes that “the mi - main cause of infant mortality. describes how relations with the United partners as far as the African continent is To achieve these goals, the country litary only does what the politicians say.” Is stability here to stay? States are improving as Angola seeks concerned, and we thank them for that un - needs tools and friends, as well as pro - Various aspects of Angolan diplomacy But aren’t investments concentrated in the There were elections in September. We shall international cooperation to help boost derstanding. They understand our aims grams that can help reduce poverty and, pass through Paihama’s hands, particularly oil sector? be having presidential elections next year development. He says the government’s perfectly,” he notes. above all, hunger. The path toward deve - regarding the rest of Africa. In that respect, Well, not just there. For instance, an American and local ones possibly in 2011. The priority is to create “equality of This closeness between the two coun - lopment is irreversible—and includes inter - he says, even South Africa, Tanzania, Zim - company is developing a natural-gas plant international community has taken note of opportunities” and has no qualms about tries has already broadened into the area of national cooperation. “We will not waste babwe, and Zambia are helped by Angola. that will enable Angola to export energy to these elections. Angola wants to be seen as describing Angola as a regional power. defense. “We now cooperate to a certain our energy on issues that do not benefit “In effect, I don't think any danger surrounds the United States through Mississippi. And a calm country, one that is on the way to extent in the military arena, although it’s our people. We will be flexible and accept our country, not even in Africa itself. We Chiquita sealed a deal to buy 7.7 million tons rebuilding its democracy. That goal ties in still in its early stages. Now we want to sta - the dynamics of change. And as for globa - have to eradicate wars to avoid conflicts and of bananas annually. This project will create with the role Angola seeks to play in the After years of strained relations, Angola and bilize that. We have technical task forces to lization, we will accept what others say to put an end to contradictions,” the minis - 11,000 direct and indirect jobs. Angola is a future as a major regional influence. the United States are now cooperating in de - identify areas of cooperation, and then we and do,” the minister confirms. “The key ter says, acknowledging that his country is country of the future. velopment and defense programs. For An - analyze them. There is no distrust. Rela - is to cooperate appropriately, fairly, and now a regional power and, as such, must be How are trade relations between Portugal gola, it’s part of a new policy of reaching out tions are good,” he explains. constructively,” he concludes. prepared to assume that role. What are the main challenges facing those and Angola? wanting to invest in Angola? Angola is Portugal’s principal market The business climate is improving. I sent a outside of the European zone, and our fifth message to the president, José Eduardo dos largest trading partner overall. It has How is Angola perceived? development and the consolidation of Will the “New Era” finally bring destroyed after long years of war, is key to Santos, stating that the United States has a overtaken the United States. At the same Angola has invariably been seen as a our democracy. Our work aims to make long-lasting political stability? our development. Besides, we must focus vision of an Angola that is peaceful, secure, time, Portugal will be the bridgehead for country at war, of disasters and Angola a prosperous nation. We believe that Angola will remain on improving the quality of life of the democratic, and prosperous. He replied Angola’s future investments in Europe. corruption, but that’s no longer true. politically stable because the root causes of Angolan people, particularly in health care. saying that he shares this vision, and that I Angola will be very competitive It’s not an easy job to change this What political influence does the our civil war have disappeared. Now, given should start working with this government to internationally. perception, but Angola’s own policies country exert? the success of our political process and the What sectors represent the future of transform that perception into a reality. And will eventually change that picture. Angola is gradually playing a greater widely accepted majority of the ruling Angola’s economy? Q&A that is what we are going to do. Q&A role in central and southern Africa. party, we expect further consolidation of Energy and mining are our areas of What role does the Center for Strategic It helped Zimbabwe’s independence, political stability in Angola. expertise. Also, agribusiness is a sector that José Leitão da Costa Gen. Mário Cirilo Studies play? contributed substantially to the end offers many opportunities. We need to build de Sá “Ita” The center is a think tank with the of apartheid in South Africa, and What are the priorities in Angola’s “New new factories to manufacture value-added e Silva President and Chairman President objective to help Angola find the right helped to bring about change in the Era” from an economic point of view? products that can be distributed and sold Gema Group Center for Strategic Studies path for sustainable economic Democratic Republic of the Congo. Revamping the country’s infrastructure, nationwide.

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Insight The Leba Mountains Fashion These comprise one of Nayma, the daughter of poet and politician Rui Mingas, was Angola’s most iconic the first Angolan to become a firmly established fashion images. A highway model. Today, Moda Luanda is one of the most “in” events coiling through the in the country’s capital. The last, held in February on Luanda Leba Mountains, also Island, brought together 300 VIP guests and more than 700 known as the Chela people in a 1,500-square-meter marquee. Angolan MEASURING Mountain Range, joins designers showed their collections, demonstrating the the cities of Lubango country’s increasing interest in fashion and glamour. and Namibe. The The Giant Black SUCCESS spectacular 100- Sable Antelope kilometer trip is truly (or Black Palanca) unforgettable, and This unique animal subspecies is found only in travelers must stop at Angola’s Malange Province. The giant black sable the Bimbi Belvedere antelope (also known as the black palanca) has Angola’s success cannot simply be war ended, animal life returned and the Humpata become a national symbol and appears on measured in terms of oil production. to its traditional habitats, widening Zoological Station banknotes. Nature lovers can see them in Iona The country is preparing to host the the country’s tourist offerings. For waterfalls. National Park in Namibe Province, where they can African Cup of Nations soccer those who like to know a country by its also watch antelopes, zebras, lions, elephants, tournament in 2010 and is home literature, it is highly recommended impalas, and ostriches. Meanwhile, Kissama to Kuduro , a dance music genre that to explore the work of Pepetela. National Park, in Bengo Province, has excellent is very popular in Europe. After the Angola is being reborn. facilities for ecotourism.

Pepetela Today, he is Angola’s top writer and author of books such as Mayombe , Generação da Utopia , Kuduro and The Glorious Family . He invented the CAN 2010 Kuduro began as a dance rhythm but has now become character of detective Jaime Bunda, in whose Angola will be living it up in January 2010, hosting a musical genre in its own right. It sprang up in Angola novels he forcefully criticizes Angolan society. soccer matches for the African Cup of Nations, or in the 1990s and later made its way to Portugal, Brazil, Pepetela, the pen name of Artur Carlos Maurício CAN. Games will be played in the cities of Luanda, and even the United Kingdom. Specialists say the style was Pestana dos Santos, was born in 1941 in Benguela Mussulo Island Benguela, Cabinda, and Lubango. This is the most created by musician Tony Amado when he lived with ragga Province and holds a degree in sociology. He Lying on the coast south of Luanda, Mussulo is in fact a giant important sports event to be held in Angola for DJs in the United States. The rhythm is similar to Afro-zouk, brings great legitimacy to his work, having been sandbank surrounded by a series of small islands. It’s a several years, and great care is being taken with all but with an intermediate beat. The name kuduro comes a militant member of the Popular Movement for paradise frequented by the capital’s elite on weekends. When the preparations. Soccer is the country’s favorite Paradise of Love from the Portuguese word cú-duro , literally “hard ass,” the Liberation of Angola (MPLA) since 1963 and taking a swim, visitors can choose between the continental sport, so Angolans have high hopes for their That is what they call Luanda Island, with its 10 kilometers of alluring derived from the peculiar style of the dance, in which having fought Portuguese colonialism. side or the ocean side, where the sea is rougher. A boat trip national team. Last year, when the team managed, beaches. It’s also a place of great historical significance, having welcomed the hips are held firm. is highly recommended. The island boasts several tourist for the first time, to play in a World Championship the first Europeans who conquered the territory from the ancient Kingdom complexes, as well as places to buy artifacts and typical (Switzerland/Austria), the country came to a halt of Kongo. At night, the “paradise of love” has dozens of places to dine Angolan clothing. to watch the games. or dance overlooking the ocean. Visitors try to catch a glimpse of Kyanda, the goddess of the sea, known for supporting families in times of crisis.

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Investment

Aguinaldo Jaime, President of ANIP “ Profile Aguinaldo Jaime is one of Angola’s most There is no law requiring experienced politicians, and one of its best- that foreign investors known faces when it comes to representing the EVERY DAY, WE RECEIVE FIVE make partnerships with country abroad. Born in 1954 and current head Angolan companies, but of ANIP (the National Private Investment “ Agency), he served in the last government as INVESTMENT PROJECTS ANIP will encourage deputy prime minister. With a law degree and a this. master’s in economic law, Jaime was minister of finance between June 1990 and April 1992, and founder and chairman of the African Investment businesses. “Although the law doesn’t make areas, such as fishing and biofuels, are also Bank (AIB). He was also chairman of the ” this compulsory, a partnership makes for a relevant. National Bank of Angola (NBA), and an adviser relation ship of trust and helps the investor “Public investment is important for the to the chairman of the African Development see his investment as a long-term commit - process of rebuilding and modernizing our Bank (ADB). ment. A local partner increases the trust and basic infrastructure, and private investment the sense of involvement,” explains Jaime. has to complement what the public sector The fact that Angola continues to grow can do,” notes Jaime. Encouraging joint and enjoy political stability, strengthened ventures between private Angolan and ces.” Even so, the ANIP executive points after the September 2008 legislative elec - foreign businesses will help stimulate pri v- out that during the Bush administration, tions, means that the future can be viewed a te-sector investments. ANIP believes in Angola maintained “very positive and on - with even greater optimism. “Naturally, the making the conditions right for these part - going” bilateral relations with the United elections gave investors an increased sense nerships to flourish. Jaime defines the type States. It was during this period that the of confidence; they began to see Angola as of investment that would receive preferen - country was accepted under the terms of the an even safer market in which to invest their tial treatment in his agency: “We shall try to African Growth and Opportunity Act savings. From the economic point of view, implement a policy of incentives to attract (AGOA), a U.S. program that gives specific when the leadership is strengthened politi - investment that creates jobs, helps Angola countries in sub-Saharan Africa preferential cally, it has a greater capacity to implement fight poverty, increases our exports, and access to the North American market. the necessary structural reforms,” the ANIP brings modern technology to our economy.” Now, Jaime sees a different kind of lea - president notes. The new U.S. president is another sub - dership. “I think this administration will In this respect, the Angolan government ject that is receiving special attention in An - give priority to a multilateral approach in is concentrating its efforts in three funda - gola, where American companies Chevron solving international problems, which are Aguinaldo Jaime, president of the federal agricultural land. In the past, we were Many need to be rethought or to have other mental areas: cleaning up public finances, and Esso play a major role in developing the many and complex. This view could help National Private Investment Agency great exporters of sugar and coffee. And we improvements made. But this shows that diversifying the economy, and increasing petroleum sector. Jaime, who has held va - the world enjoy an era of greater stability (ANIP), says that Angola continues to be have great hydroelectric potential,” ex - the flow of investors is huge, and the jobs. The latter implies development in sec - rious high-level positions in the Angolan and less tension, which in turn could have extremely attractive to foreign investors, plains Jaime. major i ty of them are foreign,” he says. tors that are labor intensive, such as arable government, hopes that Barack Obama many positive impacts on economic rela - and that a small number of countries are ANIP is the gateway for all investment Despite these positive figures, Jaime un - and livestock farming, civil construction, “will help the world overcome the serious tionships and international policies,” he getting a head start by continuing to projects in Angola, be they domestic or fo - derstands criticism from businesspeople manufacturing, and, above all, food. Other economic and financial crisis it currently fa - concludes. invest in the country despite the reign, with the exception of investments in who argue that the government’s slowness international economic crisis. He also the petroleum and financial sectors. This is a major obstacle to investment. He cites believes that U.S. President Barack makes ANIP an effective barometer of the three main problems: “the excess of bu- Obama will usher in a new era of world international business community’s interest reaucracy, the way proposals and invest- stability. in the country. ANIP directly handles invest- ments are dealt with, and the difficulties in ment proposals up to US$5 million, while obtaining visas.” Nevertheless, Jaime says the Council of Ministers approves those he has been working to introduce “more Why should an investor bet on Angola? “I above that level. So far, Jaime—who has practical procedures” in these areas and would say we are a country that has been presided over ANIP since the beginning of thus reduce the number of complaints. blessed by nature. We have vast resources, this year— still has his hands very full, eval- However, he makes it plain that inves - and not just petroleum and diamonds. We uating an average of five investment projects tors can help smooth their path by have gold, copper, granite, marble, and rich per day. “Obviously, not all are approved. establish ing partnerships with Angolan

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Special Advertising Supplement Special Advertising Supplement

Interview Eye on Gallium Peninsula Press talks with Manuel Vicente, President of Sonangol by Stella Klauhs Mário de Carvalho

CEO Gallium Group

The Gallium Group’s CEO believes that Angola, now president of the Organization of Petroleum Exporting Countries (OPEC), must appeal to the international community to invest in the country. “We have to create a balance and show the world that we are a part of this cartel,” says de Carvalho.

What are the Gallium Group’s core businesses? We’re businessmen, we’re oil people, and our roots stem from oil-related businesses. Initially, we started supplying services. Right from the start, we were aware that we didn't have the technical capacity to develop a series of services, and that we would have to establish partnerships with the best. We decided that our partners had to be strong ones. We are better equipped to work with situation. To destroy something is easy, communities in Angola than Chevron, Exxon, or Critical Mass – Angola and everything was destroyed after 30 other big oil companies because we understand our ANGOLA HAS OIL RESERVES years of war. Therefore, the world cannot cultural reality. We act as a vehicle between large · OPEC’s president in 2009 expect us to rebuild the country again in multinational corporations and local companies. · Africa’s no. 1 oil producer only six years. It is easy to criticize our We speak both the language of multinational “FOR THE NEXT 30 YEARS · Global leader in oil-supply growth situation. In fact, some of our critics are companies and that of our communities. · 15 major projects to come online precisely those who promoted our civil in the next five years war. Will there be changes in Angola’s oil industry Sonangol President Manuel Vicente What are plans to move up the value chain Angola’s petroleum industry, we see that a · Africa’s fourth largest liquids model? argues that cooperation with the United and increase refining capacity? large part of the op”erating companies are producer What is your vision of a post-oil era in The current model of partnerships with the state is States can grow in sectors such as natural As the national company, we plan on ha - American, for example Chevron and Esso. Angola? becoming obsolete. We will start to see changes. gas, petrochemicals, and refining. He ving the capacity to refine 500,000 barrels Our own Sonangol has an association with I believe that in the next 30 years, we will Partnerships will be created with private companies says that Angolan petroleum will last for a day internally by 2015. Presently, with the an American company to build a natural-gas support from Portugal in this regard. I still have oil to produce. But in my opi - like ours. That’s the model of the future. at least another 30 years but nevertheless Luanda refinery, we have installed capacity terminal in the state of Mississippi. Our must admit that the challenge is great, but nion, this doesn’t mean that we should supports renewable energy. for around 65,000 barrels. There is an partnership with the United States is good I believe that there is nothing to worry not be encouraging renewable energies, Who are potential partners, and in what sectors? expansion and modernization plan for this and will continue to grow. Also, as the about. We will have to set clear priorities, because it will contribute to a better glo - We want to start talking now about instream, that refinery to reach 100,000 barrels, and we national oil company, we are about to invest but the reconstruction program will not bal environment and will make energy use area of the oil industry that includes petrochemicals How does OPEC membership impact the ac - are about to construct a refinery in Lobito directly in the U.S. be halted. more efficient. Nevertheless, despite all and refining. Also, we want to be involved in tivities of Sonangol? with a 200,000-barrel capacity. Also, the the innovations, fossil fuels will continue industrial projects. We’re on the lookout, doing What we have to do is to look for a ba- state will promote an investment in Soyo With oil prices at these low levels, shouldn’t How do you explain that Angola is Africa’s to play an important part in the world some research, but those are the business lanced price that allows us to make a pro - for another refinery, this one completely Angolans be concerned about how current top producer but it continues to be one of energy matrix. segments we would like to be getting involved in. fit. The cuts that OPEC has made are not private, with capacity for 200,000 barrels. reconstruction projects will be financed the poorest countries? permanent. Angola cut production by and when they will be completed? As you know, we faced long years of civil How can the new U.S. president change How important is the North American market? around 400,000 barrels, but this won’t be Where does the Angola-U.S. energy part - It is important to note that Angola will not war. Sonangol was instrumental for the relations with Angola? The American market is interesting to any forever. Certainly, when the market varia - nership stand as of today? use direct resources to fund national re- military success and the achievement of Without being chauvinistic, he is Afro- company. We have a presence in the United bles improve, this reduction won’t be re- Angola is a strategic partner for the United construction efforts. Most of these plans are peace. There is still poverty and many American. I rejoice in this, and I see part of States, which began in 2008. We have a long quired. As members of OPEC, we will States in terms of energy, and we will possible thanks to external financing. challenges to be overcome, but the myself in him. I hope he can contribute way ahead of us. continue to play our part so that the orga - continue to export to that country. Angola has secured financing from China government continues to work hard to to America making a larger contribution nization’s policy is effective. Looking closely at the business mosaic of and recently from Germany. There is also implement new policies and improve the to Africa’s development.

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and BFA (Banco Fomento Angola), two Supervision (Instituto Supervisão de Segu - the capital are invariably packed. Moreover, FOUR- institutions formerly 100 percent ros). Just between 2001 and 2006— many Angolans with professional training owned by Portuguese interests. Sonangol the latest year for which figures are avai - are returning to their country thanks to the bought 49.9 percent of the former, while lable—the volume of premiums rose from guarantee of political stability, which helps WHEEL telecommunications company Unitel US$86.7 million to US$404.5 million, promote greater competition. acquired an identical stake in the latter. a 366 percent increase. This year, the “The levels of profitability and growth DEAL With this bet on banking, Angolans hope government decided to make automobile that we have seen in all areas are to ensure access to the financial resources insurance compulsory for personal impressive. Return on investment can essential to their economic growth. liability, which should further boost the be achieved in five years, whereas in other Insurance is another area that is sector. markets it can take 15 or 20 years,” says In the United States and Europe, banks expanding rapidly. The market comprises The business mood in Angola is one of Fernando Duarte, administrator of BIC are going under, nationalization seems seven insurance companies, six brokers, euphoria, and the word “crisis” is still just Angola. “The opportunities are here, to be following close behind, and and three pension-fund managers, all a distant echo. Hotels in Luanda are and whoever gets in first will dominate shareholders are living through licensed by the Institute for Insurance always full of businesspeople, and flights to the market.” desperate times. Car manufacturers are also facing difficulties: Cuts in production and huge layoffs dominate the daily headlines, forcing governments to resort to financial bailouts as they try to avoid a social catastrophe of massive proportions. The situation in Angola, however, is the opposite.

The financial sector is growing at a grow by around 40 percent this year. The same phenomena can be seen in dizzying speed, while car dealers simply Two factors are causing this phenomenon. the banking sector, where business is also can’t keep pace with demand. In 2007, First, the companies that set up growing quickly. The main driver here is counting the 18 banks operating in the operations in Angola, especially in the investment, both public and private, country, the total credit available in the area of civil construction, need cars for running at many billions of dollars—pro - economy grew 85 percent, while the total their businesses. In particular, this means portionally, well above the world average. portfolio of deposits grew 43 percent. The pickups and heavier trucks. Second, This goes far beyond just automobile proportion of deposits lent out again the middle class is becoming more and credit. Real estate is a blossoming sector, rose from 46 percent in 2006 to 75 more consumer-oriented, and private and home ownership has become a percent in 2007. These figures look good, transportation is synonymous with priority for Angolans. Other areas, such but a huge amount of growth is still professional success—even more so in a as manufacturing and agriculture, are possible given that only 6.7 percent of the country where public transportation expanding as well. general population currently uses banks, is inefficient. Demand is so strong that Foreign investment is also part of the according to a KPMG study. the importers’ only complaint is not equation because this ensures an injection The growth of the banking sector has having enough vehicles to satisfy their of liquidity into a financial system that al - also been driving vehicle retailing. Many customers immediately. As for the fu - ready offers sophisticated products like car sales are now made using long-term t ure, optimism reigns supreme; transpor - “e-banking.” All this means that Ango - bank loans, similar to more mature tation is vital to national development, lans are beginning to have a growing in - economies. This looks to be an ongoing which is an unstoppable reality for fluence in the sector. The two most recent trend given that sales are predicted to Angola. examples of this are Millennium Angola

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Emídio Pinheiro Fernando Duarte WHAT CRISIS? Chairman Administrator BFA BIC Bank

“The Angolan financial system has been engaged “In terms of investment, Angola is still operating in addressing the enormous challenge of its growth.” well below its real capacity.”

How do you define Angola’s financial system? Is Angola enjoying a new era? CAR DEALERS’ VERDICT The market is fundamentally characterized by having to work with very strong growth— The country is clearly on the right path, and the investment we are pouring into which is a positive phenomenon—in a country with very weak infrastructure. Angola is extremely rewarding, be that on a financial, industrial, or commercial level. What we learn from our customers is that everyone thinks Angola is “the place to Nuno Borges da Silva Ricardo Sousa How is BFA contributing to Angola’s reconstruction plan? be,” and that it is one of the few markets whose pace and growth rates are clearly By channeling funds to the country’s reconstruction projects. Our portfolio of government above the world average. Executive President General Manager bonds is US$700 million. Our banking business supports the companies carrying out these TOYOTA Robert Hudson Ltd. projects. Finally, the bank’s growth is reflected in employment, as well as in the qualifications Is this a good time to invest in the country? “Toyota is best known for its automobiles. However, “At Robert Hudson, we have a robust and long-standing and training of people. From the point of view of business opportunities, that’s been the case for the company is also thinking about oil, gas, and relationship with Ford. This is growing even stronger as our five years. Angola is an enormous market with enormous potential, and it is still cement.” sales increase.” Which sectors are most appealing to investors? under-exploited. That said, there are major obstacles. The country inherited a hefty Those connected with construction, services—where there’s a great deal to do—and some raft of red tape from its colonial past. Only now, with the coming of peace, can this How is Toyota doing in Angola? Is it growing? How would you describe the current situation in Angola? industrial areas more geared to the domestic market. be sorted out. We sold 3,500 vehicles in 2005, with that figure reaching 5,300 in 2008. This year, we I notice from our conversations with Ford directors, and even with other business plan on selling around 7,000 vehicles. In other words, we will have doubled our leaders, that the way they see Angola’s potential is changing a great deal, and for the business in four years. Currently, our revenue is around US$30 million to US$35 million better. As for the United States, I detect a certain lack of knowledge in relation to a month. Angola. The bottom line is that progress in this country is now unstoppable, given the path it has chosen. Angola is going to grow a lot—in fact, I think the country will benefit What is Toyota’s position in the Angolan car market? from the international crisis. Right now, we’re leaders—the largest company in this sector. We have copied the Europeans a lot in terms of lifestyle, and now we’re about to do the same with respect What is the outlook for the automobile sector here? to the Americans, owning large cars. This will help Toyota be successful because we Growth should certainly exceed 40 percent per year. The automobile sector is a have a quality product, and it retains a far higher market value after three years than a reflection of the country’s economy in general. If construction companies are to grow, car of another make. Today, we are the group’s biggest company in Africa. We’re they need transportation resources. An entrepreneur who decides to open a store needs selling 700 vehicles per month while Kenya, which used to hold first place, is selling cars because we don’t have a public transportation system. The automobile ends up just 280. We have excellent logistics, and we’re importing 20 containers of parts per being virtually a basic necessity. Without it, there can be no development. month. What model sells best? How do you see the automobile market developing? The 4x4 pickup, which is for a very specific type of customer—construction companies. Many billions of dollars of investments are under way in Angola, and obviously that Currently, our sales are not as good as they could be, simply because we don’t have drives the automobile market, which is also growing very, very fast. The outlook for more vehicles to sell. We can’t meet demand. We weren’t expecting such huge and fast this year is that 26,000 new vehicles will be sold, and this figure will double through growth. Nevertheless, we are trying to solve that problem by opening an assembly line 2012-13. There is another very important aspect, which is that the financial system is in South Africa to manufacture exclusively for the Angolan market. That will help us. better organized. Today, for instance, bank loans finance 25 percent of our sales. This has been a great help in developing the market. Apart from that, Toyota plans to What is Hudson’s background? diversify in Angola with projects related to oil, gas, and, eventually, cement. That may It started off as a South African company that had nothing to do with automobiles. Now, start to happen next year. we are owned 100 percent by Portianga, a company within the Portuguese Salvador Caetano Group. What image does Angola have abroad? Angola is viewed somewhat badly internationally because of the corruption, but How is your relationship with Ford? people who come here and work with us take back a different message. The country I would say excellent—long-standing and strong, not just because we’re selling more has many issues to resolve, but it also has many positive qualities. What we need is vehicles, but also because of the investments we’re about to make in other Angolan help in developing the country’s good things in order to correct the bad things. provinces, outside Luanda.

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Infrastructure Eye on Movicel Wang Xiangguo CEO In Angola, unlike in some other African countries, the government defends its own interests. Movicel

Why is Angola so interested in Chinese groups? African countries. To develop something, you have to 2009, we will be able to provide that service to The main reason is that the Chinese government is very make contacts with the government and understand customers by the end of the year. diligent about developing good relations with Angola. its interests. In the [Democratic Republic of the] Congo, in Kinshasa, it’s very different. People don't How many customers do you have currently? How did you come to be in Angola? bother about the government. They simply do 2.5 million, and we are Internet providers, too. This year, the Angolan government decided to privatize business, and there is no regulatory authority. Here, Movicel, and ZTE, to which I belong, was invited to be it’s different. What will underpin your strategy to attract customers? Movicel’s strategic partner. During a later phase, we plan Currently, the Movicel network covers only major cities. to get financing to acquire shares. Subsequently, we will What are Movicel’s business goals? We have made a commitment to the government to invite another strategic partner—an operator such as With two operators, our target is to have a 50 percent start covering 70 percent to 80 percent of the territory. Mobile China or China Unicom—to manage Movicel. We market share. If three exist, it will start at 40 percent. Our envision Angola Telecom having a holding of 20 percent, market share has dropped because we use CDMA Are you optimistic? with Angolan investors holding 49 percent. technology, but that will change when we start using GSM. I believe we can achieve that objective. This is a key sector, needed so that African governments can be on What were the chief hurdles you encountered? When will that be? the same footing as other countries. The number of cell- This government is very difficult. It’s not like in other If the privatization process can be completed in April phone users has already increased immensely in Africa.

facilities in the capital. The Luanda airport nament in January 2010. The event is stim- is also due to undergo repair and upgrading. ulating the construction of roads and hotels In the commercial sector, plans are under to meet the expected increase in tourist de - way to build cold-store distribution centers mand. in 12 of the country’s 18 provinces. The Pro - At the same time, the government has re - Tomasz Dowbor gram for Restructuring the Logistics and cently introduced the concept of Special Eco - General Director Distribution System of Products Essential to nomic Zones to ensure that foreign invest- Solida Corporation works, the majority of which are anchored ments in Angola in areas such as energy, wa - the Population (Presild) is also advancing, ment benefits all the provinces. This program by foreign finance. ter, mining, health, civil construction, and with a focus on constructing a chain of su - offers tax reductions to investors who set up Q&A MAKE IT In 2009, the Angolan government has professional training. Spain also made permarkets called “Nosso Super.” operations in zones in more remote regions an investment plan that pours some US$40 US$600 million available for reconstruction Infrastructure construction and repair is and assures them, as an enticement, that they What business is the Solida Corporation BETTER billion into reconstruction projects. China projects. As for Portugal, the Caixa Geral de expanding fast throughout the country. The will be provided with the basic infrastructure currently engaged in? will add another US$2 billion to finance na - Depositos (CGD)—a government-owned bridge over the Kuanza River in Malanje will they need. One of the first will be in Catum - Currently, we are working on 12 different tional reconstruction projects. This will bank—provided a credit line of US$500 be finished in November, while the Lomaum bela, Benguela, some 600 kilometers from projects: medium-sized residential compensate for the drop in revenues that million that will finance public infrastructure and Biopio dams in Benguela will be re - Luanda. developments of 50 to 80 houses, including This year, the Angolan government will the country will likely suffer due to the fall projects in which Portuguese companies paired this year, as will the power lines in Lun - Angola’s high-flying optimism, however, products for the lower and middle classes, plus invest US$40 billion in reconstruction in oil prices. participate. da North and South provinces. Examples are is brought back down to earth a little by in - residential complexes and commercial projects. projects to realize President Eduardo dos With this new support, provided through Investment is the order of the day never-ending, but it’s also worth mentioning ternational organizations. The World Bank Santos’ dream of turning his country into Eximbank, China’s total commitment to An - throughout Angola. In agriculture, for cotton production in Kuanza South Prov ince continues to warn that the country needs to Are any of these projects open to partnerships? “one vast building site.” China is still the gola since 2004 will stand at US$6.5 billion. example, public credit lines have been cre - and the repair of the Benguela railroad, reduce poverty and improve access to basic We have been working on some initiatives leading foreign investor, but countries such This is paid for with petroleum exports. ated for a sugarcane program and for the which runs for a total of 1,037 kilometers services while creating an environment fa- inviting Brazilians and Americans into other as Germany, Portugal, and Spain are also Another US$2.9 billion has been made development of 25,000 hectares in the across Angola between Lobito and Luau. vorable to domestic and foreign investment. areas, but we focus on local partnerships for this providing credit lines. avail able through the China International provin ces of Uíge, Zaire, and Bengo. These This project, budgeted at US$1.8 billion, is International consulting company KPMG specific business. However, for two years now, Fund, making that country the largest finan - projects are being carried out by vital not just for Angola’s economy but for argues that Angola must reform its legal and we have had very strong partnerships with the cer of reconstruction projects in Angola. Odebrecht and Sonangol. In industry, the neighboring countries as well, specif ically regulatory system, creating a transparent Chinese for financing and construction. Today, the president’s dream is moving Other countries that have supported An - Portuguese company Unicer will open a Zambia and the Democratic Republic of the economy that is open to private invest- ahead at full speed. From the highway net - gola include Germany, Spain, and Portugal. min eral-water bottling plant in Luanda. The Congo. Also this year, the country will con - ment. The Angolan government says it’s What is your most ambitious project? work to railroads, from agriculture to In March, German Chancellor Angela Mer - Ministry of Public Works is moving forward centrate efforts on constructing stadiums in aware of the problems and promises to al - The Solida Ocean Drive project is a 1.5-million- commerce, the country is experiencing a kel announced the creation of a US$1.7 with the Luanda Sanitation Master Plan and Luanda, Benguela, Huíla, and Cabinda to ter laws, reduce bureaucracy, and facilitate square-meter project with its own marina, rush of private investment and public billion credit line to finance German invest- the construction of highways and parking host the African Cup of Nations soccer tour - foreign investment. which will be a landmark project for Luanda.

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SPOTLIGHT : RIDGE SOLUTIONS

AN ANCHOR SECURING INVESTMENTS

ding home mortgages so as to adapt our Open to Investors year. This project will target European, projects and ambitious expansion plans, supply to products destined for the lower, Ridge Solutions plans to open up 40 percent Asian, and North American markets, Ridge created in 2008 RS Capital (a mana - middle, and upper classes,” notes Ramos. of its capital to foreign investors, guaran- where shrimp consumption has been gro - ging society of investment funds), which is Ridge Solutions also has plans for seve - teeing that future shareholders will have wing. In Japan, for example, consumption is dedicated to creating and managing the ral other projects. It will build a shopping access to benefits generated by the com- estimated at 300,000 metric tons per year— group’s real estate investment funds, third- mall in Luanda and Talatona, a zone in the pany’s current short-and medium-term pro - making it one of the largest shrimp consu - party real estate investments, and consulting capital. The Blue Diamonds Towers project jects. In addition to real estate, hospitality, mi - mers in the world. Another important deve - services. “Our focus is to capitalize the in- will feature eight eight-story towers and a ning, and transportation, Ridge will invest lopment is the investment in manufacturing vestment of our clients,” says Ramos who five-star hotel with 200 rooms. To these US$80 million in an aquaculture project that building materials, with the production of foresees a wealth of future progress in many will be added the Platinium and Marimba will produce 5,000 tons of tiger shrimp each blocks and roof tiles. In light of numerous different sectors of the economy. buildings, with 19 and 11 floors, respectively. The company is also creating projects aimed at the lower and middle classes, in - cluding developments in such provinces as Huambo, Lobito, Benguela, and Lubango. Ramos believes that one of the keys to José Ramos his company’s success involves combining Executive President the best of the African world with what the Ridge Solutions West has to offer. To that end, Ridge has called on professionals from the United States, Portugal, Brazil, South Africa, and Angola seems to be one continuous to the total satisfaction of our investors, the United Kingdom to apply cutting-edge construction site, from Cunene to Cabinda. shareholders, and the community,” ex - technology to its Angolan projects. At the Business opportunities abound in every plains CEO José Ramos. The company ex - same time, it has provided training for its sector, from transportation to housing. pects revenue of US$15billion in the next managers, who act independently in rela - Although the capital, Luanda, is the five years. tion to government institutions. It is in this barometer of these changes, every province One of Ridge Solutions’ business show - way that Ridge Solutions acts as a bridge shows great development potential. cases is the Jardins do Eden residential between Angola and the rest of the world, complex, south of Luanda. Set in an area adds the CEO. of 3 million square meters, the develop - Great opportunities also exist in trans - Ridge Solutions has moved strategically to ment already has 2,000 houses. In portation. Before independence in 1975, take advantage of Angola’s business and addition, the company plans to build 100 the country had 73,000 kilometers of investment opportunities and now is one four-story buildings, 48 with four highway. Today, that number has dimi- of the country’s major companies, with as - floors/apartments, and an equal number of nished substantially, and Ridge Solutions sets of some US$4 billion. This allows it to high-end villas. Adding to the com- has already done its homework to attract act as an anchor for foreign investors in plex’s attractiveness is its location near investors. Using GPS technology, it con - areas such as real estate, the financial sec - Luanda’s soon-to-be-constructed interna - ducted a survey of Angola’s topography to tor, and natural resources. “Our mission is tional airport, a soccer stadium that will photograph every region of the country ac - to create the best investment solutions and host the 2010 African Cup of Nations, and curately. It now has a database that puts it have the best business practices and pro - a public university. “We analyzed the per - in a privileged position to identify needs ducts with a multiple market value, geared formance of the banking sector in provi - and investment opportunities.

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Agribusiness

BREATHING NEW LIFE

One of the major goals of the the Southern African Development The fertile Waco Kungo new Angola is to realize the Community (SADC) of investing in Valley in the heartland of Kuanza immense promise of agri- projects that are key to development. South is a spectacular sight, industry in a country that has A great example can be seen in with growing groups of family 8 million hectares of arable Kuanza South Province. That’s farms. The initial project land and some 20 percent of where Project Manager José Cer- offered 600 families—former Africa’s water reserves. queira, formerly chief economist UNITA and MPLA military per- for Angola’s Economic and Fi- sonnel—the chance to re- José Cerqueira nancial Recovery Program, is hea- ceive a house on a 3-hectare General Director To this end, the government is in- ding the ambitious “New Village” farmstead, allowing the families Aldeia Nova creasing funding for farming, in (Aldeia Nova) projects, which can to become micro-producers. particular livestock. This is in help turn his country into an agri- The family farms are that the business sector keeping with the goals outlined by industrial power. grouped around a central needs to invest in farming, and cooperative. This acts as a in infrastructure related to logistical hub with four agri- energy and water. A country like industrial units, including an the United States, for instance, animal-feed plant and a dairy can make investments here in unit to collect produce from the long-term projects, for example fami lies, process it industrially, in the area of energy and dams.” and handle the marketing. Crops like maize, cereals, The initial project has ex- sunflower, rice, and soybeans, as ceeded every expectation, so well as agribusiness activities much so that the “New Village” such as livestock, will receive the model will be extended through- heaviest investments in the com - out the entire country. ing decade. “The government “The strategy behind this should also look closely at sugar- project is to kick-start the agri- cane, because our experience cultural economy in ways that tells us it can play a role in ener- respect the social aim of creating gizing the rural economy, just as jobs while reducing food im- coffee did after the Second ports,” says Cerqueira. “Its suc- World War,” Cerqueira explains. cess demonstrates that family Additionally, he notes, “Ex- farming doesn’t have to be sub- periments are being conducted sistence farming. However, the for another important goal: the project also highlights the fact production of biodiesel.”

USA Office Spain Office 1050 Connecticut Avenue, Paseo de la Castellana, NW, 10th floor, 95. 15 Planta 28046 Suite 1000 Washington, Madrid - Spain DC 20036 - USA Tel +34 91 418 50 32 www.peninsula-press.com [email protected] Editor-in-Chief Stella Klauhs Writers Rui Paulo Silva, Photography Emanuele Giusto, Project Director José Powell Siddhartha Mitter Miguel Baltazar, SXC, iStockphoto Research Director Emanuele Giusto Design Nuno Teixeira, Marta Conceição Illustrator Henrique Monteiro

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