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José Antonio Barata

Country Manager Partner, Deloitte

Carlos Basto

Managing Partner, EY

Deloitte and EY are looking at the long term in Angola, helping the country to develop its next generation of talent while also helping institutions with solutions to challenges based on their global expertise.
How have Deloitte’s goals to strengthen its local presence and export its services to neighboring countries evolved?

JOSÉ ANTONIO BARATA Globally, Deloitte, at the end of its recent fiscal year, saw a significant overall increase in its activity. It was also an important year for our operations in Angola, where we have maintained our strategy, prefacing what used to be the slogan of a well-known car brand in the 1970s: “We are here to stay.” We continue our firm commitment in the country to recruit national staff, and we are just starting a new recruitment process to incorporate at least 50 new employees. With these new hires, Deloitte will have more than 400 professionals working in Angola.

EY Angola looks to build long-term value by carrying out more social responsibility initiatives.

What positive change are you supporting?

CARLOS BASTO We are recruiting many Angolans. We invest heavily in Angolan human capital and recruiting. We also have an attractive scholarship university program. We are delivering a scholarship not just for studies but one that also provides living expenses. We screen and find 20 people who we provide significant support to. They must be the best at what they do, and then they later join EY. We also have a partnership with a civil association that supports teenagers in preparing for jobs. Our executives deliver free training in subjects such as tax, accounting, or economics, and every month we go to provinces to deliver this training. In addition, by doing audits we contribute to the transparency of the economy. When we support our clients, we seek to improve profitability and be better prepared for the market. Every year, we feed the economy with human capital that grow in EY and embrace new challenges in other companies. The challenge here is human capital, and this is key for all companies around the world. The government must definitely invest in education, will be a pillar for the country growth.

Deloitte is focused on the contribution to keeping Angola on the path of Africa’s biggest economies. What are your thoughts about the Angolan financial system?

JAB The financial system in Angola is currently facing important challenges. The Central Bank has undertaken a set of new legislation aimed at bringing local legislation in line with global best practices, and publicly the central bank is attempting a process of supervisory equivalence with the EU. This is a significant effort to pass those regulations and the banks that, based on the results of another asset quality assessment process carried out by the IMF in the agreement with the state, namely the Public Bank and Economic Bank (BPC). Other banks are also facing significant challenges. Banks have to revisit their business models in the coming years because the country is making an effort to diversify the economy. For this reason, the quality of the services provided to customers needs to improve. There are many things that need to be done in the office, including digitalization, and banks have to make strong investments in technology for those people who cannot go to a branch.

EY Angola looks to build long-term value by carrying out more social responsibility initiatives.

What positive change are you supporting?

CB The government is working on change. It has a clear goal to maintain the production of oil, which has been key for Angola over the last 50 years. It needs to attract capital investment, and it is difficult because every country in the world is after this capital. The country needs to create new legal and tax frameworks and increase production, which is critical for economic growth. In addition, it needs to diversify the economy though this will take time. There is an increase of partnerships between Angola and multilateral entities, which are vital to support and co-invest in large and very important projects to the country such as electricity and water. The energy landscape is changing, which could be a great opportunity for Angola, though we must be prepared to be an alternative. Europe is currently facing huge challenges to have sufficient and reliable energy providers that is open a huge opportunity for the Africa countries, but they need to be attractive. The index for doing business and transparency must improve to attract FDI.

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