Angola- A Rapidly Evolving Economy

• Published date: 22 September 2020
• Subject Matter: Intellectual Property, Strategy, Trademark, Economic Analysis
• Law Firm: Adams & Adams
• Author: Ms Esmé Van Rooyen

Angola's economy is overwhelmingly driven by its oil sector Oil production and its supporting activities contribute to approximately 50% of the GDP, more than 70% of the country's revenue and more than 90% of its exports. The Covid-19 pandemic however, taught us that the ability to adapt to change is a valuable skill, both for people and economies alike and it also highlighted the need to diversify the Angolan economy.

The Angolan government has made some positive strides in this regard with the country joining the Southern African Developments Community free trade zone. Angola will also form part of the African Continental Free Trade Area (AfCFTA). The AfCFTA was set come into existence on 1 July 2020 but was postponed due to the COVID-19 pandemic. Despite initial hindrances, the AfCFTA will once it is fully implemented, be made up of 54 African countries merging into a single market. This will ultimately not only be a free trade agreement but will serve as a mechanism for Africa's economic transformation.

Fighting corruption, which has long been associated with developing economies in Africa, is also a priority of the current Government. The anti-graft drive driven by President Lourenco is aimed at improving the economic environment and to spark investment in the country.

Angola also initiated a process to revise its Industrial Property Law with the view of aligning it with international standards. It has been quite a long process with a few drafts having been submitted for consideration in the past few years. That said, the most recent version of the bill was submitted to Parliament in March 2020 for discussion and approval and stakeholders are hopeful that a new Industrial Property Law will come into effect in the near future. This will further contribute to inspiring economic investment in the country and also afford trade mark proprietors the necessary peace of mind that their intellectual property is protected in accordance with international practices. When considering expanding operations to Angola it is important that proprietors bear in mind that Angola operates as a "first to file" jurisdiction, which means that common law rights are not recognised. It is, therefore, imperative to obtain registration in this country, especially for well-known trade marks.

Although no express provision is made for the protection of well-known marks in the current Industrial Property Act, well-known marks are afforded some...