In a bid to boost economic and diplomatic cooperation, Chadian President Idriss Déby has invited Angolan President João Lourenço to invest in oil exploration in Chad’s emerging energy sector.
The invitation was extended during a meeting between delegations from the two countries on Thursday, which culminated in the signing of a Memorandum of Understanding for economic cooperation, along with the reinstatement of a Joint Cooperation Committee between the two countries to identify potential areas of investment.
In addition to the oil and gas sector, Angolan entities are invited to invest in Chad’s agricultural, mining, energy, infrastructure, and industrial sectors, as the country boasts a strong tradition of agribusiness with over 100 million livestock.
The Chadian Head of State emphasized the importance of strengthening bilateral ties, noting that the two countries must work together to address shared challenges regarding sustainable development, security cooperation, and long-term stability.
The invitation to invest in Chad’s oil concessions comes as a result of the extensive exploration and production experience that Angola has, as sub-Saharan Africa’s second-largest oil producer. Angola has also served as a critical partner to Chad with the support of several organizations in which both countries are members, including the International Conference for the Great Lakes Region and the Economic Community of Central Africa States.