The death of Unita leader Jonas Savimbi early this year, and the subsequent signing of a peace accord between the government and the rebel movement on 4 April ushered in fresh hope for a lasting solution to Angola’s civil war that has dragged on for nearly three decades. Among others, the agreement commits Unita to demobilise its troops, and the government to call an election within two years.

Those familiar with the history of Angolan politics have every reason to be cautiously optimistic. In 1992, what had looked like a highly promising Lusaka Peace Accord collapsed when Unita reneged on its obligations following an electoral defeat. The civil war, which has been on and off since 1975, continued up until Savimbi and his deputy were killed in clashes with government troops in February this year.

Shaken by the death of their leadership, the rebels have since submitted to the current peace deal, which if sustainable could unlock the economic potential of the southern African country so richly endowed with untapped agricultural and mineral resources, and a well-developed petroleum industry.

The protracted civil war has displaced about a third of Angola’s 12 million people, and has knocked down just about every social indicator, leaving the country among the poorest in the world, despite its oil wealth. Transport and telecommunications infrastructure has collapsed, making it impossible for humanitarian aid to reach the needy.

Reports from Luanda say the current deal has prompted companies from the SADC region to rush in with food products and other basic consumer items, an initial indication of growing investor confidence.

Medium to long term investment opportunities abound especially in agriculture and diamonds, as well as in the oil industry which American companies have for years profiteered from during the chaos of the civil war. Unmoved by the rattling guns on the mainland, western oil companies have continued offshore oil exploitation, supplying five percent of domestic demand of the United States.

For the SADC region, Angola provides important trade corridors that link the south and the east to its equally rich but war weary northern neighbour, DRC. If revived, the Benguela railway corridor could do for Zambia and DRC what Beira and Maputo corridors have done for Zimbabwe, Botswana and South Africa. It could be another cornerstone for regional integration.

Maenwhile, the eight-week Inter-Congelese dialogue which ended in Sun City, South Africa on 19 April salvaged a power-sharing deal between the government and the Uganda-backed Congolese Liberation Movement (MLC). The accord, which was endorsed by most of the smaller parties, was however, rejected by the Rwanda-backed Congelese Rally for Democracy (RCD).

Under the terms of the agreement, a transitional government is to be formed under President Joseph Kabila as head of state while MLC leader Jean-Pierre Bemba becomes prime minister. The 30-month transitional process will lead to multi-party elections, which if held would be the first for the country since independence from Belgium in 1960.

RCD says the power-sharing deal was struck outside the framework of the Inter-Congolese Dialogue. It has called for further negotiations, which the government has rejected but says the door is still open for the RCD to sign on to the agreement.

The negotiations are a culmination of a process that began with a 1999 ceasefire agreement, which was signed by government, rebels and their foreign backers, to end the war which broke out in August 1998. Rwanda and Uganda are on the rebel side, while Angola, Namibia and Zimbabwe back the government.

Peace in the DRC is of critical importance not only because of the complex interlocking political interests but the clear economic potential that the vast African country has.

With its bedrock of countless natural resources which are largely under-exploited, the DRC offers enormous investment opportunities to regional and international investors alike. And with a hydropower capacity of 100,000 megawatts, the central African country has the potential to supply the entire SADC region.

However, this potential remains largely untapped because its neighbour, Angola, which if at peace would provide the vital link to the rest of southern Africa, has until now been battling to end its protracted conflict.

It thus comes as no surprise that the business community in the region and beyond is warily but expectantly eyeing the peace dividend as the two countries, richly endowed with natural resources and other business opportunities, begin to rebuild after devastating civil wars.