Angola–Portugal relations have significantly improved since the Angolan government abandoned communism and nominally embraced democracy in 1991, embracing a pro-U.S. and to a lesser degree pro-Europe foreign policy. Portugal ruled Angola for 492 years, colonizing the territory from 1483 until independence in 1975. Angola's war for independence did not end in a military victory for either side, but was suspended as a result of a coup in Portugal, that replaced the Caetano regime with a National Salvation Junta. The Portuguese government recognized the authority of the MPLA, under the command of PresidentAgostinho Neto, on December 22, 1976, and established diplomatic relations on March 10. The MPLA broke off relations with Portugal on May 19 but reestablished official contact on September 3 following a meeting between their Foreign Ministers in Cape Verde. UNITA released a communiqué from Paris on November 13, 1978, detailing an anti-UNITA attack by 20,000 troops from Portugal, Cuba, Katanga, East Germany, and the MPLA. On November 17, 2011, the Portuguese government of Pedro Passos Coelho finalized a loan from the Angolan government of José Eduardo dos Santos to help Portugal deal with its 2010–14 financial crisis. Portugal remains one of Angola's largest trading partners. In 2015, Portuguese exports to Angola amounted to US$2.45 billion and Angolan exports to Portugal totaled US$1.19 billion.
Portugal Financial Crisis
The Great Recession of 2008, had hit the Portugal economy hard. The GDP was falling, unemployment and government debts were high. Cuts needed to be made, cuts in employee wages, lower pension payments, and unemployment benefits. During the financial crisis in Portugal many workers moved to Brazil and Angola, places that spoke Portuguese. Some moved to Britain and Germany for better job opportunities. Many revolts and protests took place when taxes increase and spending was cut
The government in Angola had defeated the rebels, and the oil production had doubled the economy became one of the world's fastest growing economies. Portugal which was suffering from the global recession, had made buying large corporations that they would not have been able to afford if Portugal had not been in a crisis an easy picking for the Angolan government. Portugal had also sold some real estate and port wine estates. Angola now had stakes in the Portuguese economy from banking to energy to media.