Angola Calls For More Chinese Investment as New Joint Ventures Are Formed


Angola is calling for more Chinese investment, as the countries celebrate 40 years of bilateral relations with the forming of new corporate joint-ventures.

The Angolan Minister of State for Economic Coordination, speaking at the Angola-China Business Forum (FONAC) in Luanda, called on Chinese businessmen for “more investments” in food production, for the housing sector, manufacturing industry and trade to boost the Angolan economy.

Minister José de Lima Massano, said that the country will continue with reforms that contribute to economic growth. “Angola, with the economic stability that it has been experiencing and consolidating over the years, will maintain the course of reforms that contribute to sustainable and inclusive economic growth”, he underlined.

China to keep financing strategic infrastructure in Angola

The Angolan minister recalled the recent announcement of the set of measures to stimulate and boost the country’s economy, noting that these emphasize the “mandatory incorporation of goods made in Angola and public investment projects”.

“We believe that the investment, technology and knowledge of the companies represented here gain a new market for action and opportunities to strengthen partnerships”, he pointed out, auguring more investments from Chinese businessmen.

“We therefore have more investments in food production, housing, manufacturing, trade and the development of development support logistics chains, mining and professional training”, he said.

Angola and China vow to strengthen cooperation

The president of the Angola – China Chamber of Commerce (CAC), speaking at the same event, defended the conclusion of the signing of the agreement for the promotion and protection of reciprocal investment between the two countries, considering this a “basic assumption” for attracting investment.

According to Luís Cupenala (pictured above), the portfolio of current and future investments between Angola and China justify the conclusion of the agreement, as trade between the two countries, especially in the last three years, has a “significant weight” in Angola’s balance of payments.

The CAC leader considered the basic infrastructure financed by the Chinese Government as “main arteries” that allowed the “revival” of the Angolan economy with the resumption of normality in the movement of people and goods, the exercise of commerce, industry, agriculture and the creation of the business environment for attracting foreign direct investment.

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At the forum, three cooperation agreements between Angolan and Chinese companies were also signed.

The Angolan business group Carrinho signed a memorandum of understanding on cooperation with the Chinese CITIC Construction Angola Co. CAC made an agreement with the Luanda-Bengo Special Economic Zone (ZEE) for the promotion of infrastructure and another agreement on the promotion of the Free Integrated Development Zone of Barra do Dande, Angolan province of Bengo.

The promotion of economic zones, “as development pivots”, such as the Luanda-Bengo ZEE and the Barra do Dande Free Trade Zone, are other areas of strategic interest, noted Luís Cupenala.

Angolan President highlights success of projects supported by China

Trade between Angola and China in the last 20 years amounted to USD 206 billion, a “qualitative and quantitative leap” that contributed to the “rapid development” of the countries, according to the Chinese ambassador to Angola, Gong Tao.

According to the Chinese diplomat, over the last 40 years relations between his country and Angola “have achieved considerable development” and cooperation between the two parties has produced “fruitful results” in various fields.

“Economic and commercial cooperation has always been the high point of this cooperation, promoted in a pragmatic way. Especially in the past 20 years, the two sides have truly formed a pattern of cooperation for the convergence of our interests, establishing a mutually beneficial and ‘win-win’ model between China and Africa,” he noted.


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