Angola ready to work with China to boost economic development, says business leader

Published: March 17,2024

Angola stands ready to learn from China’s experience and achieve social and economic development through cooperation with China, Luis Cupenala, president of Angola-China Chamber of Commerce (CAC), has said.

“It’s a miracle that China went from privation to the world’s second largest economy. We are impressed and inspired,” Cupenala told Xinhua in an interview.

This is the experience “we want to learn from and to work humble on our side,” he said, adding that many Chinese came to Angola in 2002, right after the civil war ended, “making robust investment while boosting the Angolan market through fair trade.”

Angolan President Joao Lourenco is currently in China on a state visit at the invitation of Chinese President Xi Jinping. The two countries announced the decision to lift their relations to a strategic partnership in 2010.

Cupenala said he hoped President Lourenco’s China trip will “renew the vigor in bilateral relations,” adding “our expectation is to mobilize more investment and cooperation, especially from private sectors to our country in agriculture, industrialization, and sustainable development.”

Pledging to work with all sides to promote a business-friendly environment in Angola, the CAC leader hoped his country’s over 40-year friendship with China will continue to move forward vigorously and the reciprocal cooperation between them will set an example for the African continent.

Angola, China’s second-largest trading partner in Africa, has an economy heavily reliant on oil. Cupenala hopes both countries will work together to promote Angola’s economic diversification.

According to Chinese customs statistics, the total volume of bilateral trade stood at 23.05 billion U.S. dollars in 2023, down 15.2 percent from the previous year mainly due to the drop in global crude oil prices.

Cupenala highlighted agriculture as a sector with immense potential for bilateral cooperation in the coming years, welcoming Chinese assistance with agricultural equipment, seed industry, farming skills and food security.

“China is advanced in agriculture and Chinese people are vision-driven and very committed,” he said. “Angola has many diligent young people just like China, (so) the successful experience can be replicated and implemented here.”

Xinhua