New agreement a milestone in Angola-China comprehensive strategic partnership: says Angolan official

Published: July 04,2024

The Agreement on the Promotion and Mutual Protection of Investment between China and Angola, which came into effect Saturday, will enhance Angola’s ability to attract strategic investments from China and represents a significant milestone in the comprehensive strategic partnership between the two countries, an Angolan official has said.

“Large-scale investments bring better jobs and higher revenues for companies and our country. For businesses, they mean a more stable and predictable market with greater security for Chinese investments,” Neide dos Santos, executive administrator of Angola’s Private Investment and Export Promotion Agency (AIPEX), told Xinhua on Saturday.

The agreement was signed on Dec. 6, 2023 in Beijing by Chinese Minister of Commerce Wang Wentao and Foreign Minister of Angola Tete Antonio.

Santos noted that China is one of the largest foreign investors in Angola, with significant investments in agriculture, industry, fisheries, construction, health, commerce, mining and services.

She said that since 2018, AIPEX has registered 48 Chinese investment intentions in Angola, with a total investment amount surpassing 1.9 billion U.S. dollars.

“These Chinese investments have been essential for the modernization of infrastructure, including roads, hospitals, schools, and airports, facilitating the growth of other economic sectors. They have made an important contribution to the Angolan economy,” said Santos.

Santos said that the Angolan government has a national development plan that includes various priority programs and structural initiatives, each targeting specific areas.

“The achievement of food security, in its various aspects, including self-sufficiency and export capacity, is a priority. For this reason, investment in the agricultural sector, food industry, logistics infrastructure, pharmaceutical industry, and energy transmission lines are priority areas for attracting investment in Angola,” she added.

Xinhua