Luanda – With the aim of boosting trade and financial relations between the Republic of Angola and the People’s Republic of China, the two countries finalised an agreement last week, in Luanda Province, signed by the Minister of State for Economic Coordination of Angola, José de Lima Massano, and the Chinese Minister of Commerce, Wang Wentao.
The document was signed at the end of the 2nd Guiding Meeting for Angola-China Economic and Trade Cooperation and at the time, José de Lima Massano expressed the Angolan government’s willingness to continue to deepen trade and financial relations with public and private officials of the People’s Republic of China.
“The presence of China and its entrepreneurs in Angola have contributed significantly to the construction of new infrastructures across the country, thus allowing the Angolan government to better serve the country with regard to social and economic development”, said the minister.
At the meeting, the Chinese official highlighted the investments made by his country in Angola in recent years, highlighting the fact that Angola is one of China’s main trading partners in Africa and the largest source of oil imports.
According to the Chinese minister, the level of bilateral trade between the two countries has grown steadily. Trade carried out in 2022 reached USD 27 billion, an increase of 16% compared to the previous year.
Wang Wentao informed that Angola has become China’s second largest trading partner in Africa.
To this, he said that the trade structure was continuously optimised by exports of non-oil products to China, with emphasis on mineral products, which increased significantly.
As regards investments, China has already become an important investor in Angola and according to Chinese statistics, their different investments in the country include oil, mining, processing agriculture, among others.
In terms of finance, China is the biggest source of finance for Angola, where its banks have already financed more than USD 48 billion to Angola, contributing to the social and economic development of this Asian country.
In the field of infrastructure, he added that his country built more than 2,800 meters of railway and more than 20,000 kilometers of roads, as well as the construction of approximately 100,000 social housing, 100 schools and 50 hospitals in several provinces of Angola.
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Angola has become China’s second largest trading partner in Africa, after South Africa.
The list of China’s top trading partners in Africa also includes Nigeria, Egypt and the Democratic Republic of the Congo (DRC).
It is estimated that in China’s total trade, the African continent appears in sixth place with only 3.83% of the country’s total international trade.