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Tue, 04 Sep 2018 19:16 - Updated Tue, 04 Sep 2018 19:16

Head of State suggests increased Chinese investment

BEIJING - President of the Republic of Angoala, Joao Lourenço Tuesday in Beijing, China, suggested that China's direct investment in the production of consumer goods in Angola should increase.

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President of Angola João Lourenço (left) with his Chinese counterpart Xi Jinping

Photo: Francisco Miúdo

João Lourenço, who was speaking at the Summit of the China-Africa Cooperation Forum, said that increased investment should be made through mutually advantageous partnerships with Angolan businesspeople.

According to the Angolan statesman, the understanding should include the sharing of technology, scientific knowledge and the training of Angolan cadres.

He underlined that the country's new legislation in this segment has become more attractive to domestic and foreign investors, creating a better business environment.

To ensure the success of these bilateral cooperation programs, he considered it important that practical arrangements be established.

To him, these mechanisms should allow access to the financial resources necessary for the success of the policy measures established by the African nations.

João Lourenço considered it necessary for African and Chinese banking institutions to play an important role.

The focus is to make real this political will on both sides, to provide resources and develop projects that ensure mutually advantageous development.

According to the Angolan Head of State, this fact is sufficient reason to increase existing cooperation to new heights.

In the first quarter of this year, trade between the two countries grew 22.4 percent to US $ 6.80 billion (USD).

During this period, China sold products valued at US $ 481 million to Angola and purchased goods valued at US $ 6.32 billion.

In 2017, trade between Angola and China grew 43.42% to US $ 22.34 billion, with China buying 20.047 USD goods to Angola and having sold goods in the country of USD 2,297 million.

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