The level of bilateral cooperation between the two countries was highlighted today by the president of the Angola-China Chamber of Commerce (CAC), Luís Cupenela, and the Chinese ambassador to Angola, Zhang Bin, in Luanda.
According to the balance of trade figures for 2023 to 2024, the volume of trade between Angola and China registered a minimal variation of more than 1% from US$23.8 billion to US$24 billion, maintaining the investment stock (i.e. accumulated investment that may already be completed or in progress) above US$27 billion (€23 billion), said the CAC president.
Speaking at the opening of the conference on “The Influence of the Chinese Business Sector on Angola’s Domestic Economy”, an initiative of CAC and TV Zimbo, which is taking place today in Luanda, Luís Cupenala pointed out that approximately US$5 billion of the total Chinese investment in the African country was directed to the non-oil sector.
“Cooperation with the Asian giant translates into mutual benefits and progress, as long as we know how to wisely and proficiently take greater advantage of it, because China is committed to pursuing high-quality development, serving as a pillar of global socio-economic stability,” he said.
Cupenela said that more than 500 Angolan companies with Chinese capital operate in Angola, “where they have found their second home and participate in daily life side by side with Angolans in the country’s economic dynamics.”
Despite the “uncertainties” resulting from global economic shocks and instability, the Angola-China Chamber of Commerce president noted that China and Chinese entrepreneurs continue to believe in the future of an Angola committed to progress.
“The level of deepening cooperation and strategic partnership relations, built over 42 years, keeps alive the flame of continued trade, investment and mutual benefit between the two countries,” he added.
Zhang Bin, in turn, also highlighted Chinese investment in Angola and the degree of cooperation between Luanda and Beijing, noting that over the past 42 years, economic and trade cooperation between the two countries has achieved “remarkable progress and led to fruitful, visible and tangible results.”
The Chinese diplomat noted his country’s “active” participation in the reconstruction of Angola, in the construction of railways, roads, ports, airports, hospitals, housing and water distribution systems.
The Chinese ambassador also praised the annual bilateral trade of over US$20 billion and the investment stock of US$27 billion, highlighting investments in agriculture, mining, finance, processing, industrial parks, real estate and services.
“The investment and commercial cooperation of Chinese companies in Angola has not only created countless jobs and tax revenues, but has also trained a significant number of qualified professionals and technicians, effectively promoting the diversification of the Angolan economy,” concluded Zhang Bin.
And the general leader of TV Zimbo – Angolan television owned by the state following the asset recovery process – Paulo Julião, considered in his speech that the presence of the Chinese business sector in Angola “is today one of the pillars” of international economic cooperation, visible in various sectors.
The conference marks 17 years of television, 42 years of Angola-China cooperation and 50 years of Angola’s independence, which will be celebrated on 11 November.
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