Angolan ambassador says Luanda wants to boost economic cooperation with China

28 February 2006

Beijing, China, 28 Feb – Angola’s ambassador to China, João Manuel Bernardo, has said Luanda wants to strengthen its economic cooperation with China, which is currently one of Angola’s main economic partners.

“Trade between Angola and China totaled US$4.2 billion in 2005, which makes Angola China’s second largest African trading partner, after South Africa,” Bernardo told Portuguese news agency Lusa in Beijing.

“The war destroyed and we need to build and rebuild,” Bernardo said, adding that “the partner with the best conditions to carry out reconstruction projects has been, without a doubt, the People’s Republic of China.”

Bernardo said that, “Chinese companies have given us a lot of support in this huge and urgent task of rebuilding the country, particularly in repairing, refurbishing and construction of infrastructures such as roads, bridges and railroads.”

At the end of 2004, China granted Angola loans of a total US$2 billion for rebuilding infrastructures, in exchange for 10,000 barrels of oil per day and a 1.5 percent interest rate over 17 years.

Angola is China’s second largest supplier of oil after Saudi Arabia and exports 25 percent of its production to the Asian giant.

The oil sector accounts for 40percent of Angola’s gross domestic product and around 90 percent of government income. (macauhub)