Angola: Investment by Chinese companies rises 252 pct between 2006 and 2007

14 April 2008

Luanda, Angola, 14 April – Investments by Chinese companies in Angola rose from US$11 million in 2006 to US$37 million in 2007, which was a rise of 252 percent, the president of the Angolan National Agency for Private Investment (Anip), Carlos Fernandes said in Luanda.

Carlos Fernandes also said that the number of Chinese private companies present in Angola rose 93 percent from 2006 to 2007, totaling 31 companies.

“What is happening now is that some of the Chinese companies that end their contracts for projects with the government end up setting up in the country, because Angola hás na extremely favourable investment climate.”

Fernandes also noted that “at a time when the Angolan authorities needed financial resources from the international community, China sought to cooperate with Angola in an intelligent way, because whilst other countries demanded conditions that limited Angola’s development, China always understood that it had no right to impose conditions on financing.”

According to Fernandes, “both with public projects and within the private sector, cooperation between Angola and China has been growing at a reasonable level, which is important for the Angolan market as if that growth is maintained, it is a clear sign that contractual conditions with China are extremely competitive as compared with other countries and companies.”

Since 2004 China has provided Angola with credit lines worth an estimated US$4.5 billion, most of which aimed at rebuilding the country’s infrastructure. (macauhub).