Funding from China is necessary to Angola’s development

28 September 2010

Shanghai, China, 28 Sept – The vice president of the Republic of Angola Monday i Shanghai re-stated the need for Chinese funding for the development of the Angolan economy and gave assurances of the safety of private investment.

Speaking at a meeting on business opportunities in Angola, which took place Monday, Fernando da Piedade Dias dos Santos, cited by Angolan news agency Angop, said that the main government priorities for growth and development of the economy were the education, health, energy, water, rail and road infrastructure, agriculture, fishing and manufacturing sectors.

He said that the world financial crisis had had a negative effect on Angola’s economic progress, applying pressure on domestic demand and strangling the supply of goods and services.

He said that, in this context, it had not been possible to reduce inflation to less than two digits, as had been outlined in the government’s programme.

“Despite the current world economic scenario, the Angolan government continues to make efforts to reduce the impact of the international financial crisis, projecting a growth rate of some 6 percent and a population growth rate of 3 percent,” he said, adding that with this scenario, “conditions are ensured for the security of private investment.

He noted that signing the agreement for economic, technical and scientific cooperation with China in 2004 had made it possible to increase economic transaction, with increasingly visible results, mainly in the areas of oil and building infrastructures.

The meeting was attended by members of the Angolan government, the Chinese authorities and businesspeople from both countries. (macauhub)