China and Angola negotiate agreement on currency conversion

1 December 2015

Negotiations between Angola and China for an agreement on the introduction of facilities in granting visa and another on currency conversion are taking place “at a rapid pace,” said Monday in Luanda the ambassador of China in Angola.

Ambassador Cui Aimin, speaking about the 2nd China/Africa Forum Summit due to be hold in Johannesburg on 4 and 5 December, explained that Angola and China were also negotiating the signing of an agreement for reciprocal protection of investments.

Cui Aimin said China’s cooperation with Angola, under the established strategic partnership agreement in 2010, contributed to the development of Africa, although he acknowledged he was not yet satisfied with the level of cooperation between the two countries, given the great potential there is.

The diplomat said that in addition to economic and trade cooperation, it was important to lay the foundation for cultural exchanges, particularly through the Chinese and Portuguese language, to positively influence other areas of bilateral cooperation, according to Angolan news agency Angop.

Trade between Angola and China in 2014 reached, US$37.7 billion, while trade between Africa and China in the same period exceeded US$200 billion.

The ambassador also said Angola had managed, using credit lines from China, to recover or build 2,800 kilometres of railway, over 2,000 kilometres of roads and 130,000 social houses.

Angola also built 1,000 kilometres of power transmission lines, 14 power substations, 78 schools, 39 hospitals and 10,000 hectares of agricultural irrigation projects.

The second Summit, based in Johannesburg, and taking place under the motto “China and Africa move forward hand in hand: Mutual Benefit Cooperation for Common Development”, has already confirmed the presence of at least 40 African Heads of State.

The China/Africa Forum, which this year celebrates its 15th anniversary, was set up in 2000 and the first summit was held in 2006 in Beijing. (macauhub/AO/CN)