Angola signs cooperation agreement with China in Macau

12 October 2016

Angola signed an agreement with China on economic and technical cooperation to strengthen bilateral relations on Tuesday in Macau as part of the 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries.

The Angolan Economy Minister, Abrahão Gourgel speaking to Angolan state news agency Angop, stressed the importance of this agreement, given that China has previously supported Angola in reconstruction and in the process of diversification of the economy.

Gourgel also said that the agreement will facilitate the investment process for private Chinese companies in Angola, allowing partnerships to be set up between private Chinese companies and Angolan companies, as well as strengthening actions of public companies, development programmes and support for funding.

The minister noted that in November Luanda will host an economic forum with Chinese and Angolan companies, and therefore “we will launch a new period of Chinese private investment in Angola,” he said.

At the forum in Luanda Gourgel said the government also intends to sign an agreement for promotion and reciprocal protection of investments.

The Angolan government also plans to sign an agreement to avoid double taxation, but everything will depend on the progress of negotiations and the minister added “we would like to sign these two instruments at the meeting in Luanda.”

The 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking countries, called Forum Macau, was opened by Chinese Prime Minister Li Keqiang, who announced 18 new measures to strengthen cooperation with Portuguese-speaking countries.

Among these measures the focus is on the provision of US$300 million in concessional loans, another US$300 million in grants and debt pardon on overdue interest-free loans amounting to US$75 million. (macauhub)

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