Chinese group announces investments in Angola

25 November 2016

Chinese group Huafeng plans to invest US$1 billion in Angola over a period of two to five years, in agricultural projects, livestock, fisheries and industry, among others, said on Thursday in Luanda the chairman of the group, Zhan Yongaiou.

The president of the group said the provinces of Luanda, Moxico, Malanje, Lunda Norte, Huambo, Kuando Kubango, Benguela and Lunda Sul were the regions of Angola chosen to benefit from the investment, taking into account the potential natural resources for investors, according to Angolan news agency Angop.

Zhan Yongaiou said the company, which has been in Angola for three years, will start by building a centre specialising in the production of agricultural seeds, in Luanda, to develop production of grain, vegetables and tubers and launch breeding of beef and pork cattle, poultry, and fish and build a fertiliser and medication plant.

The President of the Chinese group was speaking at the end of the ceremony to sign an investment agreement with the Technical Unit for Private Investment (UTIP).

UTIP is a specialised technical department in charge of the preparation, evaluation and negotiation of private investment projects whose approval under the Private Investment Law and its regulations is the responsibility of the holder of executive power.

It is UTIP’s responsibility to receive and analyse investment proposals worth over US$10 million, or the equivalent in kwanzas. (macauhub)