Chinese entrepreneur and Angolan group invest in maize production in Benguela, Angola

27 February 2017

Chinese entrepreneur Deng Xingwu plans to invest along with the Angolan group Ovaxing about US$3 million to produce maize in Benguela province, thereby creating 130 jobs, indicates the investment contract accessed by Lusa news agency.

The contract was approved by order of the Agriculture Ministry and involves Ovaxing; the latter sells 49 percent of its share capital to the Chinese entrepreneur Deng Xingwu, who will also assure part of the new investment.

Based in Benguela’s Ganda municipality, Ovaxing and the Chinese investor plan to cultivate and transform maize and other agricultural products in that province, applying the overall investment of US$3 million by the end of 2017.

In return, the investors will benefit from tax incentives such as a 60 percent reduction in payment of taxes for real estate transfer and industry and on capital application for eight years.

Angola’s maize necessities stand at 5.5 million tons this year; half of that amount is imported. (Macauhub)