China Angola Economic and Trade Cooperation for Mutual Benefit

2023-08-01

Since the establishment of diplomatic relations between China and Angola for 40 years, cooperation in the economic and trade fields between the two countries has continuously expanded and achieved substantial results. The mutually beneficial win-win cooperation approach is helping to push the economic and trade exchanges between the two countries to a new level. At the recently held China Economy of Angola Economic and Trade Cooperation Forum, the State Minister for Economic Coordination of Angola, Jos é Masano, said in his speech that China is a good friend and partner of Angola, and the Angolan side attaches great importance to economic and trade cooperation with China. Massano said that Angola is adopting a series of reform measures to stimulate economic growth, aimed at attracting more private investment, expanding domestic production, and accelerating the process of economic diversification, with the support of Chinese enterprises being "indispensable". Gong Tao, Chinese Ambassador to Angola, said that since the establishment of diplomatic relations 40 years ago, the economic and trade cooperation between China and Angola has been pragmatic and fruitful, especially with the promotion of the "the Belt and Road" initiative, the two sides have formed a pattern of interests blending of "you have me, I have you", setting a model of mutual benefit and win-win cooperation between China and Africa. According to Chinese customs statistics, Angola is China's second largest trading partner in Africa. In 2022, the bilateral trade volume between the two countries reached 27.34 billion US dollars, an increase of 16.3% year-on-year. Meanwhile, according to trade data released by the Angolan National Bureau of Statistics, China is Angola's largest export destination and import source country. In recent years, Chinese cars, household appliances, and daily chemical products have been highly popular in the Angolan market. Chinese enterprises have invested in and built factories in Angola to strongly support Angola's industrialization and economic diversification strategy. Chinese enterprises' local production and manufacturing, as well as the African Free Trade Zone, have also provided opportunities for Chinese brands to enter the African market. Jero Santos, sales director of Jetta Motors in Angola, said that since entering the Angolan market, Jetta has become the "best-selling SUV brand in Angola" multiple times, and currently ranks among the top in new car sales in the Angolan market. Moyses Jonico, sales and marketing director of Changan Automobile in Angola, said that Chinese automobile brands have won wide recognition in the Angolan market, bringing new vitality to the Angolan automobile market. Angolan Industrial, Trade, and Construction Company is the distributor of Chinese home appliance brand Midea in Angola. The business manager of the company, Gaudencio Gamero, stated that Chinese home appliances are deeply loved by Angolan consumers. With the support of Chinese brands, the Midea air conditioning assembly line established by the company in Angola has been put into operation, cultivating valuable industrial talents for Angola. Lelo Francisco, Chairman of the Board of Directors of the Angola Private Investment and Export Promotion Agency, said that Chinese enterprises have advanced technology and rich experience in many industrial fields. As a member of the African Free Trade Area, Angola has competitive labor costs and infrastructure in Africa, which can help Chinese enterprises manufacture locally and sell products to the African Free Trade Area and even globally. Antonio Assis, Minister of Agriculture and Forestry of Angola, said that Angola has close cooperation with China in the agricultural field, and many Chinese enterprises are engaged in agricultural production in Angola. China has technology, experience, and equipment, while Angola has a large area of fertile land to be developed. Agricultural cooperation between the two countries can not only meet the food supply needs of both sides, but also provide guarantees for the food security of other African countries and even the world. Director of Angola's Industrial Development and Technological Innovation Agency, Fei

Edit:He Chuanning    Responsible editor:Su Suiyue

Source:Xinhua

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