Chinese ambassador Cui Aimin declares new investment in Angola

The Chinese ambassador to Angola, Cui Aimin has announced that his country’s interest in promoting a new investment cycle to support the economic and social development of the African partner.

Cui Aimin was speaking to journalists after saying good bye to the President of Angola, João Lourenço, at the end of the diplomatic mission that began in September 2015.

The diplomat indicated as priorities in the cooperation with Angola the increase of investment in the areas of agriculture and industry. Cui Aimin reported that the provision of about USD 2 billion in funding announced during President João Lourenço’s State visit to China in October 2018 is conditional on the design of new development projects.

The diplomat recalled that the agreements reached establish, in addition to financing, technical assistance projects. Cui Aimin said that during his term he witnessed difficult phases of the Angolan economy, but that it is now "recovering ... better and better.”

He believes that much remains to be done and that cooperation between the two countries is sustainable. Figures show that Angola has been a major beneficiary of China’s investment in recent years.

The country’s debt is paid for by oil, owing to China’s interest in diversifying access to raw materials such as crude oil. In 2017, forty-three percent of Angola’s exports went to China, which became the third largest destination for Angolan exports, following Russia and Saudi Arabia.