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Angola and China agree to strengthen ties

Angola and China agree to strengthen ties

 

Angolan President Joo Loureno and Chinese President Xi Jinping announced Friday the elevation of relations between their two countries to the level of a comprehensive strategic cooperative partnership. The designation refers to third highest level diplomatic relations that Beijing maintains and allows an increase in trade and investment.

As their relations enter their fifth decade, Xi said ties with Angola have benefited the people of both countries. In an era of transition and global upheaval, he said, the two countries must firmly support each other and achieve common development.

The two leaders jointly witnessed the signing of numerous cooperation documents in the Belt and Road Initiative (BRI), economy and trade, agriculture, green development and others areas.

[See more: Angolas president is making his second official trip to China]

Angola was one of the best destinations for Chinese investments in Africa since 2000, receiving tens of billions in investments for infrastructure and economic development. Chinese companies have invested nearly $12 billion over the past decade through the BRI alone.

Nearly half of BRI investments have gone into Angola's energy sector, but recent discussions have highlighted China's interest in helping Angola modernize its agriculture, industrialize and diversify its economy as the African nation is seeking to free itself from its dependence on oil. External financing is essential, as Angola does not have sufficient non-oil revenue sources to finance such a transition.

Aid for economic diversification will also help Angola repay money owed to Chinese creditors, estimates of which range up to $4 billion. Loureno estimated this figure at around $17 billion announcing that he had renegotiated Angola's debt during the three-day state visit, securing relief measures that did not harm the interests of either party.

Sources

1/ https://Google.com/

2/ https://macaonews.org/news/lusofonia/angola-china-relations-lourenco-xi/

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