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China and Angola sign cooperation deals

By Zhao Shengnan (China Daily) Updated: 2015-06-10 07:39

China and Angola sign cooperation deals

President Xi Jinping (L, front) holds a welcoming ceremony for Angolan President Jose Eduardo dos Santos before their talks in Beijing, June 9, 2015. [Photo/Xinhua]

Angola registered a decade of strong growth boosted by oil reserves and reconstruction projects after its civil war ended in 2002. However, government revenues, which rely heavily on income from oil, have been hit hard by the steep fall in prices.

Cooperation opportunities exist even though Angola's development is under increasing pressure, said Gao Kexiang, China's ambassador to Angola.

He said the countries could focus on cooperation over industrial capacity.

China is Angola's largest trading partner and oil importer and a leading source of investment. Angola is China's second-largest oil supplier globally and trading partner in Africa.

Two-way trade reached $35.1 billion in 2013, a 50-fold increase from the start of the century, and accounted for 40 percent of Angola's total foreign trade.

Deng Yanting, a researcher of African studies at the Chinese Academy of Social Sciences, said energy is not the only factor in the cooperation between the countries, as China has helped Angola to reduce its reliance on oil and build sound industrial and agricultural systems.

With China's financial and technological support, Angola has the potential to become a successful model for Sino-African cooperation, said Deng.

Zhao Yinan contributed to this story.

zhaoshengnan@chinadaily.com.cn

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