An Angolan official gives a speech at the Angola-China Business Forum in Beijing on March 16, 2024. Photo: Yin Yeping/GT

China-Angola economic and trade ties have entered a new stage with vast areas of cooperation to explore, ranging from oil and gas to manufacturing and trading for win-win outcomes, Chinese and Angolan businesspeople told the Global Times at a high-level business forum on Saturday.

The remarks came amid the state visit of the President of Angola Joao Lourenco to China from Thursday to Sunday, as the two countries announced the elevation of bilateral relations to a comprehensive strategic cooperative partnership, charting a course for even brighter economic and trade cooperation.

During the presidential visit, a two-day business forum was held on Saturday and Sunday, focusing on deepening bilateral cooperation in core areas such as energy and mining among other sectors, drawing the participation of hundreds of government officials and business representatives from both sides.

At Saturday's event, Lourenco said that the presence of Chinese enterprises in Angola is significant and cannot be overlooked. He welcomes more Chinese companies to come to invest in Angola.

The president also noted good examples of bilateral cooperation, including projects such as the construction of the new Luanda Airport by Chinese firms, in addition to road, railway and hydroelectric power projects.

Angola hopes to attract more Chinese investors who can bring capital and technology as well as expertise to enhance production efficiency, while assisting Angola in achieving economic diversification, Lourenco said.

The positive and warm atmosphere of bilateral economic cooperation has sent a very positive message to businesses.

Companies from both sides expressed their eagerness to tap into the greater potential for economic and trade cooperation as bilateral ties get stronger.

Manuel Francisco Pedro, chairman of the board of directors of the Luanda-Bengo Special Economic Zone in the capital city of Luanda, told the Global Times that more Chinese companies are coming to Angola to invest these days.

"Last year, we approved 17 new Chinese projects in our economic zone. Now, we have about 25 Chinese companies in total that are involved in wide range of fields," Pedro said.

"So far, we have about $3 billion worth of investment from Chinese companies, and we are here to attract more investment from businesses of all sectors," Pedro said.

"I believe that as our bilateral relationship has come to this high level, it opens more opportunities for businesses and investment," said Pedro, who has visited China many times.

Chinese companies are equally enthused about the reinforced bonds underscored by the high-level visit and eagerly anticipate capitalizing on this opportune moment to tap into the potential in the deeply complementary relationship between China and Angola.

The leaders of the two countries signed a comprehensive strategic cooperative partnership, which means that bilateral cooperation in various fields will be even stronger, which is very beneficial for Chinese nationals and enterprises in Angola, Huang Yuequan, a vice president of the Angola-China Chamber of Commerce, told the Global Times at the forum.

The Angolan government strongly encourages Chinese investment, primarily focusing on the mineral and energy sectors, which offer broad prospects. Additionally, cooperation in agriculture holds great potential, as Angola has relatively undeveloped agricultural resources compared with China's mature industry, Huang said.

More Chinese companies are coming to the African country for investment, which is reflected in the current situation in the Chinatown. The Chinatown is now fully saturated with companies mostly from China. In response to the growing expansion of investors, the construction of a new commercial zone is in progress, which will be three times larger than the current Chinatown, according to Huang, who is also a shareholder of the Chinatown in Luanda,.

"In addition to the huge market potential in Angola, the country can be a stepping stone for foreign businesses extending to other neighboring countries in Africa," said Huang.

Dongying Ruifeng Petroleum Technology Development Co is exploring an entry into the Angolan market. The company's senior advisor, Zha Houbao, told the Global Times that as bilateral relations continue to improve, companies feel more confident about investing in Angola.

"Our next step is to delve into the market, understand their more nuanced needs, and design products tailored to the local market need, which is a win-win outcome for both sides," said Zha.

Angola stands as China's second-largest trading partner in Africa and an important investment destination for Chinese companies, with bilateral trade exceeding $23 billion last year.

During the president's visit, China and Angola signed documents regarding the Belt and Road Initiative cooperation plan, as well as plans for the economy and trade, agriculture, green development and other fields, according to the Xinhua News Agency.

Bilateral cooperation has emerged as a robust engine driving economic and social development in Angola, generating substantial employment opportunities locally and delivering tangible benefits to the peoples of both nations, Liu Yuxi, special representative of the Chinese Government on African Affairs, said at Saturday's business forum.

China will continue to take proactive measures to support and encourage more capable and reputable enterprises to invest and operate in Angola, creating more new highlights of cooperation, said Liu.