Chinese companies look at new opportunities in Angola

By The Associated Press

 

JOHANNESBURG (AP) — Hundreds of Chinese business executives are attending an investment forum in Angola, a major supplier of oil to China.

Lusa, the Portuguese news agency, reports that Chinese entrepreneurs are looking at new business opportunities in agriculture, fisheries, construction and other areas. The forum in Luanda, Angola's capital, ends Tuesday.

Lusa says China purchases almost half of Angola's oil production and that China surpassed Portugal, Angola's former colonial ruler, as the Angolan economy's leading supplier in 2015.

Francisco Viana, a Luanda business leader, said there are opportunities and dangers in doing business with China. He said, for example, that he is concerned about the destruction of natural resources such as timber, which is exported to China.

Angola's economy has struggled because of the global fall in commodity prices.

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