Chinese investment important for Angola's industrialization: official

LUANDA, Nov. 17 (Xinhua) -- Chinese investment is "respectful" and forms an "important component" of Angola's industrialization process, an Angolan official said on Thursday.

"Look at our bilateral relations with China; they are mutually beneficial. In the context of Chinese investments in Angola, we believe there is a significant opportunity between the two markets, promoting the growth of our domestic production," said Allan Varella, the national director of rural commerce at Angola's Ministry of Industry and Commerce.

Varella made the comment in an interview with Xinhua during the fourth edition of the Furniture Fair held in the City of China in the Angolan capital of Luanda.

The event, which runs from Thursday till the end of the year, brings together dozens of furniture brands, most of which were established by Chinese companies in Angola. Most exhibited furniture is made with local materials and produced locally.

"As we are now in the fourth edition, it implies that the previous ones yielded plausible results. In this context, we believe the fairs are vital to elevating our economy to another level," Varella said.

Chinese companies contribute to developing Angola's local furniture manufacturing industry, not only generating more local employment opportunities but also lowering the prices of furniture products in Angola, which increases accessibility for a broader population, said Huang Yuequan, the president of the Board of Directors of the African Sunrise Investment Group.

"In an effort to revitalize the economy and accelerate economic diversification in Angola, the involvement of experienced foreign investors is crucial. Therefore, it is worthwhile to examine the successful experiences of China's reform and opening up over the past 40 years," said Huang.