Oil and Mining Bring Angola Rapid Wealth

Global Business

Angola is rapidly emerging as one of Africa’s economic powerhouses, thanks largely to its oil wealth and diamond mining sector. But China is also playing a key role in helping to promote the country’s broader economic development.

After 12 years of peace, Angola has made significant progress due to its large and increasing oil production, Angola has one of the world’s fastest growing economies and the government predicts that it will grow 8.8 per cent this year. But the government’s determined to diversify the economy. That’s reflected in ambitious investment in property development, telecoms and farming.

China is playing a leading role. It’s heavily involved in a reconstruction that in years to come will transform Luanda’s city space through vital infrastructure projects – roads, power and housing.
And Angola is important to China. It buys more than 40% of Angola’s oil exports – one of its main sources of crude.

Still, both countries agree Angola’s future hinges on far broader empowerment. And in bringing those who live in shacks outside Luanda – into the economy.

Oil and Mining Bring Angola Rapid Wealth

Oil and Mining Bring Angola Rapid Wealth

Angola is rapidly emerging as one of Africa's economic powerhouses, thanks largely to its oil wealth and diamond mining sector. But China is also playing a key role in helping to promote the country's broader economic development.