• M2M money train

    SA's biggest mobile operators have found a new revenue stream, says Gugu Lourie.

  • Customers as experts

    Some M4Jam micro jobbers are now helping others to refine their ability to make money.

  • Sticking it to Sanral

    The time is now for citizen-centric leadership to stop the road to ruin, says Mandi Smallhorne.

Data provided by iNet BFA
Loading...
See More

China grants Angola a discount

Nov 01 2012 19:22 Sapa

Related Articles

Angola wins loan from China

SA keen to host planned Brics bank

Solidarity welcomes Orkney takeover

SA, China relations mutually beneficial

Brics holds opportunities for SA

Chinese firm takes over Orkney mine

 
Luanda - China has granted a 95% tariff discount to exports coming from oil-rich Angola, officials said Thursday, after the signing of a new round of trade deals.

Previously Angola exports entered China with a 65% discount from normal tariff rates.

Crude makes up about 90% of Angolan exports to China.

Africa's second largest oil producer, Angola is the largest supplier of crude to China.

It also exports smaller quantities of diamonds, coffee, sisal and fish.

The decision to reduce the effective tariff rate was part of the three deals signed by the two countries in Luanda on Wednesday.

"China is a very important trading partner for Angola and our country is a prime destination for Chinese investment in Africa," Andre Panzo, the director responsible for Asia in the foreign ministry, told AFP.

Two other deals will see the renovation and expansion of the Luanda General Hospital, and the construction an agricultural research centre.

Angola has maintained close economic ties with China since peace returned to the African country in April 2002.

China has granted credit lines worth several billion dollars to the administration of President Jose Eduardo dos Santos for the rebuilding of infrastructure destroyed during the civil war.

Seeking to tap into Africa's vast natural resources on the continent, Beijing has poured money into the continent over the last 15 years.

China became the continent's largest trading partner in 2009.
angola  |  china  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...