AERC scoping exercise on China - Africa relations : the case of Angola
Date
2008
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Centre for Chinese Studies, Stellenbosch University, Stellenbosch, ZA
Abstract
While extractive industries, diamonds and oil, account for 99 percent of Angolan exports and 57 percent of GDP, they employ only 1 percent of the workforce. Chinese investment in Angola is located in the telecommunications infrastructure and extractive industry sectors, particularly oil. Sociedade Nacional de Combustiveis de Angola (Sonangol) is the state-owned oil company, where signature bonuses have soared since Chinese investment (Sinopec). China’s growing demand for oil contributes to an increase in global oil prices, further benefiting Angolan terms of trade. This narrow concentration on oil has indirect competitive impact on Angola’s non-oil informal economy, on which the majority of Angolan people rely for survival.
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Keywords
FOREIGN INVESTMENT, PETROLEUM INDUSTRY, MINING, DIAMONDS, ECONOMIC IMPLICATIONS, SOCIAL IMPLICATIONS, FOREIGN AID, TECHNICAL COOPERATION, FOREIGN TRADE, BALANCE OF TRADE, ANGOLA, CHINA