Angola, Africa’s second-largest oil producer, has attracted $21.8 billion in investment proposals over the past five years, with Chinese investors accounting for the bulk of interests.
Portuguese companies submitted just 72 proposals worth $92.6 million, highlighting the scale of China’s economic footprint in Africa’s second-largest oil producer.
According to Ecofin Agency, Angola has also adopted a new private investment law to strengthen its investment framework, reducing minimum capital requirements, easing capital repatriation, and removing the 35% local ownership requirement for investors.
Angola’s vast oil reserves and growing mining potential make it a key target for China, which has increasingly prioritized long-term resource security amid global supply chain pressures.
Angola’s reforms open doors for foreign investors
Competition for Africa’s resources is intensifying. Angola’s privatization of more than 100 state-owned enterprises since 2019, along with reforms like the Single Window for Investment and a new private investment law, has improved transparency, streamlined processes, and reduced minimum capital requirements.
The US and Russia are also pursuing opportunities in Angola’s energy and mining sectors, but China’s combination of state-backed financing, infrastructure expertise, and willingness to pursue long-term concessions gives it an edge.
As Angola continues to modernize its investment framework and expand its mining and energy sectors, China’s dominance in investment proposals underscores the growing role of Asian capital in Africa and the intensifying competition for the continent’s natural wealth.
