Ver Angola

Economy

Chinese companies in Angola lose about 500 million dollars due to pandemic

Chinese companies in Angola are losing money due to the covid-19 pandemic. According to Francisco Shen, vice president of the Angola-China Chamber of Commerce, companies are losing between 350 and 500 million dollars.

:

The arrival of the outbreak in the country has been quite damaging for Chinese companies, said Francisco Shen. According to him, the 2019 numbers were encouraging, but 2020 is making business shaky.

Last year the turnover reached 2.86 billion dollars and the companies made an investment of around US$206 million, he said in statements to Jornal de Angola. This year "the economic situation of Chinese companies in Angola is getting worse. If the situation does not improve, these losses will exceed 500 million dollars," he warned.

During the first three months of 2020, Chinese businesses in our country have recorded consecutive losses and many entrepreneurs have chosen to return to China. "Several Chinese companies that have returned to China have actively participated in the transformation and modernisation of the country, in the sectors of construction, industry, agriculture, fishing, mining, education, trade and catering," he said.

Francisco Shen revealed that last year Chinese companies managed to survive even with difficulties, however, with the pandemic the problems seem to have no solution: "Investments are suspended due to the situation of the devaluation of the national currency and the cost of production is increasing".

The association leader detailed that from January to December 2019 the bilateral trade volume between China and Angola reached 25.71 billion dollars, a drop of 8.35 percent over the previous year.

Chinese exports to Angola in 2019 totalled 2.056 billion dollars, down 8.78 percent on the previous year and imports totalled 23.654 billion, down 8.31 percent.

In relation to limitations to the companies' business hours, due to the state of emergency in Angola, he said that Chinese firms had strictly complied with the measures, all of which were temporarily closed.

"All personnel are quarantined at home. For example, China City and Kilamba Shopping have also been temporarily closed. We all make use of the mask, hand washing, use of disinfectants and temperature measurement," he told the same newspaper.

However, he revealed that the Asian country remains available to invest in Angola. "Although we have difficulties in business, we are confident that the pandemic is temporary. With everyone's efforts we will overcome the coronavirus and the economic situation will improve," he said.

Permita anúncios no nosso site

×

Parece que está a utilizar um bloqueador de anúncios
Utilizamos a publicidade para podermos oferecer-lhe notícias diariamente.