Angolan President João Lourenço has inaugurated a new electrolytic aluminium plant, a Chinese investment expected to boost industrialisation and economic diversification, reports Xinhua.
The inauguration last week marked the start of the first phase of the Huatong Aluminium Industrial Park, a five-phase project helmed a by consortium comprising two subsidiaries of China’s Hebei Huatong Wire and Cables Group.
The first phase, involving an investment of US$250 million, will have an annual production capacity of 120,000 tonnes of electrolytic aluminium, a material that can be processed into alloys, sheets, rods and other derived products. Most of the estimated 1,200 jobs created in the first phase are expected to go to young Angolans.
Speaking at a press conference, Lourenço emphasised the importance of private investment across all sectors of the economy. More than creating jobs, he said, such investments expand the range of products and services that benefit the economy and the Angolan people.
[See more: Angola lands major agricultural investment from China’s CITIC]
Huatong Angola CEO Zhang Wendong characterised the investment as a commitment to Angola’s sustainable development. He highlighted the professional training programmes, internships, technical training and knowledge transfer currently being implemented, efforts aimed at empowering local personnel and building a solid skills base for Angolan industry.
The second phase of the project will see a doubling of investment to US$500 million and production capacity, up to 240,000 tonnes annually. Future phases will include facilities to manufacture aluminium-based products, helping to diversify Angola’s economy, strengthen its metalworking sector and improve trade balance through value-added exports.
The entire Huatong Aluminium Industrial Park project is expected to take 8 to 10 years to fully complete, with an investment of US$1.6 billion. Its goal is to position Angola as a leading aluminium producer in sub-Saharan Africa.
