March 20, 2024

Chinese conglomerate announces major investment in Angolan aquaculture project

On the eve of Angola President Joao Lourenço's visit to China, a Chinese conglomerate, Haishan Group, announced a significant investment in an aquaculture project in Angola, SeafoodSource reported.

The Beijing-based construction firm announced its participation in the development of a 300-hectare real estate and fishery industrial park, including aquaculture, seafood processing, and feed production facilities. Additionally, plans include a 164-hectare automatic technology city and a 120-hectare commercial real estate project.

Operating in Angola since 2005 through its local subsidiary H&S Imobiliária, Haishan Group has been engaged in high-end real estate development and infrastructure projects. It has expanded its involvement in Angola's agricultural sector, investing in poultry and horticulture projects.

At a launch event in Luanda, Angola's capital, Haishan chairman Zheng Gang announced a US$1 billion investment in the project over the next five years. Strategic partners include Mingyu Industrial Group, Sichuan Hongling Group, and prominent Chinese financial institutions.

China stands as Angola's primary supplier of industrial goods and a significant purchaser of Angolan oil. President Lourenço's recent state visit to China included a trip to Shandong province, known for its vital role in Chinese aquaculture and seafood production.

Angolan diplomats based in Beijing previously toured Chinese seafood facilities last year, organised by the Chinese government. This visit included inspecting operations at Fuzhou Hong Dong Pelagic Fishery, a leading distant-water fishing company with extensive processing operations in Mauritania.

-      SeafoodSource