Mainland businessman Deng Xingwu and Angolan company Ovaxing plan to invest US$3.1 million in an agriculture project in Angola’s Benguela province, Lusa reports.
The Portuguese news agency says a contract was approved by Angola’s Agriculture Ministry last month. Ovaxing will sell 49 percent of its capital to Mr Deng, who will also contribute to the investment.
The report says the project involves the planting and processing of corn, as well as other agricultural projects in the province. The co-operation would allow “providing partnerships between national and foreigner entities,” the report says.
The project is likely to be in place by the end of the year.
