China is investing huge in Angola
China has now put its eyes on the African country Angloola. The purpose of China is clear, spend, acquire the land and grow grains and gradually eliminate the dependence on the US and Brazil for your food and drink needs.
Recently, two government companies of China have signed an agreement to invest about Rs 2900 crore ($ 350 million) in Angola. Under this, he will cultivate soybean, maize and grain on thousands of hectares of land there. In recent years, he has also invested in soybean projects in countries like Tanzania, Ethiopia and Benin.
Who are investing?
According to a report by South Chine Morning Post, Sinohydro Group has received tax free land for 25 years, where it will grow grains in 30 thousand hectares. 60% of this will go directly to China. Citic Group will apply $ 250 million in the next 5 years and will cultivate soybean and maize on 1 lakh hectares of land. Work has already started on 8,000 hectares of land.
China greed African countries
Amidst the huge taxes levied by the US, China has offered great relief to African countries. In June, Beijing announced that it would end the duty on imports from almost all its African partners. According to a CNN news, African countries now do not have a better chance to strengthen South-South Trade (trade between developing countries).
Spending is making grip
Experts believe that this is not just farming, but a well-planned strategy of China. Experts believe that China has been taking tax -free land for a long time, so that imports from the US and Brazil reduce its grip in Africa. China and Angola had a relationship on the infrastructure model in exchange for oil earlier.
Now Angola also wants to save its economy from dependent on oil and is promoting farming. As we mentioned earlier, China is already running agricultural projects in countries like Tanzania, Ethiopia and Benin. But in 2024, most of his soybeans came from America and Brazil. Now Beijing wants Africa to become its next grain godown.
