China has become the most important economic partner of Africa in the past two decades, according to McKinsey & Co.
A report by the US consulting firm says Chinese companies have invested capital and managerial know-how in Africa and that 10,000 Chinese-owned enterprises now have a presence there, accelerating the development of African economies.
The report focuses on eight major African economies – Ethiopia, South Africa, Kenya, Nigeria, Tanzania, Angola, Zambia and Ivory Coast.
Angola has been the second-biggest supplier of oil to China since 2005, exporting oil in exchange for Chinese financing and construction of important infrastructure, the report says.
But market-driven private investment by Chinese companies is not as great in Angola as in other African countries, McKinsey says.