Hengye Electronics Industry Co. Ltd of China will invest over US$20 million in building a factory on the outskirts of Luanda to make water meters and electricity meters, Xinhua reports.

The Chinese state-run news agency quotes a written statement issued by Hengye Electronics as saying the company expects to make over 319,000 single-phase meters and around 20,000 three-phase meters a year for use in Angola.

The factory will help make the Angolan economy more diverse and cut Angolan imports of equipment, Xinhua quotes Hengye Electronics as saying.

Separately, the Angolan state-run news agency, Angop, reports that the factory will be built on a site covering 14,699 square metres in the Luanda-Bengo Special Economic Zone, and will employ at least 300 workers.