Angola, EU Agree to Facilitate Investment

Luanda — European Commission concluded Friday in Brussels negotiations with Angola on the first Sustainable Investment Facilitation Agreement (AFIS).

According to a press release from the Delegation of the European Union in Angola, sent to ANGOP, the instrument aims to promote sustainable investments in the context of its involvement with African partners.

It was on June 22, 2021 that the European Union (EU) and Angola began negotiations on this agreement.

The AFIS EU-Angola will allow to attract and expand sustainable investments, while integrating commitments in terms of sustainable development in EU-Angola relations.

The EU, according to the note, is committed to reinforcing the sustainability of its trade policy, as set out in the new trade strategy.

"This agreement will help boost sustainable investment in Angola, and the EU will also provide technical support to put it into practice", reads the note.

The EU notes that Angola is seeking to diversify its economic model, which is currently based on its abundant raw materials and energy resources.

AFIS also intends to support Angola's efforts to improve the investment climate for foreign and national investors, especially small and medium-sized companies.

It also refers that, in addition to the agreement now reached, Angola intends to adhere the Economic Partnership Agreement (EPA) between the European Union and the Southern Africa Development Community (EU-SADC), in order to guarantee privileged access for Angolan exports to the EU market.

The sustainable investment agreements also intend to intensify dialogue with African countries through the "peer-to-peer partnership" approach.

According to the document, the objective is to unleash economic potential, foster economic diversification and promote inclusive and sustainable growth.

These agreements are intended to strengthen sustainable trade and investment linkages between both continents and within Africa itself, in line with the "Global Gateway" strategy.

Key elements of the agreement are strengthening the transparency and predictability of investment-related measures, for example by publishing all legislation and investment conditions and promoting the use of single information portals for investors.

The simplification of investment authorisation procedures and the promotion of online public administration and the promotion of interactions between investors and the administration, creating focal points and stakeholder consultations, among others.

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