The first Sustainable Investment Facilitation Agreement between the European Union and Angola.. entered into force

Brussels: Europe and Arabs
At the beginning of this month, the Sustainable Investment Facility Agreement between the European Union and Angola entered into force. It is the first ever agreement of the European Union on investment facilitation. It aims to stimulate foreign investment necessary to achieve the Sustainable Development Goals. The Sustainable Investment Facility Agreement will create a more transparent, efficient and predictable business environment for investors in Angola and promote sustainable investment by EU companies in Angola.
The Sustainable Investment Facility Agreement focuses on improving the business environment through investment facilitation measures, such as increasing the transparency of investment regulations, enhancing the use of e-government for licensing, and enhancing stakeholder engagement. Investment facilitation benefits foreign and local investors, especially small and medium-sized enterprises.
The agreement also supports environmental and climate commitments, as well as respect for workers’ rights, ensuring that investment facilitation is in line with sustainability goals. According to a statement issued by the European Commission in Brussels, he added, "Improving the business climate would help unleash investment in sectors with untapped potential, such as green energy, agri-food value chains, digital innovation, fisheries, logistics, and vital raw materials. Thus, the agreement would contribute to Angola's efforts to diversify its economy beyond fossil fuels.
The European statement also said that the Investment Facilitation Agreement is part of the European Union's ambition to deepen its engagement with Africa. It complements the objectives of the Global Investment Package for Africa and the European Union, through which the European Union will support African countries with investments worth 150 billion euros. Based on this successful outcome, the Commission is exploring the possibility of negotiating investment facilitation agreements with other interested partner countries in Africa.
Regarding the next stage, the statement explained, "The two sides will now work together to implement the agreement. The European Union will support Angola through targeted technical support aimed at promoting trade and investment.
The Investment Facilitation Committee, composed of representatives from the European Union and Angola, will also oversee the implementation of the agreement and seek ways to strengthen investment relations between the European Union and Angola.
Angola is the EU’s fifth investment destination in Africa. It accounts for 8% of EU FDI in Africa, which amounted to €21.7 billion in 2022. Angola’s investments in the EU amounted to €2.9 billion in 2022. The EU is Angola’s main trading and investment partner.

On 18 November 2022, the EU and Angola concluded negotiations on an Investment and Cooperation Agreement on Cybersecurity. The agreement was signed on 17 November 2023 in Luanda, Angola.

The Investment and Cooperation Agreement on Cybersecurity reflects the Commission’s commitment outlined in the 2021 Trade Policy Review “to propose a new sustainable investment initiative for partners or regions in Africa and the Southern Neighbourhood” that share the same ambition.

Share

Related News

Comments

No Comments Found