This Wednesday, the European Parliament approved the European Union (EU) Sustainable Investment Facilitation Agreement with Angola, which aims to strengthen investment and trade, benefiting both foreign and domestic investors.
“The European Parliament approved with 488 votes in favor, 39 votes against and 108 abstentions the first investment facilitation agreement concluded by the EU,” the European institution said in a statement.
The document’s rapporteur, Joachim Schuster (S&D, Germany), emphasized the importance of this agreement in attracting sustainable investments, which “should contribute to improving the business climate in Angola, benefiting both foreign and national investors.”
“Measures to increase transparency and improve investment regulation in Angola, including the publication of laws and simplification of permitting procedures, are key elements of this agreement,” he said, adding that it differs from other traditional investment agreements because “it does not seek to liberalize investment “
“It is rather a commitment to intensify cooperation for sustainable economic development,” the speaker was quoted as saying in the European Parliament statement, considering EU support “particularly necessary in those sectors in which Angola seeks to diversify its activities beyond oil and gas.” .
Therefore, in his opinion, “the EU and Angola are taking a positive step towards a future-oriented partnership.”
It now remains for the European Council to give final formal approval to the agreement for EU ratification to be completed.
Key elements of the agreement include publishing all laws and investment conditions, improving government accountability, enhancing legal certainty across all sectors and promoting the use of a single information portal for investors.
They also include simplifying investment permitting procedures, establishing dialogue with civil society, promoting responsible business practices and applying international labor and environmental agreements such as the Paris Agreement.
To implement the agreement in practice, the African country, which is one of the nine member states of the Community of Portuguese-Language Countries (CPLP), will count on technical support from the EU.
The agreement also aims to help Angola diversify its economic model, currently based on raw materials and energy resources, and is in line with EU efforts to strengthen sustainable trade and investment relations with African countries, the European Parliament said.
The EU and Angola completed negotiations on this agreement on November 18, 2022, but it was not signed until November 17, 2023.
Angola is the EU’s sixth-largest African investment destination, absorbing 7% of foreign direct investment on the continent, according to the European Commission. In addition, the EU is Angola’s main trade and investment partner.
Author: Lusa
Source: CM Jornal

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