The Council of the European Union (EU) approved this Monday the signing of an agreement with Angola, promoting investment in the country and the integration of environmental obligations.
According to a statement from the Council, this Monday it was decided to conclude the Agreement on Facilitation of Sustainable Investments (AFSI) between the EU and Angola, which covers, among others, economic sectors to encourage diversification into new areas such as food exports, manufacturing or services.
The agreement, the EU’s 27 member states say, will help attract and expand investment while integrating commitments on the environment and labor rights between the two blocs.
This was the first agreement to promote sustainable investment reached by the EU, the statement said, highlighting that the African country’s economy is now based on its rich raw materials and energy resources.
Thanks to this agreement, Luanda will be able to diversify the national economic model and improve the investment climate for foreign and local investors.
According to EU data, Angola is the seventh largest investment destination on the African continent for EU investors, accounting for 5.4% of EU foreign direct investment (€9.9 billion in foreign direct investment in 2020).
Author: Lusa
Source: CM Jornal
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