Signed on 17 November 2023 in Luanda, the agreement is the first of its kind in the EU and the European Commission has indicated that it will focus on improving the business environment through investment facilitation measures.
These include increasing the transparency of investment rules, promoting the use of electronic public administration for authorizations and improving stakeholder engagement.
“I welcome the entry into force of this innovative and unique agreement with Angola. The Sustainable Investment Facilitation Agreement will create a modern and more sustainable investment environment in Angola, promoting economic growth for both partners,” said European Commission Executive Vice-President and Commissioner for Economic Affairs and Trade, Valdis Dombrovskis.
The Latvian politician added that this agreement “will help to diversify the Angolan economy and support responsible investment practices, reinforcing the partnership between the European Union and Angola”.
Angola is the EU's fifth largest investment destination on the African continent and represents 8 percent of the EU's foreign direct investment in Africa, which totaled 21.7 billion euros in 2022.
Investment facilitation will be aligned with environmental and climate commitments, and business climate improvements will help unlock investment in sectors with untapped potential, such as green energy, agri-food value chains, digital innovation, fisheries, logistics and raw materials. criticism.
SIFA complements the objectives of the Africa-EU Global Portal Investment Package, through which the EU will support African countries with investments worth €150 billion.
Starting this Monday, both parties will work together to implement the agreement and the EU will support Angola through specific technical assistance aimed at promoting trade and investment.
An investment facilitation committee, made up of representatives from the EU and Angola, will monitor the implementation of the agreement and look for ways to further improve investment relations between the EU and Angola.
