In a statement, the EU Council announced the signing of a “sustainable investment simplification agreement between the European Union and Angola”.
“The agreement will facilitate, attract and expand investments, and, at the same time, integrate environmental and labor rights commitments into EU-Angola relations”, added the note.
In the first phase, the agreement contemplates the diversification of the Angolan economic model - the country has an abundance of raw materials and energy resources -, for a period of 20 years, by attracting investors who also help Angola achieve its "climate commitments ”.
Angola is the seventh largest investment destination on the African continent for European investors, comprising 5.4 percent of all European direct investment.
The agreement is the result of negotiations concluded in November 2022 and requires the consent of the European Parliament to be implemented.
