Presidential Decree 127/24, which approved the Sustainable Investment Facilitation Agreement between the Republic of Angola and the European Union (Investment Agreement), was published and entered into force on 18 June 2024 and aims to facilitate the bilateral attraction, expansion and retention of investment between the Republic of Angola and the European Union for the purposes of economic diversification and the promotion of sustainable development. The Investment Agreement acknowledges the importance of economic and social growth and environmental protection for sustainable development, which in turn can be considerably boosted by foreign investment.
With a view to this objective, measures will be taken to enhance transparency, impartiality and predictability, to simplify investment authorisation procedures, to prevent and resolve disputes and to promote sustainable environmental and employment rights practices, in order to help meet the Sustainable Development Goals of the UN 2030 Agenda.
Among the solutions envisaged, we highlight: (i) the commitment to publish and make available to investors all information relating to the implementation of the Investment Agreement; (ii) applicants for investment authorisations need not address more than one competent authority for each application for authorisation; (iii) the acceptance, as far as possible, of investment authorisation requests in electronic form; (iv) the establishment of appropriate investment facilitation focal points, the first points of contact for investors regarding the Investment Agreement measures that affect the investment; and, furthermore, (v) other measures to facilitate investment in a way that furthers sustainable development objectives.
The Investment Agreement sets forth that each Party shall immediately and unconditionally grant investors of the other Party and their investments treatment no less favourable than that afforded, in a similar situation, to investors of any other country and their investments, and it stresses the need for each Party to take appropriate measures to prevent and combat corruption, money laundering, terrorist financing, tax fraud and tax evasion.
To ensure the functioning of the Investment Agreement, an Investment Facilitation Committee will be established, composed of representatives of the Republic of Angola and the European Union. It will oversee and facilitate the implementation and application of the measures, as well as seek ways to promote investment between the parties and methods to solve any problems or disputes.
It is expected that through this Investment Agreement the Republic of Angola and the European Union will continue to strengthen their economic relations, promoting sustainable development and improving the investment landscape in the Republic of Angola for foreign and domestic investors.
