The Council of the European Union (EU) approved, yesterday, the conclusion of an agreement with Angola to facilitate the attraction of investment to the country and integrating environmental commitments
According to a statement from the Council, released by Agência Lusa, a decision was adopted on the conclusion of the Sustainable Investment Facilitation Agreement (AFSI) between the EU and Angola, which covers, among others, economic sectors to encourage diversification into new areas, such as the export of food products, manufacturing or services.
This agreement, argue the 27 EU Member States, will facilitate the attraction and expansion of investments, while integrating commitments on the environment and labor rights in the relationship between the two blocs.
This was the first agreement on the facilitation of sustainable investment negotiated by the EU, the statement said, highlighting that Angola’s economy is currently based on its abundant 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, comprising 5.4% of the EU’s foreign direct investment volume (9.9 billion euros of FDI in 2020).
