In recent years, Angola has carried out profound reforms in the economic and social sector, through the signing of multiple agreements with various state institutions and bodies.
Recently, the European Parliament approved the AFIS (Agreement for Facilitation of Sustainable Investment in Angola), negotiations ended in 2022 and the agreement was signed on November 17th 2023.
Parliament approved the agreement, with 488 votes in favor, 39 against, and 108 abstentions, making this the first investment facilitation agreement negotiated by the EU.
Joachim Schuster highlighted the relevance of this agreement for attracting sustainable investments, which “should contribute to improving the business climate in Angola, benefiting both foreign and national investors”.
The approval of this agreement is a reflection of the success of the reforms that Angola has been implementing about economic diversification, changing the paradigm of high dependence on oil exports as a source of revenue. Sustainable investment, such as in clean energy, will increase with this agreement and Angolan companies will be able to have closer contact with European Union investors.
Furthermore, Angola and the EU will cooperate in the areas of labor matters, climate change, and gender equality. In short, AFIS main objective is the promotion of interactions between investors and administration, simplification of investment authorization procedures, and use of a single information portal for investors.
With these measures, there will be an expansion of European Union investments in Angola and an improvement in the investment environment for small and medium-sized companies. In addition to investment, the transfer of know-how will also be important because it will boost and empower the Angolan population.
Therefore, AFIS strengthens Angola’s position in Africa as one of the ideal countries to invest in and the European Union’s commitment to Africa. It is worth noting that Angola is the EU’s sixth-largest African investment destination and the EU is Angola’s main trade and investment partner.
