Rédaction Africa Links 24 with ANGONOTÍCIAS
Published on 2024-03-05 01:05:13
The Council of the European Union (EU) has approved the conclusion of an agreement with Angola to facilitate investment attraction to the country while integrating environmental commitments.
According to a statement from the Council, a decision was adopted today on the conclusion of the Sustainable Investment Facilitation Agreement (AFSI) between the EU and Angola, covering, among others, economic sectors to encourage diversification into new areas such as food exports, manufacturing industry, or services.
The 27 EU Member States argue that this agreement will facilitate the attraction and expansion of investments, while simultaneously integrating commitments on the environment and labor rights in the relationship between the two blocs.
This was the first agreement on sustainable investment facilitation negotiated by the EU, the statement said, highlighting that the economy of the African country currently relies 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 in Africa for EU investors, accounting for 5.4% of the EU’s foreign direct investment volume (€9.9 billion of FDI in 2020).
Read the original article (Portuguese) on Angonoticias
