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EU and Angola conclude first-ever Sustainable Investment Facilitation Agreement

The European Commission recently (18 November 2022) concluded negotiations with the Republic of Angola on a Sustainable Investment Facilitation Agreement (SIFA) – the first EU agreement of this kind. The EU is pursuing such agreements to promote sustainable investments in its engagement with African partners. The EU-Angola SIFA will make it easier to attract and expand investments while integrating environment and labour rights commitments in the EU-Angola relationship. The EU is committed to boosting sustainability in its trade policy, as set out in its new trade strategy.

This agreement will help boost sustainable investment in Angola and the EU will also provide technical support to put the agreement into practice. This comes as Angola seeks to diversify its economic model, which is currently based on its abundant raw materials and energy resources. The SIFA will also support Angola's efforts to improve the investment climate for foreign and local investors, especially for small and medium-sized enterprises. Beyond the agreement reached today, Angola envisages joining the Economic Partnership Agreement between the EU and the Southern African Development Community (EU-SADC EPA) to guarantee privileged access to the EU market for Angolan exports.

Pursuing sustainable investment agreements with Africa and the Southern Neighbourhood is part of the broader EU strategy to step up engagement with African countries through the “partnership of equals” approach. The goal is to unlock economic potential, foster economic diversification, and promote inclusive and sustainable growth. Such agreements are designed to further enhance sustainable trade and investment links between both continents and within Africa itself, in line with the Global Gateway.

Key elements of the agreement

Making investments easier by:

  • Enhancing transparency and predictability of investment-related measures, for example by publishing all investment laws and conditions and promoting the use of single information portals for investors.
  • Simplifying investment authorisation procedures and fostering e-government.
  • Facilitating interactions between investors and the administration, establishing focal points and stakeholder consultations.  

Making investments more sustainable by:

  • Promoting sustainable development, including commitments to effectively implement international labour and environmental agreements, such as the Paris Agreement.
  • Promoting responsible business conduct through the uptake of international standards in companies.
  • Strengthening bilateral cooperation on investment-related aspects of climate change policies and gender equality policies.
  • Ensuring dialogue with civil society on the implementation of the agreement.

Click here for the full press release

 

Original article link: https://ec.europa.eu/commission/presscorner/detail/en/IP_22_6136

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