Green Forum • 30 August, 2024 at 7:00 PM
The EU-Angola Sustainable Investment Facilitation Agreement (SIFA) has officially taken effect, marking the first-ever EU agreement focused on investment facilitation.
SIFA aims to boost foreign investment essential for achieving sustainable development goals by creating a more transparent, efficient, and predictable business environment in Angola. It also encourages EU businesses to invest sustainably in Angola.
Key features of the agreement include enhancing the business environment through measures such as increasing transparency in investment regulations, promoting e-government for authorizations, and improving stakeholder engagement. These facilitation measures will benefit both foreign and local investors, particularly small and medium-sized enterprises.
In addition, SIFA upholds environmental and climate commitments and labor rights, ensuring that investment facilitation aligns with sustainability objectives. By improving the business climate, the agreement is expected to unlock investment opportunities in sectors like green energy, agri-food value chains, digital innovation, fisheries, logistics, and critical raw materials. This will support Angola's efforts to diversify its economy away from fossil fuels.
SIFA is part of the EU's broader strategy to enhance its engagement with Africa. It complements the Africa-EU Global Gateway Investment Package, through which the EU plans to support African countries with €150 billion in investments. Following this successful initiative, the European Commission is considering negotiating similar agreements with other African partner countries.